Investor Presentation

Update 2010 Progress

Disclaimer

Forward Looking Information Disclosure This presentation contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forwardlooking statements") within the meaning of Canadian securities laws. All statements other than statements of historical fact are forwardlooking statements. Forward-looking information typically contains statements with words such as "anticipate", "believe", "plan", "continuous", "estimate", "expect", "may", "will", "project", "should", or similar words suggesting future outcomes. This presentation contains forward-looking statements pertaining to the following: Corridors operations, anticipated financial performance, business prospects and strategies, including expectations relating to exploration and development drilling programs; fracturing, completion and work-over programs; capital expenditure programs; the characteristics and potential of the Frederick Brook shale, Hiram Brook formation, and Old Harry prospect; the quantity of reserves and resources; initial production capacity; tax rates and royalties; Apache Canada Ltd.s plans; Corridors farmout and option agreement with Apache, including the appraisal program, Apaches commitment to make expenditures and the potential exercise of Apaches option; and potential partners in respect of the Old Harry prospect and Anticosti. Furthermore, statements relating to reserves and "resources" are forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions that the reserves and resources, respectively, described exist in the quantities predicted or estimated and can profitably be produced in the future. Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur. These factors include, but are not limited to: risks associated with oil and gas exploration, financial risks, substantial capital requirements, bank financing, government regulation, environmental, prices, markets and marketing, issuance of debt, variations in exchange rates and hedging. Further information regarding these factors may be found under the heading "Risk Factors" in Corridor's Annual Information Form for the year ended December 31, 2009 and its most recent management's discussion and analysis, copies of which are available on www.sedar.com. Readers are cautioned that the foregoing list of factors that may affect future results is not exhaustive. There can be no assurance that the plans, intentions or expectations upon which forward-looking statements are based will in fact be realized. Actual results will differ, and the difference may be material and adverse to Corridor and its shareholders. Forward-looking statements are based on Corridor's current beliefs as well as assumptions made by, and information currently available to, Corridor concerning anticipated financial performance, business prospects, strategies, regulatory developments, future natural gas and oil commodity prices, exchange rates, future natural gas production levels, the ability to obtain equipment in a timely manner to carry out development activities, the ability to market natural gas successfully to current and new customers, the impact of increasing competition, the ability to obtain financing on acceptable terms, the ability to add production and reserves through development and exploration activities and the provisions of Corridors agreement with Apache Canada Ltd. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Disclaimer, contd

The forward-looking statements contained in this presentation are made as of the date hereof and Corridor does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement Oil and Gas Resources Disclosure "Resources" are quantities of petroleum that are estimated to exist originally in naturally occurring accumulations, including the quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations, prior to production, plus those estimated quantities in accumulations yet to be discovered. "Discovered resources" refers to that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production. The term discovered resources is equivalent to discovered total petroleum-initially-in-place. There is no certainty that it will be commercially viable to produce any portion of the discovered resources. "Contingent resources" are those quantities of petroleum estimated, on a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include factors such as economic, legal, environmental, political and regulatory matters or a lack of markets. It is also appropriate to classify as "contingent resources" the estimated discovered recoverable quantities associated with a project in the early project stage. The primary contingencies with respect to Corridor's economic contingent resources include the uncertainty surrounding the economic viability of the related development project due to the early stage of resource evaluation. This includes the uncertainty that all internal and external approvals will be forthcoming along with documented intent to develop the resources within a reasonable time frame. Other commercial considerations that may preclude the classification of contingent resources as reserves include factors such as legal, environmental, political and regulatory matters or a lack of markets. Rider A GLJ provided a "Low Estimate", "Best Estimate" and "High Estimate" in its resources report on Corridor's resources in the area surrounding the Green Road G-41 well located four kilometers north of Elgin, New Brunswick, which is only a subset of the area covered by the GLJ Shale Resources Report. The Best Estimate is considered to be the best estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. If probabilistic methods are used, there should be at least a 50% probability (P50) that the quantities actually recovered will equal or exceed the best estimate.

