Canadian Superior Hires Two GlobalSantaFe Offshore Rigs

Canadian Superior Energy and GlobalSantaFe have entered into an agreement for GlobalSantaFe to drill Canadian Superior's next "Mariner" project exploration well, offshore, Nova Scotia, Canada and Canadian Superior's first "Intrepid" exploration well offshore Trinidad and Tobago, subject to regulatory and governmental approvals. GlobalSantaFe's harsh environment jackup drilling rig the Galaxy II, currently working near Canadian Superior's "Mariner" Block in the Sable Island area, offshore Nova Scotia, Canada has been selected and awarded the contract to drill the next "Mariner" well and GlobalSantaFe's semisubmersible drilling rig the Arctic I, currently working in Venezuelan waters south of Canadian Superior's Trinidad "Intrepid" Block 5(c) has been selected and awarded the contract to drill Canadian Superior's first offshore well on its "Intrepid" Block 5(c) off the east coast of Trinidad. At this time Canadian Superior has one partner committed to both the "Mariner" and "Intrepid" projects and is currently in the process of finalizing an additional partner for each project.

Canadian Superior's "Mariner" Project lands are located north of the eastern tip of Sable Island on the Scotian Shelf. The first "Mariner" block exploration well, "Mariner" I-85, was drilled in the late fall 2003 and into the spring of 2004. Subject to regulatory approvals, the second "Mariner" exploration well will commence drilling just as soon as the Galaxy II completes its existing commitments in the area, and that could be as early as May 2005. The second "Mariner" exploration well ("Mariner" L-54) is planned to be drilled to a total depth of about 18,370 feet (5,600 meters), off-setting the "Mariner" I-85 well location, and will further evaluate the same structure on which the "Mariner" I-85 was drilled.

Canadian Superior was awarded the right to explore its "Intrepid" Block 5(c) in the Government of Trinidad and Tobago Ministry of Energy and Energy Industries' 2003/2004 Offshore Competitive Bid Round earlier in 2004. The "Intrepid" Block 5(c) covers 80,041 gross acres and has significant natural gas exploration and development potential offsetting the large Dolphin gas field operated by British Gas. Based on detailed seismic, a number of large structural gas prospects have been identified on the "Intrepid" Block 5(c) with multi-tcf potential. Subject to regulatory approvals, Canadian Superior plans to commence drilling its first offshore Trinidad exploration well, of a planned multi-well program, on "Intrepid" off the East Coast of Trinidad, as soon as the GlobalSantaFe Arctic I semisubmersible rig has completed its current drilling commitment, with Canadian Superior drilling targeting for June 2005.