Canadian Superior Energy Inc.
TSX : SNG
AMEX : SNG

Canadian Superior Energy Inc.

July 16, 2008 08:18 ET

Canadian Superior Energy Runs Casing to Commence Flow Testing on "Bounty" Well Offshore Trinidad

CALGARY, ALBERTA--(Marketwire - July 16, 2008) - Canadian Superior Energy Inc. ("Canadian Superior") (TSX:SNG)(AMEX:SNG) announced today that it has completed the logging and casing of its "Bounty" well offshore Trinidad on its "Intrepid" Block 5(c). Reservoir pressures and/or logs indicate at least one significant targeted natural gas column is present in the well and preparations are now underway to conduct flow test(s). The main targeted horizon in the well was encountered at a shallower depth than the original prognosis, with the zone coming in about 1,000 feet higher than originally predicted.

Speaking today, Craig McKenzie, Canadian Superior's Chief Executive Officer, said, "We are very pleased that the well has come in high. The running of the 7" casing is now complete and it has been cemented in place; we will now proceed with the testing program to conduct flow test(s), along with pressure build up test(s). The entire testing program will take approximately 30 days, after which we will finalize operations on the well and then prepare for our rig move to our next well, the 'Endeavour', as we continue our initial three well program on the 'Intrepid' Block 5(c) offshore Trinidad."

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 (LSE:BG.L), paying 40% for a 30% working interest and Challenger Energy Corp. (TSX VENTURE:CHQ)(AMEX:CHQ) paying 33-1/3% for a 25% working interest through Canadian Superior.

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.

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 T2P 2V6