Canadian Superior Announces Logging of Zone of Interest in "Bounty" Well Offshore Trinidad
June 26 2008 - 9:07AM
Marketwired
CALGARY, ALBERTA (TSX: SNG)(AMEX: SNG), as Operator, 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), announced today
the wireline logging of the "Bounty" well on the "Intrepid" Block
5(c) at an interim total depth based on a zone of interest
indicated by the logging-while-drilling tool and mud logs. Craig
McKenzie, Canadian Superior's Chief Executive Officer, said, "The
wireline logging operations are still underway, but already
wireline logging has shown approximately 200 feet of pay in a
developed sand interval that the logs indicate is hydrocarbon
bearing. Following the completion of current wireline logging
activities, drilling will resume targeting further objectives in
the well; flow testing of the zone logged to date is planned
thereafter once the well reaches its total depth.
The "Bounty" well was spudded on February 20, 2008 on a separate
prospect from the "Victory" well natural gas discovery announced on
January 14, 2008, located approximately 2.2 miles away, and is
being drilled by the KanTan IV semi-submersible rig as the second
well in a three-well programme. The "Endeavour" well will be spud
in August as the third well in the series.
Craig McKenzie, went on further to say, "We are very pleased
with what we see on the logs that indicate encouraging hydrocarbons
prior to fully penetrating all objectives in the well, and we are
excited about drilling to our projected TD of approximately 18,000
feet subsea."
Daily updates of drilling progress at "Bounty" have and will
continue in the near-term to 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 primarily
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 the Republic of Trinidad and
Tobago. 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 3200, 500 - 4th Avenue S.W. Calgary,
Alberta Canada T2V 2V6
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