Canadian Superior Energy Inc. Announces $14.3 Million Private Placement at $3.25 Per Share.

Business Editors

CALGARY, Alberta--(BUSINESS WIRE)--Nov. 14, 2003

Use of Proceeds Results in Doubling Company's Interest in

Mariner Project Offshore Nova Scotia 

Canadian Superior Energy Inc. ("Canadian Superior) (AMEX:SNG) (TSX:SNG) announced today that it has closed a private placement consisting of 4,398,552 flow-through common shares at a price of $3.25 per share. Proceeds of the issue will be used to fund the Company's one-third share of costs related to the Canadian Superior Mariner well Offshore Nova Scotia resulting in the Company having an increased 50% working interest in the project.

Drilling on the "Mariner" prospect is currently scheduled to commence within the next seven days. The well, which will be drilled to a depth of 5,600 metres (18,370 feet), is estimated to cost $30 million USD. The Rowan Gorilla V is currently located in the Port of Mulgrave in the Strait of Canso, Nova Scotia, where it is being mobilized for the drilling of "Mariner".

The initial Mariner prospect, which is the first of three prospects to be drilled on the Mariner Block, has a targeted reserve potential of 1.2 tcf of natural gas with an estimated present value of $1.8 billion. In total, the three prospects to be drilled on the Mariner Block represent potential unrisked reserves of 2.5 tcf of natural gas.

Canadian Superior is one of the largest acreage holders Offshore Nova Scotia having recently been successful in acquiring an additional two exploration licences covering 370,881 acres. With this subsequent acquisition the Company now has interest in a total of six exploration licences encompassing a total of 1,293,943 acres. One of the newly acquired licences, the "Marauder" prospect covers 312,037 acres directly offsetting three Significant Discovery Licences and is complementary to the "Mariner" prospect, which is about to be drilled.

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" Project).

This news release shall not constitute an offer to sell or the solicitation of any offer to buy securities in any jurisdiction. The common shares offered will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

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 companies have 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 make these statements and projections in good faith, neither the companies nor their managements can guarantee that the anticipated future results will be achieved. Reference should be made to the company's (and its affiliates') Securities and Exchange Commission filings for additional important factors that may affect actual results.