Canadian Superior Reports Q3 Results, Announces Trinidad Drilling
Canadian Superior Energy Inc. late Tuesday announced its 2006 Third Quarter operating results and updates on its Trinidad and Tobago projects.
The following are excerpts from the "Message to Shareholders" in Canadian Superior's 2006 Third Quarter Report, which can be reviewed in its entirety on Canadian Superior's website www.cansup.com by following the "FINANCIAL STATEMENTS" link near the top left of the home page. The message is attributed to M.E. (Mike) Cohen, Canadian Superior's president and chief operating officer.
MESSAGE TO SHAREHOLDERS
It is a pleasure to present to you Canadian Superior Energy Inc.'s ("Canadian Superior's") 2006 Third Quarter and 2006 First Nine Months operating results. Our strategic corporate objective is to remain focused on adding shareholder value with high impact offshore exploration, combined with cash flow and Western Canadian production and financial discipline. Although Canadian Superior, like others throughout the oil and gas industry, has been negatively impacted by significantly lower natural gas prices in the 3rd quarter of 2006, we were able to grow the Corporation's production and achieve our objectives, particularly directed towards our upcoming Trinidad and Tobago multi-well drilling program which is expected to commence in the 1st quarter of 2007.
In addition, natural gas prices and oil prices have somewhat recovered recently and we expect that trend to continue during the balance of 2006 and into 2007. The Corporation will take full advantage of increases in production that have been obtained in 2006 to date and the further increases anticipated from the Corporation's 4th quarter drilling and completion program. In that regard average daily production for the year to date has increased to over 3,000 boe/d with a 3rd quarter exit rate of approximately 3,375 boe/d. Further gains are expected upon tie-in of several additional successful conventional oil and gas wells, including the significant gas discovery well announced on September 18, 2006, as well as additional non-operated Coal Bed Methane ("CBM") wells that are expected to be tied-in by year-end.
We expect the next several months will be very exciting and rewarding for Canadian Superior and our shareholders, especially in light of our high impact exploration drilling program commencing Offshore Trinidad, complemented by our Offshore Nova Scotia, Canada activities and our solid progress in Western Canada.
Highlights of the First Nine Months of 2006 included:
- On March 19, 2006, we contracted the Kan Tan IV Semi-Submersible Drilling Rig, managed by A. P. Moller - Maersk A/S, of Copenhagen, Denmark, one of the world's largest offshore drilling and shipping companies, and owned by Beijing Zhiyuan Industries Company Limited, of Beijing, China, a member of the SINOPEC Group of Companies, the 3rd largest company in China, for a firm multi-well drilling contract to drill two Company operated back-to-back wells on our "Intrepid" Block 5(c) offshore Trinidad commencing drilling in the 1st quarter of 2007. On November 14, 2006 the addition of a 3rd Canadian Superior back-to-back well on Block 5(c) was announced.
- Revenues in the First Nine Months, in spite of increased production during the period, due to lower commodity prices, basically remained flat compared to $35.9 million in the same period in 2005; revenues in the 3rd quarter 2006 were $11.2 million, down from $15.0 million in the 3rd quarter 2005, mainly due to lower natural gas prices received.
- Cash Flow from Operations in the First Nine Months of 2006 of $16.1 million, down from $20.0 million in the same period in 2005; cash flow in the 3rd quarter 2006 was $4.0 million, down from $8.9 million recorded in the same period in 2005. As indicated above, this was due mainly to lower natural gas prices, in spite of an 11% increase in production in the first three quarters and in spite of Canadian Superior's production and operating costs of $8.41/boe being approximately 25% lower on average than that of its industry peers.
- Average Daily Production in the First Nine Months of 2006 was 2,793 boe/d, up 11% compared to the same period in 2005; and up 4% in the 3rd quarter to an average of 2,808 boe/d compared to 2005.
- At the end of the 3rd quarter, the exit Daily Production Rate had climbed to an estimated 3,375 boe/d due to our ongoing drilling success and additional tie-ins. Further gains are anticipated upon tying-in additional wells, including the significant gas well announced on September 18, 2006, as well as additional non-operated Coal Bed Methane ("CBM") wells that are expected to be tied-in by year-end. The significant gas discovery, in which Canadian Superior has a 70% working interest, 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. This well has been cased, completed and tested and will be tied-in during the 4th quarter.We are pleased to announce that also subsequent to the end of the 3rd quarter 2006, in November, $15.4 million of equity financings was completed to further fund the Corporation's growth.
