The result of the 2007 Call For Bids for offshore exploration rights in Western Newfoundland is another step forward for the region�s oil and gas industry.

"We are pleased to see that industry continues to show its confidence in the future of oil and gas development in Western Newfoundland," said the Honourable Kathy Dunderdale, Minister of Natural Resources. "Our Energy Plan is providing industry companies with greater certainty in making these kinds of investments."

The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) announced the winning bid from Corridor Resources Inc. earlier today. The company committed to spending $1,521,000 exploring the parcel of land over the next five years.

Once the bidder satisfies the C-NLOPB�s Call For Bids requirements, the board will be in a position to issue an Exploration Licence. The Exploration Licence is subject to approval by the minister.

The 51,780-hectare parcel of land was offered in the May 18, 2007 Call For Bids, Western Newfoundland and Labrador offshore region. The other May 18, 2007 Call For Bids, Labrador offshore area, is currently in the midst of a Strategic Environmental Assessment. That Call For Bids comprises four parcels totaling 939,678 hectares that are adjacent to Significant Discovery Licences where over four trillion cubic feet of gas has been discovered to date. This call is scheduled to close on August 1, 2008.

- 30 -

Media contact:

Corey Snook
Communications and Marketing Manager
Department of Natural Resources
709-729-5777, 728-2837
coreysnook@gov.nl.ca

2007 12 04                                                     1:55 P.M.