Drilling Commences on Canadian Superior El Paso ``Mariner'' I-85 Well Offshore Nova Scotia.Energy Editors/Business Editors HALIFAX, Nova Scotia--(BUSINESS WIRE)--Nov. 20, 2003 Canadian Superior Energy Inc. ("Canadian Superior" - AMEX AMEX See: American Stock Exchange , TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension : SNG SNG abbr. 1. substitute natural gas 2. synthetic natural gas ) announced today drilling has commenced on the Canadian Superior El Paso "Mariner" I-85 well offshore Nova Scotia. After a record setting tow to site, the "Mariner" well was spudded at 12:00 midnight AST (AST Computer, Irvine, CA) A PC manufacturer founded in 1980 by Albert Wong, Safi Quershey and Tom Yuen (A, S and T). It offered a complete line of PCs that sold through its dealer channel. November 20, 2003, and the 36" hole section of the well is currently being drilled. El Paso Oil & Gas Canada, Inc., an indirect subsidiary of El Paso Corporation (NYSE NYSE See: New York Stock Exchange :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 "Mariner" Block and paying 1/3 of the costs related to the "Mariner" test well. The Rowan Companies, Inc.'s ("Rowan" - NYSE: RDC RDC Republique Democratique du Congo (French) RDC Rez de Chaussee (French: Ground Floor) RDC Red Deer College RDC Remote Desktop Connection (Microsoft) RDC Rowan Companies, Inc ) 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. The initial well location of the Canadian Superior El Paso "Mariner" I-85 well is approximately 290 kilometers (180 miles) southeast of Halifax, Nova Scotia For other uses, see Halifax. Halifax, Nova Scotia may refer to any of the following:
When contacted in Calgary, Greg Noval, President of Canadian Superior, said, "We are very pleased with the record progress in the tow from the Port of Mulgrave, Nova Scotia Mulgrave is a town on the Strait of Canso in Guysborough County, Nova Scotia, Canada; immediately across from the town of Port Hawkesbury. to the 'Mariner' well site near Sable Island and the safe and efficient start to the well. We look forward to future drilling results from the 'Mariner' I-85 well which is one of the most exciting high-impact natural gas wells currently drilling in North America." Three large "world-class" prospects, with 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 1.6 tcf Venture natural gas field. The "Mariner" well will be a High Temperature High Pressure (HTHP HTHP High Temperature High Pressure ) well, drilled to a total depth of approximately 18,370 feet (5,600 meters), utilizing the latest in drilling technology and will evaluate one of three large structures identified for drilling on the "Mariner" block, initially targeting 1.2 tcf of natural gas reserves identified on the first structure to be drilled. Commenting in Halifax, Mike Coolen, Canadian Superior's Director of East Coast Operations said, "The tow-out from Mulgrave to the site went extremely well, taking only 29 hours between the start and when the rig was secure on site. The tow-out team did a first rate job; a very safe tow, in record time. We are very pleased to have commenced drilling on this exciting Prospect and look forward to a successful well." The "Mariner" I-85 well will take about 90 days to drill at a budgeted cost of U.S. $30 million. Testing and evaluation time will be determined based on the detailed formations encountered in the well. The primary objective of the well is a series of deltaic sediments of the Upper and Middle Mic Mac formations producing in the area; and the secondary objective is a series of deltaic sands of the Lower Mississauga and lowermost Middle Mic Mac formations, also producing in the area. 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 Mayflower, ship Mayflower, ship that in 1620 brought the Pilgrims from England to New England. She set out from Southampton in company with the Speedwell, , Marauder MARAUDER. One who, while employed in the army as a soldier, commits a larceny or robbery in the neighborhood of the camp, or while wandering away from the army. Merl. Repert. h.t. 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 release includes forward-looking statements and projections, made in reliance on the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The company has 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 company nor its 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.
Canadian Superior Energy Inc. Canadian Superior Energy Inc.
Suite 3300, 400 - 3rd Avenue S.W. Purdy's Wharf Tower 1
Calgary, Alberta Canada T2P 4H2 Suite 704, 1959 Upper Water Street
Halifax, Nova Scotia B3J 3N2
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