Canadian Superior, El Paso to drill Mariner prospect offshore Nova Scotia

Canadian Superior Energy Inc. and El Paso Corp., through its Canadian subsidiary El Paso Oil and Gas Canada Inc., have elected to farm-in and participate in the drilling and development of Canadian Superior's Mariner natural gas prospect offshore Nova Scotia.

Canadian Superior Energy Inc. and El Paso Corp., through its Canadian subsidiary El Paso Oil and Gas Canada Inc., have elected to farm-in and participate in the drilling and development of Canadian Superior's Mariner natural gas prospect offshore Nova Scotia.

The Mariner prospect includes 101,800 acres 100% owned by Canadian Superior, directly offsetting five significant discoveries near Sable Island, including the 1.6 tcf Venture natural gas field 275 km southeast of Halifax, Nova Scotia. Three large Cretaceous structures have been identified for drilling on the Mariner block based on an evaluation of 2,200 km of high-resolution seismic data jointly acquired and processed over the Mariner block by Canadian Superior and El Paso over the last year.

The Mariner well will be one of the deepest wells to be drilled in Canada during 2003. The well will be drilled to 19,685 ft TD at an estimated cost of $45 million and $60 million completed. The well will evaluate one of the major Cretaceous structures that has been identified on the Mariner block targeting potential reserves of 1 tcf directly offsetting the Venture natural gas field.

"Permitting, engineering, procurement, and other activities are all well underway for Mariner," said Mike Coolen, director of east coast operations, Canadian Superior. "Canadian Superior's Mariner prospect is located in shallow water depths of approximately 180 ft and it was originally acquired by Canadian Superior in November of 2001 for a work expenditure bid of $15.5 million.

04/23/03

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