Canadian Superior Energy Inc. ("Canadian Superior", the "Company") (TSX: SNG)(NYSE Alternext US: SNG) is pleased to announce today that after extensive preparations flow testing of the "Endeavour" well offshore Trinidad on the "Intrepid" Block 5(c) commenced on March 1, 2009. During the initial flowing period of approximately 16 hours, a peak flow rate of 60.1 MMscf/d was obtained, which is the maximum rate allowed under the testing equipment specifications. A final flow rate of 56.4 MMscf/d was measured with a 48/64 inch choke with a FWHP of 4122psi. Multiple flow rate testing will be conducted over the next few days. The well has flowed "dry" natural gas with a gas gravity of approximately 0.584, approximately 0.3% CO2 with no production of water, condensate or solids, during this initial flow period.
The "Endeavour" discovery well was spudded on August 28, 2008 and was drilled by the Kan Tan IV semi-submersible drilling rig in about 1,000 feet of water, which also drilled the "Victory" and "Bounty" natural gas discovery wells on Block 5(c); and is the 3rd well, in an initial 3 well program, being drilled by Canadian Superior and its partners on the "Intrepid" Block, located approximately 60 miles offshore, off the east coast of Trinidad. In 2008, Canadian Superior announced two separate natural gas discoveries on Block 5(c); in the "Victory" well, announced on January 14, 2008; and, in the "Bounty" well, announced on August 13, 2008. "Endeavour" now is a confirmed natural gas discovery; making this program, 3 out of 3.
Canadian Superior Energy Inc. is a Calgary, Alberta, Canada based diversified global energy company engaged in the exploration and production of oil and natural gas, and liquefied natural gas ("LNG") projects, with operations offshore Trinidad and Tobago, offshore Nova Scotia, Canada, in Western Canada, in the United States and in North Africa. See Canadian Superior's website at www.cansup.com to review Canadian Superior's operations in Western Canada, offshore Trinidad and Tobago, Offshore Nova Scotia interests, in the USA and its North Africa interests. Canadian Superior has approximately 20,000 shareholders worldwide, including some of the top institutional shareholders in North America.
This news release contains forward-looking information, including estimates, projections, interpretations, prognoses and other information that may or relates to future production, resource potential and/or reserves, project start-ups and future capital spending. Forward-looking information contained in this news release is as of the date of this news release. The Company assumes no obligation to update and/or revise this forward-looking information "except as required by law". Actual results, estimates, projections, resource potential and/or reserves, interpretations, prognoses and/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. This news release may contain the reference to the term "undiscovered natural gas resources", which are those quantities of natural gas estimated to be contained in accumulations yet to be discovered. There is no certainty that any portion of undiscovered resources (oil, natural gas, natural gas liquids or other hydrocarbons) will be discovered and that, if discovered, in this or any other discovery, the discovered resource may not be economically viable or technically feasible to produce.
Statements contained in this news 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, scheduling, re-scheduling and other factors which may cause the actual results, performance, estimates, projections, resource potential and/or reserves, interpretations, prognoses, schedules or achievements of the Corporation, 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 Corporations' annual reports on Form 40-F or Form 20-F on file with the U.S. Securities and Exchange Commission.
Contacts: Canadian Superior Energy Inc. Investor Relations (403) 294-1411 (403) 216-2374 (FAX) Canadian Superior Energy Inc. Suite 3200, 500 - 4th Avenue S.W. Calgary, Alberta, Canada T2P 2V6 Website: www.cansup.com
SOURCE: Canadian Superior Energy Inc.
http://www.cansup.com