During 2006 Canadian Superior had a very successful Drilling Program. The Company drilled or participated in 58 gross (28.6 net) wells with an overall drilling success rate of 95%. These drilling results increased the Company's Western Canadian Annual Average Daily Production (sales) by 10% to 2,889 boe/d and increased Proven Reserves in Western Canada to 5,193 mboe, up 10% compared to 2005; and, increased Proven Plus Probable Reserves to 8,131 mboe, up 12% compared to 2005. These achievements occurred in 2006 despite a 29% decline in cash flow compared to 2005 which was due to significant decreases in natural gas commodity prices.
Even with the significant decline in natural gas commodity prices of 26%, noted above, Canadian Superior was able to increase its production and also continue to make strategic land sale acquisitions resulting in the Company holding 267,639 gross (182,923 net) acres of predominately Canadian Superior operated land in Western Canada, with a high working interest of approximately 70% at year-end, through the efficient use of its Western Canadian cash.
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