Canadian Superior Energy Inc.
TSX : SNG
AMEX : SNG

Canadian Superior Energy Inc.

May 20, 2008 09:00 ET

Canadian Superior Energy Inc. Announces Participation in Liberty Natural Gas Project Offshore New Jersey

JERSEY CITY, NEW JERSEY--(Marketwire - May 20, 2008) - Canadian Superior Energy Inc. ("Canadian Superior") (TSX:SNG) (AMEX:SNG) announced today that it will participate in the proposed development of a $550 million LNG regasification project, entitled "Liberty Natural Gas", in US federal waters offshore New Jersey. Oversight of the Liberty Natural Gas project will be conducted by Excalibur Energy (USA) Inc. ("Excalibur"), which is a 50/50 joint venture between Canadian Superior and Global LNG Inc. ("Global LNG"), a Delaware company. The Liberty Natural Gas project will create a safe, expedited, and cost-effective gas importation system for the region. The project consists of LNG regasification fifteen miles offshore New Jersey, fifty miles of offshore natural gas pipeline, and eleven miles of onshore pipeline terminating in Linden, New Jersey. Storage facilities will not be required and the facilities will not be visible once they are installed and, subject to regulatory approvals, the proposed project will begin delivery of up to 2.4 billion cubic feet per day of natural gas by late 2011.

Greg Noval, Canadian Superior's Chairman, said today, "We are very pleased to announce our participation in the Liberty Natural Gas Project which is part of Canadian Superior's overall growth strategy to sell natural gas into the best market in the world. This project comes after several years of work by all those involved and is the project of choice to meet the growing energy needs in the US Northeast region. The Liberty Natural Gas Project will deliver clean-burning natural gas from overseas, including natural gas from the Republic of Trinidad & Tobago and the Government of Trinidad and Tobago has been formally invited to participate in this exciting project."

Trinidad is the No. 1 supplier of liquefied natural gas (LNG) to the United States. Canadian Superior currently has a major natural gas drilling and development program underway in Trinidad with BG International Limited, a wholly owned subsidiary of the BG group plc. Last week, US Energy Secretary Samuel Bodman spoke in Trinidad of boosting ties with Trinidad and Tobago, a Caribbean nation that he reiterated is the No. 1 supplier of liquefied natural gas to the United States. Secretary Bodman said last Tuesday, it was "absolutely necessary" to protect the country's oil and gas pipelines and drilling platforms. Bodman also told business leaders in Trinidad's capital Tuesday that the US hopes to expand its energy partnership with Trinidad beyond natural gas. Trinidad is the Caribbean's second-largest energy producer after Venezuela.

Canadian Superior's Chief Executive Officer, Craig McKenzie, said in Jersey City from Excalibur's head office today, "Liberty Natural Gas was borne out of over two years of design development and several series of stakeholder interviews in the New Jersey and New York areas. Its design is simple and it is basically a natural gas pipeline project with an offshore, anchored submerged natural gas-receiving turret. Impact on all components of the environment and marine life has been carefully considered in our design. Near-shore the pipeline will be directionally drilled so that no surface sediments are disturbed. Onshore the pipeline will be laid within an existing interstate pipeline corridor to Linden, New Jersey. The design capacity is up to 2.4 billion cubic feet per day, which is sufficient to safely satisfy all the growing needs in the area such that multiple projects will not have to be undertaken."

Please see www.libertynaturalgas.com for further information on the Liberty Natural Gas Project.

Canadian Superior is a Calgary, Alberta, Canada based oil and gas exploration and production company with operations 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.

Global LNG is a Delaware company currently controlled by certain directors and officers of Canadian Superior.

This news release contains forward-looking information, including estimates, projections, interpretations, prognoses and other information that may or relates 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, 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 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 this or any other discovery, the accumulations or estimated accumulations may not be economically viable or technically feasible to produce.

Statements contained in this news 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, scheduling, re-scheduling, obtaining regulatory approvals 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 US Securities and Exchange Commission.

Contact Information

  • CAPITAL PUBLIC AFFAIRS, INC.
    Steven E. Some
    (609) 514-2600 or Cell: (609) 933-5385
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    CAPITAL PUBLIC AFFAIRS, INC.
    Jon R. Bombardiere
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    CAPITAL PUBLIC AFFAIRS, INC.
    Three Mapleton Road
    Princeton, NJ 08540