UPDATEJANUARY 2014

Highlights - Introduction

• Eastern Canadian E&P Company with enormous upside potential & sustainability

• Three high-impact prospects at various stages of maturity

• McCully production generates positive cash flow & premium netbacks

• Focused on de-risking plays, acquiring partners for high-impact prospects & sustainability as we demonstrate upside

• Corridor is well-positioned:- No debt- Working capital (Jan 2014 ~ $20M)- Catalysts for significant upside - Quebec & New Brunswick

Governments support development

Anticosti900,000 Net Acres

Old Harry250,000 Net Acres

Southern New Brunswick225,000 Net Acres

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Infrastructure in Place East Coast

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Eastern Canada Focused

• Large, relatively unexplored area with significant potential

• Commanding land position of ~1.4 million net acres in Eastern Canada

• Licenses for high-impact prospects range from ~3-7 yrs +

• Gas production from McCully Field in N.B. provides high netbacks and positive cash flow

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Three High Impact Prospects

• Anticosti Macasty shale prospect has 20 Bboe net undiscovered resources of petroleum (best estimate); promising results from 2012 core program

• Corridor’s Old Harry offshore prospect is one of the largest identified geological structures offshore NFLD

• New Brunswick Frederick Brook shale- 67 TCF gross discovered resources of shale gas (best estimate)

• 2014 Program at McCully expected to increase production and further demonstrate FB shale potential

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Corridor N.B. Assets

• Corridor’s N.B. assets connected to Boston markets and LNG facility in N.B.

• Premium Netbacks- Q1 2013 av $7.35- Q4 2013 av ~$5.50

• Premiums in Maritimes & Boston to remain strong through 2017

• Potential for LNG Export terminal at Repsol’s Canaport LNG facility– optimum East Coast LNG export

option & 10 BCF storage– Reposol feasibility studies

underway

• Ability to source additional opportunities in the region - CNG, LNG, Storage, etc.

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• Over 225,000 net acres in N.B.

• Frederick Brook shale gas:- 67 TCF gross (59 TCF net)

discovered resources (“best estimate”)

• Producing up to 11 mmcf/d gross from McCully area- Hiram Brook gas – McCully Field

94.5 BCF 2P gross reserves- ~25 year reserve life index

(GLJ estimate)

• Advancing F.B. Shale potential through 2014 frac programs at McCully

• N.B. Government supportive:- Oil/Gas Env Protection Plan - New, competitive Royalty Regime - N.B. Industrial Base

requires supply

McCully/F.B. Shale Exploration & Development Area

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Frederick Brook Shale Highlights

• Proven producibility- G-41 well IP@ 12 mmcf/d- F-58 well producing for 5 yrs @ low decline from small frac

• Up to 1100 m in gross thickness

• Upside in overlying sands

• O-59 Elgin vertical well has min 8 frac candidates

• Connected to M&NP & LNG Terminal

• J.V. Opportunity for Pilot plant at Elgin @ $100 to $150 M to commercialize F.B.play

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Anticosti Macasty Liquids-Rich Shale Highlights

• Over 1.5 million gross acres licensed (~ 0.9 million net acres)

• Thickness of MacastyShale ranged from 31 to 92 metres on 3 coreholesdrilled in 2012 program

• Large areas within liquids window

• 20 billion bboe net undiscovered resources (best estimate)

• Similar to Ohio Utica shale

• Depth 2300 – 6500 feet

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Anticosti900,000 Net Acres

Old Harry250,000 Net Acres

Southern New Brunswick225,000 Net Acres

Anticosti Macasty Shale Oil – Large Untested Liquids

• Schlumberger analysis indicates 6% effective porosity with 80% Soil

• Coreholes show 4% average TOC

• Additional frac analysis on-going to design & optimize program

• Quebec Gov’t support of exploration/ development on Anticosti

• Next stage includes:- Appraisal program to

demonstrate production $50 - $60 M

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Old Harry Highlights

• One of the largest undrilled geological structures in Eastern Canada (43,000 acres/67 sq miles) under simple four-way closure

• Several direct hydrocarbon indicators identified: satellite seepage slicks, frequency anomalies, amplitude anomalies, and AVO anomalies

• Over 1,000 km of modern 2-D seismic available

• Structure’s aerial extent and potential reservoir thickness presents huge opportunity for billion barrel oil or multi TCF gas discovery

• Basin Modeling indicates light oil (~55 API) was initially generated and could be filling the structure

