Canadian Superior highlights its first well offshore Trinidad and Tobago

Canadian Superior has completed its survey work on Intrepid block 5(c) off the east coast of Trinidad in anticipation of its first exploration well planned for drilling on this block in 2Q 2006.

Offshore staff

(Americas) - Canadian Superior Energy Inc. of Calgary, Alberta, Canada says its year-end 2005 exit production rate was 3,470 boe/d, up 27% from the production rate at the beginning of the year.

Prior to year-end 2005, the company's Wellsite Geohazard Field Survey Work and Biological Baseline Survey Work on its "Intrepid" block 5(c), approximately 96 km (60 miles) off the east coast of Trinidad, was completed in anticipation of its first exploration well planned for drilling on this block in 2Q 2006.

Canadian Superior is currently in the process of contracting an offshore semisubmersible drilling rig for this well and has now completed the procurement of all casing, wellhead, and related long lead-time critical items needed for the well, which will be one of the deepest wells recently drilled in the area.

Canadian Superior says it has become a significant acreage holder in Trinidad and Tobago with 135,041 gross acres, and Intrepid block 5(c) encompasses 80,041 net acres.

Trinidad and Tobago is one of the most coveted oil and gas basins in the world and supplies approximately 80% of North America's LNG.

In the fall of 2005, Canadian Superior raised, and is in the process of completing, equity financings totaling $28.7 million to fund its continuing growth in 2006 in Canada and in Trinidad and Tobago.

01/10/06

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