Canadian Superior Energy Inc.
TSX : SNG
AMEX : SNG

Canadian Superior Energy Inc.

May 07, 2008 20:15 ET

Canadian Superior's "Bounty" Well Offshore Trinidad Poised to Reach Total Depth in Approximately 30 Days

CALGARY, ALBERTA--(Marketwire - May 7, 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) has now reached a total depth of 14,415 feet subsea in the "Bounty" well on the 78th day since spud, and is expected to reach its final total depth ("TD") of approximately 18,000 feet subsea in about 30 days. The "Bounty" well was spudded on February 20, 2008 and is being drilled on the "Intrepid" Block 5(c) on a separate prospect from the "Victory" well natural gas discovery announced on January 14, 2008, located approximately 2.2 miles away.

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 the good progress being made in the drilling of the 'Bounty' well; and, we are poised to reach our final Total Depth ("TD") for this well of about 18,000 feet in approximately 30 days. We have now successfully just completed drilling the 12-1/4" hole section of the well to a total depth of 14,415 feet subsea. Over the next 10 days, we plan to complete the wire line logging for this section, run and cement the 9-7/8" casing in place, and complete various operations as we commence drilling the next and final section of the well. The primary objective of the 'Bounty' well is to prove up the presence of potential multi - TCF reservoirs which are deeper, and higher pressure than the 'Victory' discovery. Our 3D seismic based geological prognosis for the 'Bounty' well shows the main target zone to be between our current drilled depth and the final TD. The 'Bounty' well is being drilled with the Kan Tan IV semi-submersible drilling rig, the same rig that recently drilled our 'Victory' natural gas discovery well, and is also under firm contract to drill the 3rd well in this programme, 'Endeavour', scheduled to commence directly following 'Bounty'."

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 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