Canadian Superior El Paso ''Mariner'' I-85 Well: Experiencing High Pressure and Logging About to Begin.

Energy Editors/Business Editors

HALIFAX, Nova Scotia--(BUSINESS WIRE)--Feb. 23, 2004

Canadian Superior Energy Inc. ("Canadian Superior") (AMEX:SNG) (TSX:SNG) of Calgary, Alberta is pleased to report on the drilling of the Canadian Superior El Paso "Mariner" I-85 well, offshore Nova Scotia.

As of this morning, Monday, February 23, 2004, at the Canadian Superior El Paso "Mariner" I-85 well, the Rowan Gorilla V has achieved a Total Vertical Depth (TVD) of 5408 m (17,743 feet), in only 95 days since the well was spudded on November 20, 2003. Excluding the anticipated testing cost, which is budgeted separately, it is anticipated that all other well costs (drilling, logging, etc.) will match the original budget of US $30 million, as planned. It would appear, based on current projections, that the Canadian Superior El Paso "Mariner" I-85 well will set a new low cost, "best value," record for modern drilling offshore Nova Scotia.

When contacted in Halifax today, Mike Coolen, Canadian Superior's Director of East Coast Operations, commented, "We are quite encouraged with what we have seen to date at the 'Mariner' I-85 well and we are looking forward with anticipation to the electric wireline logging data which will be obtained over the next few days. Testing and/or detailed logging are required to provide definitive well bore results. We are also very pleased with the safety and environmental record obtained to date; and the team's attention to all aspects of the business, including keeping this well on budget."

Due to extremely high pressures encountered and encouraging results experienced to date, Canadian Superior and El Paso are about to commence logging operations at the "Mariner" I-85 well. An expanded suite of electric wireline logs are planned, in conjunction with selected Modular Dynamic Testing (MDT) and selected side wall cores to assure maximum reservoir evaluation capability. Cased hole High Temperature High Pressure (HTHP) Drill Stem Tests (DST's), using a permanent packer and a Tubing Conveyed Perforating (TCP) gun configuration are planned for zones of higher potential. The exact amount of DST's will be finalized after evaluating the electric wireline log data being obtained over the next few days. Testing and evaluation of the well should then take approximately another two weeks to complete.

Also, speaking in Halifax today, Coolen said, "If there is any confusion regarding the recent sale of El Paso's Canadian assets; to set the record straight, it is our clear understanding from El Paso that El Paso considers their east coast offshore Nova Scotia assets with Canadian Superior to be strategic to their future business plans in Canada, including their plans to construct the Blue Atlantic Pipeline from the Sable Island area offshore Nova Scotia to Long Island, New York. To the best of our knowledge, at no time has El Paso's east coast Nova Scotia holdings been part of any planned Canadian asset sale."

The "Mariner" I-85 well is one of the deepest wells that will be drilled offshore this year in North America. The exploration well, which has shown encouraging drilling results to date, is located approximately 290 kilometers (180 miles) southeast of Halifax, Nova Scotia. Three large "world-class" prospects, with estimated potential reserves of 2.5 tcf of natural gas have been identified for drilling on the "Mariner" block (EL 2409) utilizing high-resolution seismic. The block encompasses a total area of 101,800 acres and directly offsets five significant discoveries near Sable Island including the ExxonMobil Venture natural gas field. The "Mariner" well is a High Temperature High Pressure (HTHP) well, utilizing the latest in drilling technology and is evaluating one of the three large structures mentioned above, initially targeting 1.2 tcf of natural gas reserves identified on the first structure which has an estimated potential present value - P.V. 10% of Cdn. $1.8 billion.

El Paso Oil & Gas Canada, Inc., an indirect subsidiary of El Paso Corporation (NYSE:EP), is participating in the drilling of the "Mariner" Prospect by paying 2/3 of the costs to earn a 50% interest in the "Mariner" Prospect, with Canadian Superior retaining a 50% interest in the Block and paying 1/3 of the costs related to the "Mariner" test well. The Rowan Companies, Inc.'s ("Rowan" - NYSE: RDC) Rowan Gorilla V jack-up drilling rig, one of the largest new generation jack-up rigs in the world has been contracted to drill the well. This first "Mariner" well being drilled to the north of the eastern tip of Sable Island on the Scotian Shelf is only about 9 kilometers (5 1/2 miles) northwest of the Sable Offshore Energy Project's Venture natural gas producing field. The "Mariner" I-85 is located on Exploration License EL 2409 acquired by Canadian Superior in November 2001 for a work expenditure bid of Cdn. $15.5 million.

Canadian Superior is a Calgary, Alberta based oil and gas exploration and production company with operations in western Canada, offshore Nova Scotia and offshore Trinidad. The Company is one of the largest acreage holders offshore Nova Scotia, with interests in 1,293,946 acres offshore Nova Scotia (See: Canadian Superior's website at www.cansup.com to review Canadian Superior's "Marquis, Mariner, Mayflower, Marauder and Marconi Offshore Projects" and to view the "Table of Major Offshore Nova Scotia Acreage Holders" and "Offshore Nova Scotia Maps", to review information on the Company's Western Canadian operations and for information and detailed maps regarding Canadian Superior's new Trinidad "Tradewinds" Offshore Project).

This release includes forward-looking statements and projections, made in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company has made every reasonable effort to ensure that the information and assumptions on which these statements and projections are based are current, reasonable and complete. However, a variety of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this release. While the Company makes these statements and projections in good faith, neither the Company nor its management or directors can guarantee that the anticipated future results will be achieved. Reference should be made to the companies' (and their affiliates') Securities and Exchange Commission filings for additional important factors that may affect actual results.