PetroWorth's has acquired 2-D seismic data on virtually all of its 444,000 permitted acres on Prince Edward Island in order to fully understand the potential of the subsurface geological structures. In October 2004, the Company completed the largest 3-D seismic program ever conducted onshore eastern Canada , covering 25,000 acres. The data from this program has been fully interpreted by geophysical consultants and more than 20 targets have been identified for exploration drilling.

These lands are the closest onshore properties to the East Point 49 well, which was drilled about 13 kilometres off the northeastern shore of Prince Edward Island by Hudson's Bay Oil and Gas Ltd. ("HBOG") in 1974. East Point 49 test flowed at between 5.4 and 8 million cubic feet of natural gas per day and was estimated by HBOG to have 77 billion cubic feet of gas in place. The discovery was deemed to be non-commercial primarily because it is located offshore, where drilling and production costs and risks are significantly higher than for onshore drilling. By contrast, such a discovery onshore has the potential to be of commercial value. Corridor has decided to farm-in on EL 03-02 as per the Data Exchange and Option Agreement announced on May 10, 2007.
Under the terms of the agreement, Corridor will drill a well (the "Commitment Well") on EL 03-02 to a minimum depth of 2,800 metres. Corridor will pay 100% of the costs of this well. In its August 3, 2007 news release, Corridor indicated that it expects to commence drilling on EL 03-02 in mid-September, 2007.
Once the Commitment Well is drilled, Corridor has the option to drill second and third exploratory test wells on EL 03-02 prior to October 1, 2008. Corridor and PetroWorth will each pay 50% of the costs of these wells. Once these wells have been drilled, Corridor will have earned a 50% working interest in EL 03-02.