Canadian Superior Tests Second Prolific Natural Gas Zone in "Victory" Well on "Intrepid" Block 5(c) Offshore Trinidad

CALGARY, ALBERTA (TSX: SNG) (AMEX: SNG) announced today that Canadian Superior and 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) have discovered natural gas in a second zone in the "Victory" well on "Intrepid" Block 5(c) located approximately 60 miles off the east coast of Trinidad. This second zone, which was tested independently and separate from the first zone announced on January 14, 2008, tested natural gas on a restricted basis at high pressures at rates averaging in excess of 30 mmscf/d. The first and previous zone tested natural gas on a restricted basis at high pressures at rates averaging between 40 and 45 mmscf/d. The combined two zones could produce natural gas at estimated rates of over 100 mmscf/d, with the first zone being condensate rich. Canadian Superior and its partners have identified possible further prospective horizons in the "Victory" well that will be evaluated in other wells planned for the area.

Speaking today, Craig McKenzie, Canadian Superior's Chief Executive Officer, said, "We are very pleased with the natural gas tests from our 'Victory' well on Block 5(c) offshore Trinidad. Although drilling of the 'Victory' well took longer than initially anticipated, we feel the results were well worth waiting for. Operational improvements on the Kan Tan IV semi-submersible drilling rig have been made and we look forward to continuing our initial 3 well exploration program on "Intrepid" Block 5(c) with the spudding of the second well called 'Bounty', expected to occur prior to mid - February."

The "Victory" well is located approximately 3 miles from existing offshore infrastructure that transmits natural gas to shore. Visit Canadian Superior's website, www.cansup.com, to view maps of "Intrepid" Block 5(c) and photographs taken of the flow testing announced today on the "Victory" well.

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 is a global natural gas business. Active on five continents in over 25 countries, it operates four business segments - Exploration and Production, LNG, Transmission and Distribution and Power. 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.chaenergy.ca for information on Challenger.

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 may contain 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 undiscovered resources will be discovered and that, if discovered, in this or any other discovery, the discovered resource 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

Canadian Superior (AMEX:SNG)
Historical Stock Chart
From Jun 2024 to Jul 2024