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) intend to move the Kan Tan IV semi-submersible drilling rig
currently located at the "Victory" well to the "Bounty" well on
their "Intrepid" Block 5(c) within the next 7 days.
Speaking in Calgary today, Craig McKenzie, Canadian Superior's
Chief Executive Officer, said, "I am pleased to report that we have
now analyzed and evaluated much of the initial data from the
'Victory' well, and, at this time, Canadian Superior estimates that
the 'Victory' well contains approximately 725 feet of gross pay
(450 feet of net pay). Based on well log information, other
discoveries in the area, seismic data and flow testing results, we
estimate on a preliminary basis that the 'Victory' discovery
contains up to 1.1 tcf gross natural gas sales reserves with
associated liquid natural gas of 3.70 million barrels, with the
most likely case being 615 bcf gross sales reserves with associated
natural gas liquids of 2.37 million barrels. The 'Victory' well
tested natural gas in two main formations and Canadian Superior
estimates that the 'Victory' well is capable of producing at
flowing rates of over 100 mmscf/d from the lower zone which was the
first formation tested; in addition, we estimate that the well is
capable of flowing up to 50 mmscf/d from the second formation. The
first of the above mentioned formations is condensate rich and
tested at an average rate of 30 bbl of condensate per mmscf of
natural gas produced. Both zones were tested at restricted rates
and had high flowing pressures. The first lower formation flow
tested at a rate of 45.6 mmscf/d on a restricted flow basis with a
flowing well head pressure of 4,830 psi; and, the second upper
formation flow tested at a rate of 35.5 mmscf/d on a restricted
flow basis with a flowing well head pressure of 2,950 psi.
We are excited about moving forward expeditiously to develop the
'Victory' discovery and we are equally excited to get our 'Bounty'
well spudded. At 'Bounty' we are targeting multiple potential
reservoirs on a large separate structure determined from the
analysis and evaluation of extensive 3D seismic. The 'Bounty'
prospect is to be drilled to a total vertical depth of
approximately 18,045 feet subsea in about 1,000 feet of water. The
'Bounty' well site is about 2.2 miles from 'Victory', so we expect
to be working at our 'Bounty' location late this week."
The "Victory" well is located approximately 3 miles from
existing offshore infrastructure that transmits natural gas to
shore, making "Bounty" about 5.2 miles from the same existing
infrastructure. Visit Canadian Superior's website, www.cansup.com,
to view maps of "Intrepid" Block 5(c) and photographs taken of the
flow testing of 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 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 this or any other
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.
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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