"Canadian Superior has been conducting an active drilling program in the Drumheller area and east central Alberta over the past several months and the two new gas discoveries represent an extremely successful drilling program for the Company", Company President Greg Noval said today in Calgary. In total, the Company has drilled 14 wells in the area since the Drumheller area properties were acquired from El Paso Oil & Gas Canada, Inc. having established a success rate of 93% comprising of four oil wells, nine gas wells and one well abandonment.
The Company is maintaining an extremely active developmental drilling program in the area this winter, and in addition, Canadian Superior is proceeding ahead with high impact exploration plays in the Windfall area of west central Alberta and East Ladyfern area of northwestern Alberta. Plans are currently underway for the Company to spud an exploration well located in the Windfall area targeting the Upper Mannville and Gething formations at LSD 07-33-60-14 W4M. Also in the East Ladyfern area, the Company is just completing the acquisition of 25 square miles of high resolution 3-D seismic. This complements the extensive seismic data acquired and shot by Canadian Superior updip from the main Ladyfern field on the Slave Point carbonate bank during the fall of 2001 and winter of 2002, which has identified multiple Slave Point natural gas opportunities on the Company's extensive holdings which appear to be analogous to the main Ladyfern field and other major pools in the immediate area.
The first well of the Company's two natural gas discoveries, announced in April 2003, located on the Company's East Ladyfern natural gas play in northwest Alberta is scheduled for testing shortly in February. This bodes well the Company which has a strong acreage position in the area; comprised of 22 contiguous sections of land, located approximately 35 kilometers (22 miles) east southeast and updip of the main Ladyfern gas field.
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