Canadian Superior Kicks Off Fall Drilling Program in Western Canada with Exploration and Development Success.
In Western Canada, Canadian Superior has continued its successful drilling 2004 campaign in the Drumheller area. Following up on the five wells that were drilled in the second quarter of 2004, nine wells were drilled in the third quarter; with eight out of the nine being successful. Six were successful gas wells (four on production, one waiting on tie-in, and one suspended) and two were successful oil wells (one on production and one waiting on tie-in). One of the producing gas wells has been dually completed for conventional gas and for Coal Bed Methane (CBM). Of the nine wells, eight are 100% working interest wells that are operated by Canadian Superior.
The focus in the fourth quarter will continue to be the Drumheller area. Company acreage holdings in Drumheller continue to increase, and as of September 30th, 2004, Canadian Superior holds 181,675 gross acres in that area. The Company plans to drill another eight operated wells into various gas / oil zones within the Cretaceous section. Also, Canadian Superior is participating in a nine well CBM program with a well known CBM player in the area. This program, which started in mid-October, should be completed within the 4th quarter.
Speaking today from the Company's Calgary office, Mel Marshall, Canadian Superior's Vice President, Exploration (former Manager - Exploration and Development, El Paso Oil and Gas Canada, Inc.), said, "All aspects of our drilling programs are going extremely well. In regard to CBM development, the Company will use this 4th Quarter Program as a staging ground for future development of the extensive CBM potential that exists over our acreage base within the Drumheller area."
Canadian Superior is also undertaking a major 3-D seismic program within the Drumheller area. The 46 square kilometer program is being shot over lands that are largely controlled by Canadian Superior and ten to fifteen new drilling locations are expected to be generated from the 3-D Program.
Another major focused area for Canadian Superior will be the continuation of the potentially high impact Slave Point play in the East Ladyfern area. Following the drilling of the first two wells drilled into the play, Canadian Superior and its partner (El Paso Oil and Gas Canada, Inc., now British Gas) conducted a 61 square kilometer 3-D seismic program last winter to further delineate the potential in the area. Based on this encouraging 3-D program, two new drilling locations have been surveyed and the first well should spud shortly after freeze-up later in 2004. An additional 2-D seismic program is also under consideration and may be shot in the area to assess the planned expansion of the play.
Canadian Superior also continues to be active in Altares and the Parkland area of NEBC, and the Venus, Botha and Chinchaga areas of Northern Alberta. These areas are currently under evaluation and review and will be ranked within the existing drilling portfolio.
Speaking further, Marshall went on to say that, "The Windfall / Pine Creek area in the West Central Alberta region also remains a focus area for the Company. Canadian Superior has participated in several land sales in the area and is preparing to spud a well this winter drilling season with a Jurassic / Early Cretaceous target. The Company will also participate in a non-operated well in the area for the same target. At the same time, the Company plans to re-enter an existing producing well to complete a second highly prospective zone and enhance overall production in the area. Accordingly, we are very excited about our upcoming Western Canadian drilling program, not to mention Canadian Superior's upcoming Offshore Nova Scotia and Trinidad activities," Marshall said.
Due to the high level of Company activity in Western Canada, Canadian Superior has further enhanced its technical team with the addition of Mr. Frits Van Dyl, who will work as a Senior Geologist in Western Canada. Mr. Van Dyl has over 20 years of oil and gas experience and most recently has worked at Canstar Exploration Ltd., Baytex Energy Ltd. and Petrorep Resource Ltd. Mr. Van Dyl has also run his own consulting business and is known in the industry as an experienced prospect generator. Mr. Van Dyl will join the Canadian Superior team on November 1st, 2004.
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 and Tobago. The Company is one of the largest acreage holders offshore Nova Scotia, with 100% 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 Trinidad "Tradewinds" Offshore Project and the recently awarded Block 5 (c)).
This press release contains forward-looking information on future production, project start-ups and future capital spending. Actual results 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. Statements contained in this press 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 and other factors which may cause the actual results, performance or achievement of the Company, 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 Company's annual report on Form 40-F on file with the U.S. Securities and Exchange Commission.
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|Date:||Nov 1, 2004|
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