The Company said that it has been advised by the Canada-Nova Scotia Offshore Petroleum Board that Canadian Frontier Energy Corp., a wholly owned subsidiary of Canadian Superior, has been successful in acquiring Land Parcels #2 and #4 at the Canada-Nova Scotia Offshore Petroleum Board's November 2003 Land Sale, for Work Expenditure Bids of Cdn. $12,857,000 and Cdn. $1,250,000, respectively.
Company President Greg S. Noval said that the licences named "Marauder" (Parcel #2) and "Marconi" (Parcel #4) were posted for sale and acquired by Canadian Superior based on proprietary seismic data and in-house geological evaluations of the prospects over these blocks.
Speaking further, Mr. Noval noted, "With the addition of these two new Exploration Licences, Canadian Superior now holds a dominant position offshore Nova Scotia and is one of the largest acreage holders in the area, with interests in 6 exploration licences, 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."
In commenting on these acquisitions, Mike Coolen, Canadian Superior's Director of East Coast Operations said in Halifax, "Parcel #2 ('Marauder'), encompassing 312,037 acres, is directly offsetting three Significant Discovery Licenses ('Uniacke', 'Citnalta' and 'Arcadia') and is very complementary to our 'Mariner' prospects, where drilling is to commence over the next few days. 'Marauder' has four seismically defined prospects, two of which lie on trend with and are related to 'Uniacke' and 'Citnalta' significant discoveries. This provides Canadian Superior an extremely attractive position in this proven area of the basin.
'Marconi' (Parcel #4), encompassing 58,844 acres, is adjacent to Exploration License 2372 (ExxonMobil, Shell, Imperial Oil), acquired in 1999 for a Work Commitment Bid of just over Cdn. $55 million. Adjacent to the 'Marconi' block, the Eagle D-21 well was drilled over 30 years ago and did show gas. The 'Marconi' licence 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."
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