Canadian Superior Energy Inc.
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AMEX : SNG

Canadian Superior Energy Inc.

June 26, 2008 09:07 ET

Canadian Superior Announces Logging of Zone of Interest in "Bounty" Well Offshore Trinidad

CALGARY, ALBERTA--(Marketwire - June 26, 2008) - Canadian Superior Energy Inc. ("Canadian Superior" or the "Company") (TSX:SNG)(AMEX:SNG), as Operator, along with its partners BG International Limited ("BG"), a wholly owned subsidiary of the BG Group plc (LSE:BG.L), and Challenger Energy Corp. ("Challenger") (TSX VENTURE:CHQ)(AMEX:CHQ), announced today the wireline logging of the "Bounty" well on the "Intrepid" Block 5(c) at an interim total depth based on a zone of interest indicated by the logging-while-drilling tool and mud logs. Craig McKenzie, Canadian Superior's Chief Executive Officer, said, "The wireline logging operations are still underway, but already wireline logging has shown approximately 200 feet of pay in a developed sand interval that the logs indicate is hydrocarbon bearing. Following the completion of current wireline logging activities, drilling will resume targeting further objectives in the well; flow testing of the zone logged to date is planned thereafter once the well reaches its total depth.

The "Bounty" well was spudded on February 20, 2008 on a separate prospect from the "Victory" well natural gas discovery announced on January 14, 2008, located approximately 2.2 miles away, and is being drilled by the KanTan IV semi-submersible rig as the second well in a three-well programme. The "Endeavour" well will be spud in August as the third well in the series.

Craig McKenzie, went on further to say, "We are very pleased with what we see on the logs that indicate encouraging hydrocarbons prior to fully penetrating all objectives in the well, and we are excited about drilling to our projected TD of approximately 18,000 feet subsea."

Daily updates of drilling progress at "Bounty" have and will continue in the near-term to be posted on Canadian Superior's website, www.cansup.com.

Canadian Superior is a Calgary, Alberta, Canada based oil and gas exploration and production company with operations primarily offshore Trinidad and Tobago, offshore Nova Scotia, Canada and in Western Canada. See Canadian Superior's website at www.cansup.com to review Canadian Superior's operations in Western Canada, Offshore Trinidad and Tobago and Offshore Nova Scotia interests. Canadian Superior has approximately 20,000 shareholders worldwide, including some of the top institutional shareholders in North America.

Canadian Superior is paying 26-2/3% of the Block 5(c) exploration program cost to maintain a 45% working interest in Block 5(c), with its partners, BG International Limited, a wholly owned subsidiary of the BG Group plc, paying 40% for a 30% working interest and Challenger Energy Corp. paying 33-1/3% for a 25% working interest through Canadian Superior.

BG Group plc (LSE:BG.L) is a world leader in natural gas, with a strategy focused on connecting competitively-priced resources to specific, high-value markets. Active in 27 countries on five continents, BG Group has a broad portfolio of exploration and production, Liquefied Natural Gas (LNG), transmission and distribution and power generation business interests. It combines a deep understanding of gas markets with an excellent track record in finding and commercialising reserves. See www.bg-group.com for information on BG Group plc.

Challenger Energy Corp. is a Calgary, Alberta, Canada based oil and gas exploration company which is currently focusing on "high impact" oil and gas plays offshore the Republic of Trinidad and Tobago. See www.challenger-energy.com for information on Challenger.

This news release contains forward-looking information, including estimates, projections, interpretations, prognoses and other information that may relate to current, past or future production, development(s), testing, well test results, project start-ups and future capital spending. Current, past and/or future actual results and/or reported results, estimates, projections, interpretations, prognoses, well results, test results, reserves, production, resource and/or resource potential, development(s), project start-ups, and capital spending, plans and/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. This news release may contain the reference to the terms discovery, reserves and/or resources or resource potential which are those quantities estimated to be contained in accumulations. There is no certainty that any portion of these accumulations or estimated accumulations in this news release may not change materially; and that, if discovered, in any discovery, the accumulations or estimated accumulations may not be economically viable or technically feasible to produce.

Statements contained in this news release relating to estimates, 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, scheduling, re-scheduling and other factors which may cause the actual results, performance, estimates, projections, interpretations, prognoses, schedules or achievements of the Corporation, 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 Corporations' annual reports on Form 40-F or Form 20-F on file with the U.S. Securities and Exchange Commission.

Contact Information

  • Canadian Superior Energy Inc.
    Investor Relations
    (403) 294-1411
    (403) 216-2374 (FAX)
    Website: www.cansup.com
    or
    Canadian Superior Energy Inc.
    Suite 3200, 500 - 4th Avenue S.W.
    Calgary, Alberta
    Canada T2V 2V6