Canadian Superior Energy Inc.

Canadian Superior Energy Inc.

January 05, 2005 09:00 ET

Canadian Superior Energy Inc. Provides Update on Western Canada Drilling and Trinidad Operations


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CANADIAN SUPERIOR ENERGY INC.

TSX, AMEX SYMBOL: SNG

JANUARY 5, 2005 - 09:00 ET

Canadian Superior Energy Inc. Provides Update on
Western Canada Drilling and Trinidad Operations

CALGARY, ALBERTA--(CCNMatthews - Jan. 5, 2005) - Canadian Superior
Energy Inc. ("Canadian Superior") (TSX:SNG) (AMEX:SNG) of Calgary,
Alberta, Canada said today that it has commenced its Winter 2005
Drilling Program in Western Canada, with wells planned in Northwest
Alberta in the East Ladyfern and Windfall areas. Drilling at East
Ladyfern (Canadian Superior 100%) should commence during the next few
days, as freeze-up occurs in this remote area, and follows-up on a large
3-D seismic program shot last winter. One of two wells planned in the
Windfall area has commenced drilling, and will reach total depth in the
first week of January, with the other well following shortly thereafter.
"These wells have the ability to add significant natural gas production
and natural gas reserves to Canadian Superior's Western Canadian
operations base and they are very exciting for the Company", said Mel
Marshall, Canadian Superior's Vice President of Exploration.

The Company also said today, that in Trinidad it is proceeding ahead,
subject to governmental approval, with plans to commence drilling by mid
2005 on its recently awarded Block 5(c) Intrepid Block offshore Trinidad
located in the Columbus Basin. Two recent multi-Tcf discoveries have
been announced by British Petroleum (BP) and ChevronTexaco near Canadian
Superior's holdings. Canadian Superior recently announced it has entered
into an arrangement with GlobalSantaFe Corporation (NYSE:GSF) of
Houston, Texas to provide offshore drilling services for this project.
Mr. Marshall said, "This is truly a great opportunity for Canadian
Superior in one of the most prolific oil and gas basins in the world and
we are very fortunate to be here amongst the majors." Canadian Superior
will be the only non-major oil and gas company with operated offshore
holdings in the basin, which is dominated by companies like British
Petroleum (BP), British Gas (BG), ChevronTexaco, Repsol, Total Fina and
others.

The Company also said that it will be presenting at the Pritchard
Capital Partners Conference, Energize 2005: New Year, New Paradigms, in
San Francisco on January 5th, 2005 and will be discussing Western
Canada, Offshore Nova Scotia and Trinidad. For further information and
maps on these operations and holdings, and to view the 2005 Corporate
Presentation, see Canadian Superior's website at www.cansup.com.

This press release contains forward-looking information on future
production, project start-ups and future capital spending. Actual
results or estimated results could differ materially due to changes in
project schedules, operating performance, demand for oil and gas,
commercial negotiations or other technical and economic factors or
revisions. Statements contained in this press release relating to future
results, events and expectations are forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as amended and
Section 21E of the Securities Exchange Act of 1934, as amended. These
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievement of the Company, or industry results, to be
materially different from any future results, performance or
achievements expressed or implied by such statements. Such factors
include, among others, those described in the Company's annual report on
Form 40-F on file with the U.S. Securiities and Exchange Commission.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Canadian Superior Energy Inc.
    Investor Relations
    (403) 294-1411
    (403) 216-2374 (FAX)
    Website: www.cansup.com
    or
    Canadian Superior Energy Inc.
    Suite 3300, 400 - 3rd Avenue S.W.
    Calgary, Alberta
    Canada T2P 4H2