Canadian Superior Says 2006 Summer Drilling Program Successful


Intrepid Block 5C, Trinidad
(Click to Enlarge)
Canadian Superior Energy reports the results of its Western Canadian conventional oil and gas drilling program conducted this summer in the 3rd quarter of 2006. Canadian Superior, as Operator, drilled nine conventional oil and gas wells in July, August and September 2006, with an average working interest of 80%.

This drilling was 89% successful; and, the eight (8) successful wells included a significant gas discovery, that will be tied-in in the 4th quarter, with a 70% working interest, that tested at a rate of 3.8 mmscf/d sweet natural gas, 15 bbl/mmcf condensate at a tubing pressure of 800 psi for a combined rate of 690 boe/d and also an oil well, drilled with a major oil company (50% working interest), that is expected to come on production before month-end at a rate of approximately 150 boe/d.

During the 3rd quarter of 2006 Canadian Superior tied-in six (6) Company Operated conventional oil and gas wells and by the end of September in Western Canada the Company will be producing approximately 3,330 boe/d, with further gains anticipated upon tying-in additional wells, including the gas well mentioned above, and over 25 gross (7 net) non-operated Coal Bed Methane ("CBM") wells that are expected to be tied-in by year-end. Average Daily Production in the first half of 2006 was 2,785 boe/d, up 15% compared to the first half of 2005.

Other major activities this summer have included the ongoing preparation for Canadian Superior's offshore drilling program off the east coast of Trinidad on its "Intrepid" Block 5(c). Earlier this year Canadian Superior contracted the Kan Tan IV Semi-Submersible Drilling Rig, managed by A. P. Moller - Maersk A/S of Copenhagen, Denmark, for a firm multi-well drilling program Canadian Superior will be drilling on its Block 5(c) "Intrepid" block offshore Trinidad. The semi-submersible rig is presently undergoing a scheduled refurbishment underway in Brownsville, Texas and the rig will be departing the shipyard for Trinidad in December to commence drilling for Canadian Superior.

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