Canadian Superior adds to Nova Scotia acreage

Calgary's Canadian Superior Energy Inc. has acquired two major exploration licenses offshore Nova Scotia from the Canada-Nova Scotia Offshore Petroleum Board.

Calgary's Canadian Superior Energy Inc. has acquired two major exploration licenses offshore Nova Scotia from the Canada-Nova Scotia Offshore Petroleum Board.

The company acquired land parcels No. 2 and No. 4 at the Canada-Nova Scotia Offshore Petroleum Board's November 2003 land sale, for work expenditure bids of $9.9 million and slightly under $1 million, respectively.

Greg S. Noval, president of Canadian Superior, said the licenses, named Marauder (parcel No. 2) and Marconi (parcel No. 4) were posted for sale and acquired by Canadian Superior based on proprietary seismic data and in-house geological evaluations of prospects over these blocks.

"With the addition of these two new Exploration Licenses, Canadian Superior now holds a dominant position offshore Nova Scotia and is one of the largest acreage holders in the area, with interests in six exploration licenses, totaling 1,293,946 acres. We are very excited about these new acquisitions, in that they complement our existing portfolio of world class prospects offshore Nova Scotia," Noval said.

Mike Coolen, the company's director of East Coast operations said Marauder, encompassing 312,037 acres, directly offsets three significant discovery licenses (Uniacke, Citnalta, and Arcadia) and is very complementary to our Mariner prospect, where drilling will begin over the next few days. Marconi, encompassing 58,844 acres, is adjacent to exploration license 2372, acquired in 1999 for a work commitment bid of just over $42.3 million. "The Marconi license has a seismically defined tilted fault/anticlinal prospect similar to other Sable area fields such as Glenelg and Alma. To say the least, we are very pleased with the results of this sale," Coolen said.

11/14/03

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