CALGARY, ALBERTA (TSX: SNG) (AMEX: SNG) reported today its
"Management's Discussion and Analysis" and "Financial Statements"
for the period ended September 30, 2007 and can be reviewed in its
entirety on SEDAR (System for Electronic Document Analysis and
Retrieval, www.sedar.com).
Third Quarter 2007 Highlights include:
- On July 27, 2007, the Company and its joint venture partner,
the Petroleum Company of Trinidad and Tobago ("Petrotrin"),
received the Exploration and Production Licence for the
Mayaro-Guayaguayare ("M/G") Block offshore Trinidad.
- On August 11, 2007, the BG Group plc partnered with Canadian
Superior in its "Intrepid" Block 5(c) multi-well Project in
Trinidad, acquiring a 30% working interest in Canadian Superior's
"Intrepid" Block 5(c) Production Sharing Contract by paying
Canadian Superior approximately US$ 39 million and on a go-forward
basis paying 40% of the exploration costs associated with the
drilling of the three commitment wells required on Block 5(c).
- Completion of the drilling and initial results from the
"Victory" well, "Intrepid" Block 5(c), offshore Trinidad, are
expected by end of November 2007.
- Ongoing Western Canada drilling success in 2007, with new
production brought on-stream in the 3rd and 4th quarters. During
the third quarter 2007, the Corporation drilled or participated in
a total of 16 gross (11.0 net) wells, with a 94% success rate. 7
wells (6.1 net) were tied in during the 3rd quarter. To date in the
4th quarter, Canadian Superior has drilled 4 wells gross (3.7 net)
and tied in 3 wells gross (3.0 net); and, has 4 wells (3.75 net)
awaiting tie-in and 2 wells (1.8 net) currently being completed.
Current production is approximately 3125 boe/d.
- The Company has a strong balance sheet and on November 2, 2007
the Corporation announced a successful over-subscribed financing
for the issuance of approximately 6.5 million flow-through common
shares at Cdn $3.50, for gross proceeds of approximately CDN $22.7
million, scheduled to close November 16, 2007.
Speaking today in Calgary, Craig McKenzie, Canadian Superior's
Chief Executive Officer said, "Since being appointed CEO of the
Company, on October 1, 2007, Canadian Superior has been working on
restructuring the Company to implement an aggressive growth program
in Western Canada together with our high-impact exploration
drilling offshore Trinidad and our participation in a downstream
liquefied natural gas ("LNG") project combined with other
international opportunities that we expect to announce in the very
near future."
Also commenting in Calgary, Greg Noval, Chairman of Canadian
Superior said, "We are pleased to announce the appointment of Craig
McKenzie to the Board of Directors of Canadian Superior. Craig has
recently joined us on October 1, 2007, having been employed as the
President of BG Trinidad and Tobago until mid-September 2007. Craig
brings a wealth of knowledge in the oil and gas industry to
Canadian Superior and we are pleased to welcome him to the Board of
Directors of Canadian Superior."
Also, Noval said today, that drilling on its Kan Tan IV drilling
rig is expected to recommence very shortly from a depth of 13,828
feet subsea to a total depth of approximately 16,000 feet, with the
completion of the repair of the Blowout Preventor ("BOP") of the
Kan Tan IV expected over the next few days.
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.
This news release contains forward-looking information,
including estimates, projections, interpretations, prognoses and
other information that may or relates to future production, project
start-ups and future capital spending. Actual results, estimates,
projections, interpretations, prognoses 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 contains the reference to the term "undiscovered
natural gas resources", which are those quantities of natural gas
estimated to be contained in accumulations yet to be discovered.
There is no certainty that any portion of the undiscovered
resources will be discovered and that, if discovered, it 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 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.
Contacts: Canadian Superior Energy Inc. Investor Relations (403)
294-1411 (403) 216-2374 (FAX) Website: www.cansup.com Canadian
Superior Energy Inc. Suite 2700, 605 - 5th Avenue S.W. Calgary,
Alberta Canada T2P 3H5
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