AGM 2013 MAY 10, 2013

Highlights - Introduction

Eastern Canadian E&P Company with enormous upside potential & sustainability Three high-impact plays at various stages of maturity TSX Symbol CDH
- 88 million shares outstanding
Anticosti 900,000 Net Acres

Old Harry 250,000 Net Acres

Focused on de-risking plays, acquiring partners for high-impact prospects & maintaining sustainability as we emerge from period of unusually low gas prices Corridor is well-positioned:
- No Debt - Premium netbacks/cash/working capital - Catalysts for significant upside potential

Southern New Brunswick 320,000 Net Acres

Eastern Canada Focused

Large, relatively unexplored area with significant resource potential Commanding land position of ~1.5 million net acres in Eastern Canada Licenses for high-impact prospects range from approximately 4-8 years New Brunswick Frederick Brook shale
- 67 TCF gross discovered resources of shale gas (best estimate)

Anticosti shale prospect has 20 Bboe net undiscovered resources of petroleum (best estimate); promising results from 2012 core program Corridors Old Harry offshore prospect is one of the largest identified geological structures offshore NFLD

2012 Financial Results

$ in thousands

2012

2011

Average gas price (Q4 $5.63/mscf) Production (mmscfpd) Sales Net G&A Production expenses Capital expenditures Cash flow from operations Net loss
2
1

$4.05 9.0 $14,795 3,021 2,982 3,763 4,404 (47,899) 10,237

$5.17 11.5 $22,993 4,247 3,969 8,951 9,250 (79,585) 9,507

Net working capital (cash $8M)

Notes:

1 Cash flow from operations is a non-IFRS measure. For a reconciliation to IFRS, see Non-IFRS Financial Measures in Corridors Q1 2013 MD&A 2

includes impairment losses of $56M & $90M relating to the McCully Field

Q1 2013 Netback
Q1 2013 Q1 2012

Netback ($/mscf) Average gas price Transportation expense Royalty expense Production expense Netback Production (mmscfpd) $10.19 $ 1.23 $ 0.65 $ 0.96 $ 7.35 8.5 $4.16 $1.21 $0.01 $0.88 $2.06 9.9

Q1 2013 Financial Results

$ in thousands

Q1 2013 $ 8,114 5,261 15,075 2,529 0.029

Q1 2012 $ 4,156 1,290 10,055 (1,654) (0.019)

Sales Cash flow from operations1 Net working capital (cash $12.5M) Net income/(loss) Net income/(loss) per share - Basic and diluted
Notes:
in Corridors Q1 2013 MD&A

1 Cash flow from operations is a non-IFRS measure. For a reconciliation to IFRS, see Non-IFRS Financial Measures

2013 Outlook
$ in thousands

2013
7.7

Production (mmscfpd) - net Netback ($/mscf) Average gas price (2012 actual $4.05/mscf) Transportation expense Royalty expense Production expense Netback (2012 $1.88/mscf) Sales Net G&A Cash flow from operations 1 Capital expenditures Net working capital $

6.70 1.24 0.18 1.21

$ 4.07 $18,500 3,000 8,300 3,000 15,500

Note 1 Cash flow from operations is a non-IFRS measure. For a reconciliation to IFRS, see Non -IFRS Financial Measures in Corridors Q1 2013 MD&A

2012 Summary
Corridor completed Anticosti core program (with partner), including 3 stratigraphic coreholes, with positive results indicating TOCs at 4% average Reduced G&A costs and capital program in 2012 due to low gas prices to ensure sustainability Corridors netback for Q4 2012 averaged $3.43/mmbtu versus $2.30/mmbtu in Q4 2011 due to higher premiums in New England market Locked in Q1 2013 sales prices for 2/3 of McCully production at US$8.52/mmbtu Maintained licenses in New Brunswick, Quebec and offshore NFLD (approximately 1.3 million net acres) for Corridors high impact prospects with approximately 4-8 years remaining Corridors proven reserves for McCully of 57.6 BCF (Dec 2012) declined by 2% (including production). GLJ has assigned a reserve life of over 25 years for Corridors 2P reserves at McCully Corridor worked extensively with New Brunswick government to promote adoption of best practices in their review of regulations (N.B. announced new regulations
early 2013)
8

2012 Industry Challenges

2013 Corridors Status

N.A. Supply/demand more balanced; N.A. pricing improving & higher N.E. premiums Offset by N.E. premiums & infrastructure advantages Industry wide; N.B. Govt indicates local support for gas development; industry needs gas supply in N.B. Offset by higher netbacks & infrastructure advantages, growing demand Corridor has sustainability, no debt and significant potential upside Corridor has sustainability, no debt and massive high-impact prospects that offer advantages to potential partners Requires sustainability & retention of licenses and strategic advantages