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Anticosti900,000 Net Acres

Old Harry250,000 Net Acres

Southern New Brunswick225,000 Net Acres

Old Harry Prospect – Highlights

• Potential for good primary reservoir in Bradelle Formation

• Very thick secondary reservoir, Brion Island Formation

• Thick light-oil source rock

• NFLD exploration well targeted for 2015/2016, pending approvals

• Corridor has identified drilling assets available in the 2015-2016 window

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Old Harry Regulatory Summary• Corridor submitted its Old Harry Exploratory

Drilling Project Description and Environmental Assessment (E.A.) to the C-NLOPB in February 2011

• C-NLOPB & Federal Energy Dept required a Strategic Environmental Assessment (SEA) for NFLD side of Gulf; expected early 2014

• Corridor’s E.A. and drilling permits can be completed in 2014

• Due to lengthy regulatory processes, Corridor has been granted extension of drilling window (Phase I of licence) to Jan 2017 for well spud

• The Quebec and Federal Governments signed an accord in Mar 2011 to jointly regulate the offshore on Quebec’s side of the Gulf

• Quebec has completed SEA and is expected to decide on opening sections of Quebec side of the Gulf for oil and gas activities in 2014

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Q3 2013 YTD Netback

Q3 2013 Q3 2012

Netback ($/mscf)

Average gas price $ 6.49 $3.53

Transportation expense $ 1.27 $1.23

Royalty expense $ 0.22 $ -

Production expense $ 1.04 $0.92

Netback $ 3.96 $1.38

Production (mmscfpd) 8.2 9.0

• Q1 2013 average gas price: $10.19, netback: $7.35• Forward Sale Agreements:

- Nov 13 to Mar 14 average of 3,000 mmbtupd at a price of US$9.03/mmbtu- Jan 14 – Feb 14 average of 2,400 mmbtupd at a price of US$15.50/mmbtu

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Q3 2013 YTD Financial Results

$ in thousands Q3 2013 Q3 2012

Sales $ 15,532 $ 9,833

Cash flow from operations1 7,823 2,024Net working capital (cash $14.2M) 16,190 9,061

Net income/(loss) 1,863 (5,866)

Net income/(loss) per share

- Basic and diluted 0.021 (0.066)

Notes: 1 “Cash flow from operations” is a non-IFRS measure. For a reconciliation to IFRS, see “Non-IFRS Financial Measures” in Corridor’s Q3 2013 MD&A

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Strategic Priorities

• Advance three high impact prospects by sourcing J.V. arrangements & with CDH working capital

• Implement 2014 program for additional production at McCully from both Hiram Brook and F.B. Shale

• Maximize cash flow and ensure we optimize value of McCully assets

• Maintain licenses for Corridor’s high impact prospects

• Promote export potential for LNG from Atlantic Canada using existing infrastructure and location advantages as well as other opportunities such as CNG that will promote commercialization of F.B. Shale

• Continue to advance regulatory approvals and social licenses for Corridor prospects in various appropriate jurisdictions

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North East Gas Prices

• Anticipate elevated premium to Henry Hub for next several years• Anticipate supply short fall for market in Maritimes served by MNP• CNG & demand growth in Maritimes & NE pushing up supply shortfall• Forward Prices based in Platt’s Gas Daily, January 24, 2014 17

CDH 2-Yr Performance

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• Shares outstanding ~ 88 mm• Options outstanding ~ 3.5 mm• Cash position (12/2013) $ 16 M• Market Cap $120 M

Summary & Catalysts

• Corridor has excellent upside potential combined with sustainability• Focus on de-risking high-impact prospects & maintaining cash flow from

McCully assets• Corridor is well positioned to capitalize on its potential catalysts, including:

- Advancing J.V. arrangements on high-impact prospects

- Implementation of 2014 McCully program to increase production; further demonstrating deliverability of Frederick Brook Shale

- Continued recognition of strong pricing signals for Corridor production sold into Boston market

- Progress on LNG export facilities located in N.B. and N.S.- Advancing regulatory permitting process for Corridor’s prospects

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Disclaimer

Forward Looking Information Disclosure

• This presentation contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of Canadian securities laws. All statements other than statements of historical fact are forward-looking 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. In particular, this presentation contains forward-looking statements pertaining to the following: the potential and characteristics of its properties; business plans and strategies; increased production and results from the 2014 program at McCully; potential for LNG export; ability to source additional opportunities; the quantity of natural gas, oil and natural gas liquids reserves and resources; support and treatment under governmental regulatory regimes; exploration and development plans and the cost of such plans; estimates of production, revenues, average gas price; and projected elevated premiums.

