Canadian Superior Tests Second Prolific Natural Gas Zone in "Victory" Well on "Intrepid" Block 5(c) Offshore Trinidad
January 28 2008 - 9:08AM
Marketwired
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
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