Resources do not constitute, and should not be confused with, reserves. Actual reserves and resources will vary from the reserve and resource estimates, and those variations could be material. GLJ's estimates of resources and reserves were prepared in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities and are summarized in Corridor's Annual Information Form for the year ended December 31, 2009, a copy of which is available on www.sedar.com.

Highlights

Atlantic Canadian Exploration & Production company with enormous resource potential Commanding land position in Eastern Canada Significant potential shale resource play in New Brunswick with Apache Recognized leader in developing frontier basins in Eastern Canada Strong technical and commercial team with focus on big play opportunities Existing cash flow has allowed Corridor to fund on-going development opportunities Prudent financial management with strong balance sheet and no debt drawn to date through period of depressed gas market conditions

Opportunities
ANTICOSTI 900,000 NET ACRES OLD HARRY 125,000 NET ACRES

SOUTHERN NEW BRUNSWICK 320,000 NET ACRES

PRINCE EDWARD ISLAND 260,000 NET ACRES

2011 Priorities

Advance shale gas opportunities in New Brunswick with Apache Joint Venture Progress Old Harry Prospect towards drilling exploration well within two years Advance potential of farm-ins of Anticosti play with partner (Petrolia) Maintain cash flow from existing McCully Field to fund priorities Retain licenses adjacent to Apache farm-in and McCully lands to establish additional resource potential Work with partners, government, and stakeholders to ensure the benefits of oil and gas activities in Eastern Canada are recognized and industry activity advanced
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Strong & Experienced Team

Management Team

Board of Directors

Phil Knoll, P.Eng.

CEO/President

Doug Foster Norm Miller Jack Bray Achille Desmarais Mike Seth Robert Penner Phil Knoll

Tom Martel, Ph.D.

Chief Geologist

Larry Huskins, P.Eng., M.B.A.

Drilling Completions Team Lead

Don LeBlanc, B.Sc. (Magnis Cum) Eng./Phys.

Advisor Reservoir/Production Engineering

Doug Bailey, P.Eng.

Production Operations Manager

Lisette Hachey, C.A.

CFO

Dena Murphy, M.Sc., M.M.M., C.R.S.P.

QHSE Manager

Paul Durling, B.Sc.

Chief Geophysicist

Maritime Advantages

Large, relatively unexplored resource potential Relatively higher sales prices

proximity to markets heat content premium sweet gas

Competitive royalties Existing infrastructure & improving logistics

Maritimes & NE Pipeline

Common Shares
Closing price of CDH Common Shares on the TSX Nov 15/09 to Nov 15/10

Common Shares (November 15, 2010)

Issued and outstanding: 87,807,466 Fully diluted: 92,804,134

Market Capitalization
$616 million
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McCully/Elgin Exploration and Development Area

321,242 net acres; high working interests Three large onshore plays
Frederick Brook Shale Gas Hiram Brook Gas Hiram Brook Oil (discovered at South Branch G-36 well)

McCully / Elgin

Currently producing up to 20 mmcf/d gross (15 mmcf/d net) from Hiram Brook reservoirs Completed inlet compression project in third quarter to stabilize production levels

Shale Gas Potential in McCully/Elgin Areas

Corridor conducted two fracs in Upper Frederick Brook shale at Green Road G-41 vertical well Lower Black Shale zone after 83 hour flow period, final rate was 0.43 mmscf/d at ~150 psi, peaking at 0.98 mmscf/d Upper Silty/Sandy zone produced 42.4 mmscf over 185 hours, peaking at 11.7 mmscf/d with final rate of 3 mmscf/d at ~700 psi Lower Frederick Brook shale producing gas from the F-58 well since March 2008 Still producing 0.2 mmscf/d from a very small (11 tonne) frac Testing indicates both Upper and Lower Frederick Brook shale are productive across a large area

Will DeMille G-59 McCully E67B & F-58 Green Road G-41 & B-41

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Shale Gas Assessment Elgin/McCully Area

Independent assessment by GLJ provides a best estimate of 67 TCF of discovered resources (59 TCF net to Corridor), free gas component Upper Frederick Brook 500 meters thick, GLJ estimates 43 TCF of gross discovered resources (TerraTek estimates 309 bcf/mi2 in the E67b well) Lower Frederick Brook 600+ meters thick, GLJ estimates 24 TCF of gross discovered resources (TerraTek estimates 318 bcf/mi2 in the E67b well) Productivity extends widely across the basin, although basin area is relatively small, the shale thickness means resource estimate is very large GLJs 10% recovery factor may be conservative, based on others now achieving >20% recoveries
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Example Shale Gas Development

