Canadian Superior Energy Inc. Announces Participation in Liberty Natural Gas Project Offshore New Jersey
May 20 2008 - 9:00AM
Marketwired
JERSEY CITY, NEW JERSEY (TSX: SNG) (AMEX: SNG) announced today
that it will participate in the proposed development of a $550
million LNG regasification project, entitled "Liberty Natural Gas",
in US federal waters offshore New Jersey. Oversight of the Liberty
Natural Gas project will be conducted by Excalibur Energy (USA)
Inc. ("Excalibur"), which is a 50/50 joint venture between Canadian
Superior and Global LNG Inc. ("Global LNG"), a Delaware company.
The Liberty Natural Gas project will create a safe, expedited, and
cost-effective gas importation system for the region. The project
consists of LNG regasification fifteen miles offshore New Jersey,
fifty miles of offshore natural gas pipeline, and eleven miles of
onshore pipeline terminating in Linden, New Jersey. Storage
facilities will not be required and the facilities will not be
visible once they are installed and, subject to regulatory
approvals, the proposed project will begin delivery of up to 2.4
billion cubic feet per day of natural gas by late 2011.
Greg Noval, Canadian Superior's Chairman, said today, "We are
very pleased to announce our participation in the Liberty Natural
Gas Project which is part of Canadian Superior's overall growth
strategy to sell natural gas into the best market in the world.
This project comes after several years of work by all those
involved and is the project of choice to meet the growing energy
needs in the US Northeast region. The Liberty Natural Gas Project
will deliver clean-burning natural gas from overseas, including
natural gas from the Republic of Trinidad & Tobago and the
Government of Trinidad and Tobago has been formally invited to
participate in this exciting project."
Trinidad is the No. 1 supplier of liquefied natural gas (LNG) to
the United States. Canadian Superior currently has a major natural
gas drilling and development program underway in Trinidad with BG
International Limited, a wholly owned subsidiary of the BG group
plc. Last week, US Energy Secretary Samuel Bodman spoke in Trinidad
of boosting ties with Trinidad and Tobago, a Caribbean nation that
he reiterated is the No. 1 supplier of liquefied natural gas to the
United States. Secretary Bodman said last Tuesday, it was
"absolutely necessary" to protect the country's oil and gas
pipelines and drilling platforms. Bodman also told business leaders
in Trinidad's capital Tuesday that the US hopes to expand its
energy partnership with Trinidad beyond natural gas. Trinidad is
the Caribbean's second-largest energy producer after Venezuela.
Canadian Superior's Chief Executive Officer, Craig McKenzie,
said in Jersey City from Excalibur's head office today, "Liberty
Natural Gas was borne out of over two years of design development
and several series of stakeholder interviews in the New Jersey and
New York areas. Its design is simple and it is basically a natural
gas pipeline project with an offshore, anchored submerged natural
gas-receiving turret. Impact on all components of the environment
and marine life has been carefully considered in our design.
Near-shore the pipeline will be directionally drilled so that no
surface sediments are disturbed. Onshore the pipeline will be laid
within an existing interstate pipeline corridor to Linden, New
Jersey. The design capacity is up to 2.4 billion cubic feet per
day, which is sufficient to safely satisfy all the growing needs in
the area such that multiple projects will not have to be
undertaken."
Please see www.libertynaturalgas.com for further information on
the Liberty Natural Gas Project.
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.
Global LNG is a Delaware company currently controlled by certain
directors and officers of Canadian Superior.
This news release contains forward-looking information,
including estimates, projections, interpretations, prognoses and
other information that may or relates 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, 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 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 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, obtaining
regulatory approvals 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 US Securities and Exchange Commission.
Contacts: CAPITAL PUBLIC AFFAIRS, INC. Steven E. Some (609)
514-2600 or Cell: (609) 933-5385 CAPITAL PUBLIC AFFAIRS, INC. Jon
R. Bombardiere (609) 514-2600 or Cell: (609) 933-5385 CAPITAL
PUBLIC AFFAIRS, INC. Three Mapleton Road Princeton, NJ 08540
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