CALGARY, ALBERTA (TSX: SNG) (AMEX: SNG) announced today that
Canadian Superior along with 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) are making good progress drilling the "Bounty" well on
the "Intrepid" Block 5(c) offshore Trinidad. The "Bounty" well is
being drilled on a separate prospect located approximately 2.2
miles from the recently announced "Victory" well natural gas
discovery on the "Intrepid" Block 5(c).
Speaking today from Canadian Superior's head office in Calgary,
Alberta, Canada, Craig McKenzie, Canadian Superior's Chief
Executive Officer, said, "I am pleased to report that the drilling
of 'Bounty' is on track - it's on schedule and in budget. We
successfully spudded the well, and have now successfully drilled
the 36" surface hole section and run and cemented the 30" casing in
place, drilled the next section of the well, the 26" hole section,
and run and cemented the 20" casing string to a depth of
appropriately 3,540 feet subsea - all as planned. The primary
objective of the 'Bounty' well is to prove up higher pressure
horizons that include potential multi - TCF reservoirs that are
deeper, separate geologic structure from that discovered in the
'Victory' well. Secondary objectives include possibly drilling into
at least one of the productive horizons penetrated in the 'Victory'
well."
The "Bounty" well is planned to be drilled to a total vertical
depth of approximately 18,000 feet subsea in about 1,000 feet of
water and is expected to take approximately 110 days to drill. The
Kan Tan IV semi-submersible drilling rig is also under firm
contract to drill the 3rd well, "Endeavour", scheduled to commence
directly following "Bounty".
Starting Thursday, March 6, 2008, Daily Updates of drilling
progress at "Bounty" will be posted on Canadian Superior's website,
www.cansup.com.
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 (LSE: BG.L) is a world leader in natural gas, with
a strategy focused on connecting competitively-priced resources to
specific, high-value markets. Active in 27 countries on five
continents, BG Group has a broad portfolio of exploration and
production, Liquefied Natural Gas (LNG), transmission and
distribution and power generation business interests. It combines a
deep understanding of gas markets with an excellent track record in
finding and commercialising reserves. 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.challenger-energy.com 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 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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