Canadian Superior Energy Inc. ("Canadian Superior", the "Company")
(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), having
drilled the "Endeavour" well offshore Trinidad to a depth of
approximately 16,921 feet subsea in the final section of the well,
have temporary ceased drilling while part of the Kan Tan IV's
drilling equipment, the travelling block, undergoes a mechanical
repair. It is expected that the repair will be completed this week
and drilling in the final section of the well will re-commence.
Speaking today, Mike Coolen, Canadian Superior's President &
CEO, said, "This mechanical failure of the rig's drilling equipment
is untimely and regrettable; particularly, as drilling had
progressed to within a few days of reaching the expected final
total depth (final "TD") for the well. We expect the rig owner,
Sinopec Corp., and their managing contractor, A. P. Moller - Maersk
A/S, to safely and efficiently complete this repair with
essentially $0 daily rig rate and for the rig to get back to
drilling promptly towards the end of this week, so that the
drilling and evaluation of the "Endeavour" well can be properly
completed."
The "Endeavour" well was spudded on August 28, 2008 and is
expected to reach its final total depth ("TD") of approximately
18,000 feet prior to the end of December. The "Endeavour" well is
the 3rd well, in an initial 3 well program, being drilled by
Canadian Superior and its partners on the "Intrepid" Block, Block
5(c), located approximately 60 miles offshore, off the east coast
of Trinidad. "Endeavour" is being drilled on a separate prospect
determined from the analysis and evaluation of extensive 3D seismic
on the "Intrepid" Block 5(c). Earlier this year, Canadian Superior
announced two separate natural gas discoveries on Block 5(c); in
the "Victory" well, announced on January 14, 2008; and, in the
"Bounty" well, announced on August 13, 2008.
The "Endeavour" well is being drilled by the Kan Tan IV
semi-submersible drilling rig in about 1,000 feet of water, which
also drilled the "Victory" and "Bounty" natural gas discovery wells
on this block.
Daily Updates of drilling progress at "Endeavour" can be viewed
on Canadian Superior's website www.cansup.com.
Canadian Superior Energy Inc. is a Calgary, Alberta, Canada
based diversified global energy company engaged in the exploration
and production of oil and natural gas, and LNG projects, with
operations offshore Trinidad and Tobago, offshore Nova Scotia,
Canada, in Western Canada, in the United States and in North
Africa. See Canadian Superior's website at www.cansup.com to review
Canadian Superior's operations in Western Canada, offshore Trinidad
and Tobago, Offshore Nova Scotia interests, in the USA and its
North Africa 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. 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 or relates to future production,
resource potential and/or reserves, project start-ups and future
capital spending. Forward-looking information contained in this
news release is as of the date of this news release. The Company
assumes no obligation to update and/or revise this forward-looking
information "except as required by law". Actual results, estimates,
projections, resource potential and/or reserves, interpretations,
prognoses 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 term "undiscovered natural gas resources", which are those
quantities of natural gas estimated to be contained in
accumulations yet to be discovered. There is no certainty that any
portion of undiscovered resources (oil, natural gas, natural gas
liquids or other hydrocarbons) will be discovered and that, if
discovered, in this or any other discovery, the discovered resource
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 and other factors
which may cause the actual results, performance, estimates,
projections, resource potential and/or reserves, 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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