Mr. Phillip Knoll reports

CORRIDOR ANNOUNCES 2013 YEAR-END RESULTS

Corridor Resources Inc. has released its year-end 2013 financial results. Corridor's annual financial statements, management's discussion and analysis, and annual information form for the year ended Dec. 31, 2013, have been filed on SEDAR and are available on Corridor's website.

(All amounts referred to in this press release are in Canadian dollars unless otherwise stated.)

Highlights for 2013:

• On Feb. 13, 2014, the company entered into a non-binding letter of intent with the government of Quebec, through its affiliates Investissement Quebec and Ressources Quebec, Petrolia Inc., and Etablissements Maurel & Prom S.A., to create a joint venture that will appraise and potentially develop hydrocarbon resources on Anticosti Island in Quebec. The letter of intent calls for Petrolia and Corridor to transfer their interests in the Anticosti licences to the Anticosti joint venture and for RQ and M&P to spend up to $100-million on an exploration program starting in 2014. As a result of this transaction, Corridor will hold an interest of 21.7 per cent in the Anticosti joint venture and receive net cash proceeds of approximately $13.9-million on the closing of the transaction, which is expected to occur no later than April 30, 2014, subject to the satisfaction of closing conditions.
• Corridor maintains approximately two million gross acres (approximately 1.3 million net acres) of undeveloped land in connection with its three high-impact exploration prospects (Frederick Brook shale gas prospect in New Brunswick, Macasty formation unconventional oil prospect on Anticosti Island and Old Harry conventional hydrocarbon prospect in the Gulf of St. Lawrence). Corridor is seeking joint venture partners for its Frederick Brook shale and Old Harry prospects.
• Corridor's netback for 2013 increased to $4.23 per million British thermal units from $1.88 per million British thermal units in 2012 mainly as a result of higher natural gas sales prices in the New England market.
• Cash flow from operations increased to $10,934,000 for the year ended Dec. 31, 2013, from $4,595,000 for the year ended Dec. 31, 2012, due to the higher average natural gas prices in 2013.
• The premiums for the natural gas prices realized by Corridor as compared with the Henry Hub natural gas prices averaged $3.19 (U.S.) per million British thermal units for the year ended Dec. 31, 2013, compared with $1.10 (U.S.) per million British thermal units for the year ended Dec. 31, 2012.

"We are pleased with our 2013 year-end results, including increased cash flow from operations resulting from impressive premiums and netbacks for our New Brunswick production," said Phillip Knoll, president and chief executive officer of Corridor. "Our recently announced letter of intent for our Anticosti Island prospect and our planned 2014 capital program in New Brunswick continue to demonstrate that Corridor offers investors significant potential upside in value. Corridor is well positioned to take advantage of the strategic infrastructure connecting our New Brunswick resources to these markets and possesses the sustainability, with no outstanding debt, to advance Corridor's three high-impact prospects in Eastern Canada."

Year-end financial results

The attached selected financial information table provides a summary of Corridor's financial and operating results for the three and 12 months ended Dec. 31, 2013, with comparisons with the three and 12 months ended Dec. 31, 2012.

                      SELECTED FINANCIAL INFORMATION
             (thousands of dollars except per-share amounts)

                                 Three months ended     Twelve months ended 
                                        Dec. 31,                Dec. 31,
                                    2013       2012         2013       2012 

Sales                            $ 6,087    $ 4,962     $ 21,619   $ 14,795 
Net income (loss)               $ 20,586  $ (42,023)    $ 22,449  $ (47,889)
Net income (loss) per share                                                 
Basic and diluted                $ 0.233   $ (0.475)     $ 0.254   $ (0.541)

Financial summary for 2013:

