Canadian Superior Energy Reports Production Growth in Western Canada
February 12 2008 - 8:33AM
Marketwired
CALGARY, ALBERTA (TSX: SNG)(AMEX: SNG) reported today that its
Western Canada exploration and production operations continue to
exceed growth targets. 2007 exit production rate was 3,530 boe/d,
up 14% or 430 boe/d above the target rate quoted last fall. In Q4
2007 the Company drilled 5 new wells in the greater Drumheller
area. Completion and tie-in work resulted in Q4 2007 production
averaging 3,025 boe/d, up 10% or 300 boe/d from Q3. In addition,
10,800 acres were purchased at Crown land sales in the Peace River
Arch ("PRA") area.
Closing the previously announced acquisition of Seeker Petroleum
Ltd. ("Seeker") is on track for mid-March and the combined
production at the time of the transaction will enable Canadian
Superior to be within striking distance of achieving its 5,000
boe/d mid-year target. The combined company will have in excess of
160,000 gross undeveloped acres of land at an average working
interest of 68%.
There are currently nine wells planned to be drilled in the
first quarter of 2008. Three of these have already been drilled and
cased. This number will rise to eleven as Seeker has two wells to
be drilled this quarter. There are two 3D seismic programs planned
for winter 2008 that total 73 square kilometers. A large third
program will be added to evaluate Seeker acreage. A more
comprehensive capital plan is being developed to rank and
prioritize the two companies' drilling portfolios.
Speaking today, Craig McKenzie, Canadian Superior's Chief
Executive Officer, said, "Increasing our Canadian production base
provides cash flow to fund our international growth, which is
successfully expanding at a rapid pace. We are building good growth
momentum in North America, Trinidad and Tobago, and Libya/Tunisia,
and, as such, are stepping up our ability to either fund that
growth using internal cash flows or, alternatively, secure
debt-financing, bearing in mind our emphasis on financial stability
and increasing shareholder returns. In Western Canada, we will
continue to explore our growing inventory of undeveloped acreage,
as well as pursue select acquisitions that are accretive to our
base."
Mr. McKenzie will be presenting at the Independent Petroleum
Association of America ("IPAA") 2008 Oil & Gas Investment
Symposium ("OGIS") being held in Florida February 12 - 14, 2008.
The presentation will be webcasted live on Wednesday, February 13,
2008 at 11:00 am (EST) and a link will be provided by IPAA
(www.ipaa.org); a link will also be available on the Company's
website at www.cansup.com. The presentation materials will be
posted on Canadian Superior's website www.cansup.com prior to the
presentation at IPAA.
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 relate to current, past o 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 any 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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