Canadian Superior Energy Inc. Announces Acquisition of World-Class Offshore Acreage; Company Successful at Nova Scotia Land Sale.

Business Editors

CALGARY, Alberta--(BUSINESS WIRE)--Nov. 6, 2001

Canadian Superior Energy Inc. ("Canadian Superior") (TSE:SNG.) of Calgary, Alberta announced today that the Company has successfully acquired two major exploration licenses offshore Nova Scotia from the Canada-Nova Scotia Offshore Petroleum Board.

The Company said in Calgary today that it has been advised by the Canada-Nova Scotia Offshore Petroleum Board that Canadian Superior was successful in acquiring two large offshore drilling licenses totaling 822,000 acres offshore Nova Scotia at the Canada-Nova Scotia Offshore Petroleum Board's November 1, 2001 Land Sale (See Canadian Superior's website at www.cansup.com to view "Offshore Nova Scotia Maps" and location of new lands and proposed industry wells).

Company President Greg Noval said that the two licenses named the "Mayflower" and "Mariner" Prospects were posted for sale and acquired by Canadian Superior based on detailed geological and seismic work conducted by Canadian Superior on the prospects. The Company's "Mayflower Prospect" (Block #1 at the November 1, 2001 Land Sale) is located approximately 285 miles straight east of Boston, Massachusetts in close proximity to vibrant New England and northeast United States energy markets. The "Mayflower Prospect" targeting three large deep-water turbidite structures identified on the property, was acquired for a Work Expenditure Bid of Cdn. $41,250,000. Noval said that this prospect offers world-class exploration potential given that the large structures identified on the "Mayflower Prospect" are analogous to those currently being successfully drilled in the deep-water offshore in the Gulf of Mexico, Angola and Brazil, where similar structures may yield reserves ranging up to 500 million barrels of oil or 5 TCF of natural gas.

In addition to the successful acquisition of the "Mayflower Prospect," Canadian Superior's "Mariner Prospect" (Block #4 at the November 1, 2001 Land Sale) was acquired directly offsetting five significant discoveries at Sable Island including the 1.6 TCF Venture natural gas field located, 180 miles southeast of Halifax, Nova Scotia. The "Mariner Prospect" was successfully acquired for a Work Expenditure Bid of Cdn. $15,510,000 based on proprietary seismic shot by Canadian Superior prior to the Land Sale. The seismic has identified a large Cretaceous structure on the prospect, which is located in shallow water in close proximity to existing Sable Island producing infrastructure. Similar structures in the immediate area are currently producing approximately 500 mmcf/d of natural gas into newly established Nova Scotia and New England markets through the recently constructed Maritimes & Northeast Ltd. pipeline.

Canadian Superior's Chairman Don Axford of Calgary, Alberta while in New York today said, "The land acquisitions position Canadian Superior as a major player with multiple shallow and deep-water prospects in this world-class basin which is evolving as one of the most exciting exploration basins in the world." Industry has committed to expend approximately Cdn $2.0 Billion offshore Nova Scotia during the next 5 years, including expenditure on several exciting deep-water wells. Axford, former Vice President of Exploration of Mobil Oil Canada, was recently honoured as Nova Scotia's first Petroleum Pioneer at the 2001 Offshore/Onshore Technologies Association Conference in Halifax and is publicly accredited with having discovered the Sable Island natural gas field, which has assigned reserves of approximately 5 TCF of natural gas.

As a result of the new acquisitions, Canadian Superior is one of the largest land holders offshore Nova Scotia, with a 100% interest in 934,065 acres offshore Nova Scotia (See Canadian Superior's website at www.cansup.com to view the "Table of Major Offshore Nova Scotia Acreage Holders"). In addition, the Company has one of the most extensive newly shot seismic databases offshore Nova Scotia. The Company recently acquired over 50,000 kilometres of newly shot high quality seismic data over the entire Nova Scotian Shelf and drilling plans are currently underway for early in the new year on the Company's existing "Marquis Prospect" analogous to and directly on trend to PanCanadian Petroleum Limited's recent Deep Panuke natural gas discovery offshore Nova Scotia, which is expected to produce approximately 400 mmcf/d.

Other companies participating at the Cdn. $527 Million November 1, 2001 Land Sale included Shell Canada Limited and PanCanadian Petroleum Limited (who purchased land directly offsetting Canadian Superior's "Marquis Blocks"), Marathon Canada Limited, Murphy Oil Company Ltd., Petro-Canada and Norsk Hydro Canada Oil & Gas Inc.

Canadian Superior is a Calgary, Alberta based oil and gas exploration and production company. The shares of Canadian Superior trade on the Toronto Stock Exchange (TSE) under the stock symbol (SNG).

Certain information regarding the transaction outlined above may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results or estimates to differ materially from those anticipated or implied in the forward-looking statements.