Corridor holds a continuous land position across McCully/Elgin area (includes Apache farm-out lands) Very thick shale means large gas volumes per area providing an economy of scale potential Multiple horizontals from a single pad development. Therefore potential to lower infrastructure/development costs, (i.e. pipelines, pads, H20 supply and handling, G&P, etc.) Location close to existing mainline transportation to major markets (MNP system) allows for premium netback prices potential relative to other shale gas developments

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Apache Canada FarmOut

Apache committed to undertake $25mm program to earn 50% working interest in the units drilled and option program Apache has option to undertake further not less than $100mm program to earn 50% working interest in area wide farm-out lands (58,000 acres net), starting not later then June 1, 2011 Apache completed two horizontal wells at Green Road G-41 and Will DeMille targeting 1,000 meters horizontal FB Apache commenced frac of G-41 well on Nov.7th with expectation of five days to complete operation and intends to move onto Will DeMille to undertake similar program Target 30 day flow tests, after completion of five fracs per well, expected to be scalable, results to follow

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Shale Gas Fraccing

~1000 m horizontal legs in both Green Road & Will DeMille wells 5 fracs in each well 3000 4000 m3 of water per stage 200 tonnes of proppant (sand) per stage Planned rate of 16 m3/min

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Old Harry Prospect

43,000 acres (67 mi2) of early, simple, four-way closure Thick oil-prone source rock, and carboniferous coal source rock with a large fetch area Good reservoir rock derived from the Canadian Shield Overlying shale seal is 1000 thick Multi-TCF or billion bbl resources potential Six satellite seepage slicks Flat spots, amplitude, frequency and AVO anomalies within the same horizon Thousands of mi2 of unexplored basin with excellent source, reservoir and trap potential

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Old Harry Update

Corridor is currently soliciting partners to drill an exploration well on NFLD side Corridor is commencing planning preparation and permitting documentation to support drilling exploration well within two year target Corridor completed site survey in October as per budget, in order to provide data to support drilling plans Corridors 2011 capital budget expected to include funds to support above activities Old Harry Prospect

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Anticosti Exploration Update

Drilled three wells to target Black River and Mingan oil plays and to evaluate shale oil potential of Macasty (Utica) Drilling results showed two wells with oil shows and no perm and one well with great perm (15,000 bbls/d) and salt water Cored 27 m of Macasty from Chaloupe well, currently in for testing; oil indications are present Prospective Macasty shale oil under most of Anticosti lands (1.5mm gross acres) Corridor proceeding with partner to solicit farm-in for shale oil exploration program
1.5 Million Acres (900k Corridor, 600k Petrolia)

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Q3 2010 Financial Results

$ in thousands

Sept 2010

Sept 2009

Revenues Net earnings (loss) Net earnings (loss) per share - Basic - Diluted Cash flow from operations Capital expenditures Net working capital

$21,694 $(5,203) $(0.059) $(0.059) $10,112 $20,141 $1,883

$37,600 $3,492 $0.040 $0.040 $22,165 $32,580 $11,261

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Q3 2010 Netback
Sept 2010 Sept 2009

Production (mmscfpd) ($/mscf) Average gas price Transportation expense Royalty expense Production expense Netback

13.2

16.1

$5.63 $1.40 $0.10 $0.72 $3.41

$8.08 $1.74 $0.38 $0.54 $5.42

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2010 Outlook
$ in thousands

Q4 2010

Dec 2010

Production (mmscfpd) - net Revenues ($/mscf) Average gas price Transportation expense Royalty expense Production expense Netback Capital expenditures Net working capital Cash flow from operations

13.7 $7,000

13.3 $29,000

$4.97 $1.46 $0.10 $0.91 $2.50 $2,400 $2,000 $2,500

$5.46 $1.42 $0.10 $0.77 $3.17 $22,500 $2,000 $12,500

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