The Company said that drilling operations commenced over the weekend on its multi-well drilling program on its East Ladyfern acreage with a well located at Lsd. 7 of Section 02-92-11 W6M. The well is being drilled 100% by Canadian Superior to a total depth of 9,285 feet. The Company estimates it will take approximately 4 to 6 weeks to drill the well to total depth, log and evaluate the Slave Point formation. The Lsd. 7 of Section 2 well is the first of up to 4 wells proposed for drilling this winter on the Company's large acreage position which is located in Northwest Alberta, approximately 22 miles East Southeast and updip of the main Ladyfern gas field.
"In order for drilling to commence on this exciting prospect, approximately 32 miles of trails and roadways and several ice bridges had to be constructed as well as 2 major river crossings completed. This is a very remote area where we have encountered extensive muskeg and we have had to put in place our own infrastructure including crew camp, air strip and medical services," said Ed Pratt, Canadian Superior's Drilling Manager. "The Company's extensive holdings on this highly competitive natural gas play were acquired primarily through land agents over the last 20 months," said Canadian Superior's President, Greg Noval.
The Ladyfern prospect is based on 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 our extensive holdings. A decision was made after the original Murphy/Apache Ladyfern discovery to concentrate on the acquisition of acreage updip and East of Ladyfern where very little seismic data had been shot by industry due to the remote nature of the location. Henceforth, we were able to acquire extensive acreage on a reasonable basis prior to industry focusing on this area. Several major Slave Point amplitude anomalies analogous to the main Ladyfern field have been identified on our acreage and we are very excited about commencing drilling on this 'world-class' play. Ladyfern's reserves are estimated to be in excess of 1 tcf of natural gas and it is one of the largest discoveries in Western Canada in the past 15 years. The Ladyfern field accounts for approximately 4% of Western Canadian gas production. The Murphy/Apache Ladyfern discovery at A-097-H/094-H-01 tested at rates in excess of 100 mmcf/d of natural gas.
Canadian Superior's East Ladyfern multi-well drilling program is part of a focused exploration and development program Canadian Superior is conducting in Western Canada alongside the Company's strategy of developing its extensive holdings offshore Nova Scotia.
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