• 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. 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 the Company and its shareholders. Forward-looking statements are based on the Company's current beliefs as well as assumptions made by, and information currently available to, the Company including information 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 terms of agreements with third parties. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Unknown risks and uncertainties include, but are not limited to: risks associated with oil and gas exploration, substantial capital requirements and financing, prices, markets and marketing, government regulation, third party risk, environmental, hydraulic fracturing, dependence on key personnel, co-existence with mining operations, availability of drilling equipment and access, risks may not be insurable, variations in exchange rates, expiration of licenses and leases, reserves and resources estimates, development and/or acquisition of oil and natural gas properties, trading of common shares, seasonality, competition, management of growth, conflicts of interest, issuance of debt, title to properties and hedging. Further information regarding these factors and additional factors may be found under the heading "Risk Factors" in the Annual Information Form for the year ended December 31, 2012. Readers are cautioned that the foregoing list of factors that may affect future results is not exhaustive.

• Certain of the forward-looking statements in this presentation may constitute "financial outlooks" as contemplated by National Instrument 51-102 Disclosure Obligations, including information related to the Henry Hub forward price and forecast average premium of Corridor , under the heading “North East Gas Prices “on Silde #17, which is provided for the purpose of estimating Corridor’s future revenues and cash flow for 2014 and 2015. Please be advised that the financial outlook in this presentation may not be appropriate for purposes other than the one stated above.

• The forward-looking statements contained in this presentation are made as of the date hereof and the Company 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 Disclosure

• The term "boe" refers to barrels of oil equivalent. All calculations converting natural gas to crude oil equivalent have been made using a ratio of six mscf of natural gas to one barrel of crude equivalent. Boes may be misleading, particularly if used in isolation. A boe conversion ratio of six mscf of natural gas to one barrel of crude oil equivalent is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

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Disclaimer, (cont’d)

Resources Disclosure

• "discovered resources" is that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production. The recoverable portion of discovered petroleum initially-in-place includes production, reserves, and contingent resources; the remainder is unrecoverable.

• "undiscovered resources" refers to those quantities of petroleum that are estimated, on a given date, to be contained in accumulations yet to be discovered. The recoverable portion of undiscovered petroleum initially-in-place is referred to as prospective resources, the remainder as unrecoverable. Undiscovered resources carry discovery risk. There is no certainty that any portion of these resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. A recovery project cannot be defined for this volume of undiscovered petroleum initially-in-place at this time.

• 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. There is no certainty that it will be economically viable to produce any portion of the resources.

• The resources assessment referred to in Slides #5 & #7 was completed by GLJ Petroleum Consultants Ltd. effective June 1, 2009 setting forth certain information regarding discovered resources of Corridor's interests in the Frederick Brook shale formation. The best estimate is the value that best represents the expected outcome with no optimism or conservatism , GLJ subsequently reviewed the pertinent data collected between June 1, 2009 and December 31, 2012 in the upper part of the Frederick Brook formation, and made no changes to the original estimates as at December 31, 2012. There is no certainty that it will be commercially viable to produce any portion of these discovered resources.

• The reserves estimates referred to in Slide #7 was prepared by GLJ dated February 28 2013 with an effective date of December 31, 2012 and a preparation date of February 28, 2013 setting forth certain information relating to certain natural gas, crude oil and natural gas liquids reserves of Corridor properties, specifically the McCully Field and the Caledonia Field, and the net present value of the estimated future net reserves associated with such reserves.

• The resources assessment, referred to in Slides #5 and #9 was prepared by Sproule Associates Limited effective June 1, 2011 setting forth certain information regarding total petroleum initially-in-place of Corridor’s interests in the Macasty shale formation on Anticosti Island. The best estimate reflects the probability that the quantity actually in place is equal to or greater than the estimate is 50%. Sproule subsequently reviewed the pertinent data collected between June 1, 2011 and December 31, 2012, and has made no changes to the original resource estimates provided in the Sproule Anticosti Reserves Report. These resources are reported as Bboe to reflect uncertainty of hydrocarbon type across the island. A recovery project cannot be defined for this volume or undiscovered resources. There is no certainty that any portion of these resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any of these resources.

• For further information on Corridor's resources and reserves, see the Annual Information Form for the year ended December 31, 2012.

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