Corridor Resources CFO Lisette Hachey makes sure the company balances its priorities while marshalling its natural assets

Based in Halifax with a field office in Penobsquis, N.B., Corridor Resources Inc. (TSX: CDH) is exploring for onshore petroleum and natural gas in New Brunswick, Prince Edward Island, and Quebec, and developing and producing natural gas near Sussex. Corridor has also discovered crude oil reserves in New Brunswick and has a total of 1.9 million net hectares under licence for exploration in Eastern Canada.

Where were you raised and where else have you lived?
I moved from Montreal to Bathurst, N.B., when I was eight, attended university in Moncton, and started my accounting career in Saint John. Since I had New Brunswick pretty well covered, I moved to Halifax in 1999. I consider it home and have no desire to move again.

Whose influence do you credit for getting you to where you are today?
I've been influenced throughout my career by my family, friends, and great leaders. However, I would single out Glenn Josselyn, my first boss at Ernst & Young. Glenn was exactly what I envisioned a partner in an accounting firm to be: talented, full of integrity, ethical-plus he had a great sense of humour. He inspired me to be more like him.

As the CFO of a growing company, what's your greatest challenge?
To find the right balance between flexibility and control. One of the biggest advantages of a small company is the ability to act quickly when opportunities or issues arise. My challenge is to maintain some level of flexibility while adding the appropriate amount of financial controls.

How has the weakness in natural gas prices impacted Corridor's growth strategy?
The uncertainty of where the natural gas prices will settle, coupled with a tight financial market, forced Corridor to slow its exploration and development activities during 2009. We changed our spending strategy and limited the 2009 capital program to the year's cash flow from operations. While we had access to a $20-million credit facility, our plan was not to access it and end the year with a strong balance sheet. Corridor—and I suspect all oil and gas industry players—will be forced to find ways to reduce costs to survive and prosper in a lower natural gas price environment.

How long have you been involved in the energy industry and how has it evolved in Atlantic Canada?
I'm fairly new to this industry but I've seen an increased awareness and interest in onshore natural gas exploration since 2006. Corridor has recently been able to reduce costs to mobilize equipment from Alberta by sharing these costs with other companies in the area. We hope to see the industry grow even more over time.

Do you think being far away from Alberta provides advantages to Corridor? What are the disadvantages? 
Our primary advantage is our ability to recruit talented people-people who want to move back to Atlantic Canada or who just want to live here. This was a big advantage to Corridor, since we hired 20 people in the last three years while technical resources were scarce. The disadvantage is that we are far away from major contractors, suppliers, and necessary equipment, which results in increased costs.

What is the best thing about your current role? 
Corridor is filled with highly talented and motivated employees who enjoy working hard at growing the company. It is a great environment to be in.

Are there challenges being a woman in the male-dominated energy industry?
It's more of a challenge being an accountant in an engineer-dominated energy industry.

What has been your greatest professional accomplishment?
The last three years at Corridor. During this period of exceptional growth, Corridor improved its financial systems and controls, improved disclosure, secured a credit facility, and raised $130 million in equity financings.

What do you hope to accomplish over the next few years?
A smooth transition to International Financial Reporting Standards (IFRS). Probably every CFO has had nightmares about IFRS. The transition will put a tremendous strain on Corridor's resources and will also be costly for the company. We hope to transition as efficiently and effectively as possible.

What do you like best about living and working here?
I know this sounds cliché, but it is really the friendliness and talent of the people in Atlantic Canada, and also the shorter commutes.

What do you do in your spare time? What book are you currently reading?
I spend my spare time with my husband, Darryl, and my four-year-old daughter, Sophie. I enjoy reading but can't seem to find the time. I was recently given a book by a friend called The Power of Full Engagement, about how to manage your energy and not your time. I just haven't found the time to read it yet.

Sarah Chiasson is an analyst with Beacon Securities in Halifax. She can be reached at schiasson@beaconsecurities.ca.