Superior Canadian Resources Inc.
TSX VENTURE : CAD

Superior Canadian Resources Inc.

October 18, 2005 13:30 ET

Superior Canadian Resources Inc.: News Release

CALGARY, ALBERTA--(CCNMatthews - Oct. 18, 2005) - SUPERIOR CANADIAN RESOURCES INC. (TSX VENTURE:CAD) (the "Company") is pleased to announce that its wholly owned subsidiary, Koro Energy Inc., has completed its acquisition to acquire various working interests in a shallow gas property in the Fenner Hanna Area of Alberta, that vary from 1.45% to 5.00% and an over-riding royalty that is equivalent to .04% of all gas produced in 8 sections of land.

Currently there are 7 producing gas wells, with production from the 2nd white specks formation, which is gas bearing and is extensive throughout the township area with the potential for another 8 wells. Operator of the property is Conoco Canada.

Koro Energy USA Inc. is pleased to announce it has engaged the firm of Hohn Engineering PLLC of Billings Montana to do an engineering evaluation report satisfactory to the TSX-V Exchange requirements on the proposed acquisition as announced in the press release of September 06, 2005 with a non-arms length party to acquire a twenty five (25%) percent working interest in a further 2100 acres of contiguous land holdings increasing the Company's total land interest to 3,200 acres.

These land holdings are located in South Central Montana and currently contain three shut in gas wells that the Company expects will be put on production during 2006.

The proposed acquisition is subject to close prior to year end pending regulatory approvals and due diligence.

Concurrently, the Operator, of the property has applied to regulatory authority for a drilling permit to test for oil in the Greybull / Lakota formations at a scheduled depth of 3,500 feet with anticipated spudding of the well in November subject to rig availability.

Koro Energy USA Inc. has acquired at a recent State of Montana land sale, a 25% ownership at a cost of $ 8,960.00 US Funds, in 640 acres of mineral lands in South Central Montana that is highly prospective lands for the production of heavy oil and sweet gas.

"On Behalf of the Board"

D.A. Sim President

This news release contains forward-looking statements which involve known and unknown risks, delays and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectations implied by these forward-looking statements

Shares issued & outstanding: 16,037,682

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Superior Canadian Resources Inc.
    David Sim
    President and Director
    (403) 232-8555
    or
    Superior Canadian Resources Inc.
    Jeff Shier
    Director
    (416) 550-9857