Canadian Superior Energy Inc.
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AMEX : SNG

Canadian Superior Energy Inc.

March 05, 2008 09:19 ET

Canadian Superior Moves Full Speed Ahead With "Bounty" Well Offshore Trinidad

CALGARY, ALBERTA--(Marketwire - March 5, 2008) - Canadian Superior Energy Inc. ("Canadian Superior" or the "Company") (TSX:SNG) (AMEX:SNG) announced today that Canadian Superior 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) are making good progress drilling the "Bounty" well on the "Intrepid" Block 5(c) offshore Trinidad. The "Bounty" well is being drilled on a separate prospect located approximately 2.2 miles from the recently announced "Victory" well natural gas discovery on the "Intrepid" Block 5(c).

Speaking today from Canadian Superior's head office in Calgary, Alberta, Canada, Craig McKenzie, Canadian Superior's Chief Executive Officer, said, "I am pleased to report that the drilling of 'Bounty' is on track - it's on schedule and in budget. We successfully spudded the well, and have now successfully drilled the 36" surface hole section and run and cemented the 30" casing in place, drilled the next section of the well, the 26" hole section, and run and cemented the 20" casing string to a depth of appropriately 3,540 feet subsea - all as planned. The primary objective of the 'Bounty' well is to prove up higher pressure horizons that include potential multi - TCF reservoirs that are deeper, separate geologic structure from that discovered in the 'Victory' well. Secondary objectives include possibly drilling into at least one of the productive horizons penetrated in the 'Victory' well."

The "Bounty" well is planned to be drilled to a total vertical depth of approximately 18,000 feet subsea in about 1,000 feet of water and is expected to take approximately 110 days to drill. The Kan Tan IV semi-submersible drilling rig is also under firm contract to drill the 3rd well, "Endeavour", scheduled to commence directly following "Bounty".

Starting Thursday, March 6, 2008, Daily Updates of drilling progress at "Bounty" will 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 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 Trinidad and Tobago and offshore Nova Scotia. 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 2700, 605 - 5th Avenue S.W.
    Calgary, Alberta
    Canada T2P 3H5