• Natural gas revenues for the year ended Dec. 31, 2013, increased to $20,346,000 from $13,345,000 for the year ended Dec. 31, 2012, due to an increase in the average natural gas sales price to $6.91 per thousand standard cubic feet in 2013 from $4.05 per thousand standard cubic feet in 2012, which increase was partially offset by a decrease in Corridor's average daily gas production to 8.1 million standard cubic feet per day in 2013 from 9.0 million standard cubic feet per day in 2012. However, the decrease in natural gas production in 2013 was mitigated by field optimization efforts during the year, which has lessened the rate of decline previously experienced and has resulted in an increase in the ultimate recovery of natural gas from the McCully field.
• During the year, Corridor began to sell its natural gas production using the Algonquin city-gate pricing point instead of the Dracut pricing point as the Dracut sales hub is no longer actively traded. Corridor expects that natural gas prices, net of the additional transportation charge, will be representative of New England market prices, which are expected to continue to be strong compared with Henry Hub. The premium to Henry Hub realized in 2013 averaged $3.19 (U.S.) per million British thermal units for the year ended Dec. 31, 2013, compared with $1.10 (U.S.) per million British thermal units for the year ended Dec. 31, 2012.
• As at Dec. 31, 2013, Corridor had cash and cash equivalents of $15,514,000, net working capital of $17,296,000, and no outstanding debt.
• Corridor's net income increased to $22,449,000 for the year ended Dec. 31, 2013, from a net loss of $47,889,000 for the year ended Dec. 31, 2012, due primarily to the reversal of impairment losses of $28,050,000 for the year ended Dec. 31, 2013, which resulted from an increase in forecast natural gas prices used to determine the recoverable amount of the company's New Brunswick assets. An impairment loss of $56,325,000 had been recognized for the year ended Dec. 31, 2012.

                              NETBACK ANALYSIS
  (thousands of dollars except dollars per thousand standard cubic feet)

                                 Three months ended     Twelve months ended 
                                        Dec. 31,               Dec. 31,   
                                   2013        2012        2013        2012 

Natural gas revenues            $ 5,841     $ 4,604    $ 20,346    $ 13,345 
Royalty expense                    (247)        (50)       (740)        (58)
Transportation expense             (973)     (1,037)     (3,799)     (4,074)
Production expense               (1,034)       (715)     (3,362)     (2,982)
Netback                         $ 3,587     $ 2,802    $ 12,445     $ 6,231 
Natural gas production                                                      
(MMscf)                             712         818       2,945       3,293 
Natural gas production per                                                  
day (MMscfpd)                       7.7         8.9         8.1         9.0 
Natural gas revenues                                                        
($/Mscf)                         $ 8.21      $ 5.63      $ 6.91      $ 4.05 
Royalty expense ($/Mscf)          (0.35)      (0.06)      (0.25)      (0.02)
Transportation expense                                                      
($/Mscf)                          (1.37)      (1.27)      (1.29)      (1.24)
Production expense ($/Mscf)       (1.45)      (0.87)      (1.14)      (0.91)
Netback ($/Mscf)                 $ 5.04      $ 3.43      $ 4.23      $ 1.88 

Corridor's netback for fourth quarter 2013 increased to $5.04 per million British thermal units from $3.43 per million British thermal units in fourth quarter 2012 as a result of higher natural gas sales prices in the New England market.

Natural gas revenues increased to $5,841,000 in fourth quarter 2013 from $4,604,000 in fourth quarter 2012 due to the increase in the average natural gas sales price to $8.21 per thousand standard cubic feet in fourth quarter 2013 from $5.63 per thousand standard cubic feet in fourth quarter 2012, which increase was partially offset by the decrease in the average daily natural gas production to 7.7 million standard cubic feet per day in fourth quarter 2013 from 8.9 million standard cubic feet per day in fourth quarter 2012. However, the decrease in natural gas production in fourth quarter 2013 was mitigated by field optimization efforts during the quarter.

The increase in the royalty expense to $247,000 for fourth quarter 2013 from $50,000 in fourth quarter 2012 is due to the higher natural gas revenues in fourth quarter 2013.

Transportation expense decreased to $973,000 for fourth quarter 2013 from $1,037,000 for fourth quarter 2012 due to the decrease in natural gas production, which decrease was partially offset by a stronger U.S. dollar, additional interruptible transportation at a higher cost and a new transportation charge on the Algonquin pipeline to access the new Algonquin city-gate pricing point.

Net production expense for fourth quarter 2013 increased to $1,034,000 from $715,000 for fourth quarter 2012 due to a workover program conducted at the McCully field in fourth quarter 2013 and increased costs related to the well optimization efforts.

We seek Safe Harbor.