Prolonged low N.A. natural gas pricing cycle created by supply overhang Dry gas resource plays currently more challenging to farm out Challenging environmental & social acceptance issues for oil/gas industry Eastern Canadian resource plays face high cost and lack of maturity Junior oil & gas companies under significant market pressure Numerous N.A. J.V. opportunities on market for potential partners creating intensive competition for available capital Resource plays the size of Corridors prospects require significant capital resources and time to mature in order to demonstrate value potential

Corridor N.B. Assets

Corridors New Brunswick gas assets connected to M&NP with access to premium N.E. markets and Repsols LNG facility in N.B. Premium netbacks due to strong basis differential. Q1 2013 netback averaged $7.35/mmbtu, and premiums for gas in Maritimes & N.E. expected to be strong for foreseeable future Existing cash flow allows Corridor sustainability, while sourcing partners Potential for LNG Export terminal at Repsols Canaport LNG facility optimum East Coast option significant arbitrage potential and 10 BCF storage Potential for LNG export terminal at Goldboro (Pieridae Energy Proposal) Ability to source additional opportunities in the region
10

Infrastructure in Place East Coast

11

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 pushing up supply shortfall
12

Strategic Priorities
Advance our three high impact prospects by sourcing J.V. arrangements Maintain licenses for Corridors high impact prospects Continue to mature our prospects within available capital Maximize cash flow and ensure we optimize value of McCully assets Evaluate and implement program of additional production at McCully from both Hiram Brook and F.B. Shale due to premium prices Continue to promote export potential for LNG from Atlantic Canada because of 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

13

McCully/F.B. Shale Exploration & Development Area

Over 300,000 net acres in N.B.; high working interests Frederick Brook shale gas:
- 67 TCF gross discovered resources (best estimate)

Producing up to 12 mmcf/d gross from McCully area

- Hiram Brook gas McCully Field 94.5 BCF 2P gross reserves - ~25 year reserve life index
(GLJ estimate)
McCully Plant

Advancing F.B. Shale potential through stimulation programs at McCully and/or Elgin, 1st half of 2014 Recent N.B. Government announcements on : - Oil/Gas Environmental

Protection Plan - Supports natural gas exploration/development in N.B.

14

Frederick Brook Shale Highlights

Proven producibility, peaking at 12 mmcf/d from Green Road well Up to 600 bcf potential resources of shale gas per section (TerraTek analysis) Up to 1100 m in gross thickness Upside in overlying sands Connected to M&NP & LNG Terminal premium market potential for export Next stage includes pilot plant development at Elgin ~ $150MM
15

Anticosti

Macasty Liquids-Rich Shale Highlights

Over 1.5 million continuous gross acres licensed Large areas of the Island within the liquids window Schlumberger petrophysics estimates 80% Soil and 6% effective porosity Depth 2300 6500 feet 34 billion bboe gross undiscovered resources of petroleum (best estimate)

16

Anticosti

Macasty Shale Oil Large Untested Liquids

Thickness of Macasty Shale ranged from 31 to 92 metres on 3 coreholes drilled in 2012 program Coreholes show 4% average TOC Additional analysis expected soon (rock
parameters & maturation studies)

Similar to Ohio Utica shale Quebec Govt indicates support for oil exploration/ development on Anticosti Next stage includes:
- Appraisal program to demonstrate oil/gas production - $50+ MM
17

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 Structures 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
18

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 20152016 window
iles M 20

19

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 eventually (with Federal Environment Ministers recommendation) decided that a Strategic Environmental Assessment (SEA) for NFLD side of Gulf was required; expected to be completed 2nd Qtr 2013 Corridors E.A. and drilling permits now expected to be completed in late 2013 Due to lengthy regulatory processes, Corridor was granted extension of drilling window (Phase I of licence) to Jan 2016 The Quebec and Federal Governments signed an accord in Mar 2011 to jointly regulate the offshore on Quebecs 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

20

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; the quantity of natural gas, oil and natural gas liquids reserves and resources; treatment under governmental regulatory regimes; exploration and development plans and the cost of such plans; estimates of production, revenues, average gas price; price differentials, transportation expense, royalty expense, production expense, netback, cash flow from operations, capital expenditures and net working capital for 2013. 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 projected production, revenue, average gas price, expenses, netback, capital expenditures and net working capital for 2013 under the heading "2013 Outlook" on Slide #7, which are provided for the purpose of forecasting the financial position of Corridor at the end of the 2013 financial year. 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.

21

Disclaimer, (contd)
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. "total petroleum initially-in-place" or "PIIP" refers to that quantity of petroleum that is estimated to exist originally in naturally occurring accumulations. It includes that 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. PIIP is equivalent to "total resources. "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 3 and 14 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 Slides 8 and 14 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 3 and 16 was prepared by Sproule Associates Limited effective June 1,2011 setting forth certain information regarding total petroleum initially-in-place of Corridors 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 Resources 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.

22