Canadian Superior Energy Runs Casing to Commence Flow Testing on "Bounty" Well Offshore Trinidad
July 16 2008 - 8:18AM
Marketwired
CALGARY, ALBERTA (TSX: SNG)(AMEX: SNG) announced today that it
has completed the logging and casing of its "Bounty" well offshore
Trinidad on its "Intrepid" Block 5(c). Reservoir pressures and/or
logs indicate at least one significant targeted natural gas column
is present in the well and preparations are now underway to conduct
flow test(s). The main targeted horizon in the well was encountered
at a shallower depth than the original prognosis, with the zone
coming in about 1,000 feet higher than originally predicted.
Speaking today, Craig McKenzie, Canadian Superior's Chief
Executive Officer, said, "We are very pleased that the well has
come in high. The running of the 7" casing is now complete and it
has been cemented in place; we will now proceed with the testing
program to conduct flow test(s), along with pressure build up
test(s). The entire testing program will take approximately 30
days, after which we will finalize operations on the well and then
prepare for our rig move to our next well, the 'Endeavour', as we
continue our initial three well program on the 'Intrepid' Block
5(c) offshore Trinidad."
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 (LSE: BG.L), paying 40% for a
30% working interest and Challenger Energy Corp. (TSX VENTURE:
CHQ)(AMEX: CHQ) paying 33-1/3% for a 25% working interest through
Canadian Superior.
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.
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 T2P 2V6
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