TRINIDAD AND TOBAGO
As the most industrialized country in the Caribbean, Trinidad and Tobago's business environment has several advantages, including a well-educated labor force, good transportation and communication links, a strong legal system, a well entrenched stable democratic system of government, a soundly-regulated financial system and a very successful and growing oil and gas industry that accounts for approximately 50% of total government revenue. This combined with successful ongoing oil and gas exploration and development makes offshore Trinidad one of the most coveted oil and gas basins in the world today and we are very excited about commencing drilling on our Block 5(c) (Please see Map, lower page 3) in the 1st quarter of 2007.
Offshore Trinidad is a "World Class" basin with multiple large exploration and development opportunities as evidenced by recent drilling and development successes in the Columbus Basin, as well as having well developed, and developing liquefied natural gas ("LNG") facilities and capacity, and ready access to international markets. Trinidad is the fifth largest exporter of LNG in the world and approximately 80% of North America's LNG is supplied from Trinidad. Some of the largest producing wells in the world are located offshore Trinidad and in close proximity to our acreage (Please see Maps, pages 2 and 3). Earlier this year British Petroleum Trinidad and Tobago placed its Cannonball platform on production with three wells making a total of approximately 700 mmcf/d production. You don't have to look very far west of Block 5(c) at the offsetting British Gas operated Dolphin development (producing approximately 500 mmcf/d) and the recently commissioned Dolphin Deep development which has two wells that have a combined capability of producing 300 mmcf/d to see the potential of Block 5(c) that Canadian Superior intends to explore, develop and monetize for the Corporation and our shareholders.
Our 80,041 acre offshore Block 5(c) is located about 96 kilometers (60 miles) off the east coast of the island of Trinidad with water depths in the range of 150 - 450m (500 - 1,500 feet). All wells in Block 5(c) will be drilled from a semi-submersible drilling rig, with the wells being drilled in water depths of approximately 245m (800 feet). In March 2006 the Corporation entered into a firm multi-well drilling contract 100% on its own, at a very attractive rate, approximately 1/2 of what is currently being paid for comparable rigs in today's market, for the Kan Tan IV Semi-Submersible Drilling Rig, managed by A. P. Moller - Maersk A/S ("Maersk"), of Copenhagen, Denmark and owned by Beijing Zhiyuan Industries Company Limited ("Beijing Zhiyuan"), of Beijing, China to drill two firm Company operated exploration wells on Canadian Superior's Block 5(c) offshore Trinidad. (Please see Kan Tan IV picture, page 4). On November 10, 2006, Canadian Superior, Maersk and the rig owners, Beijing Zhiyuan, agreed to a third firm well for Canadian Superior on Block 5(c) to be drilled in direct continuation of the two wells previously announced.
Now, these three firm Company operated back-to-back wells, named after famous battle and sailing ships, "Intrepid", "Bounty" and "Victory", will evaluate three large separate potential hydrocarbon bearing structures that have been delineated by extensive 3D seismic (Please see lower Map & upper Figure, pages 3 & 5) that Canadian Superior has evaluated, with the first well of the three back-to-back wells to commence drilling shortly after the Kan Tan IV has completed a scheduled refurbishment currently underway in Brownsville, Texas. The refurbishment is extensive, taking longer than originally expected, and is currently scheduled for completion early in the 1st quarter of 2007; later than planned, but not very far away. Once the refurbishment is complete, the drilling rig will undergo its acceptance testing and then it will be towed to Trinidad and then directly to Canadian Superior's first Block 5(c) well site to commence drilling. Each of these offshore exploration wells, "Intrepid", "Bounty" and "Victory", named after famous battle and sailing ships, will be High Pressure ("HP") wells and will be drilled to a depth in excess of 5,000+ m (16,400+ feet) and each is currently expected to take between 80 - 100 days to drill and evaluate. This three well drilling program will take approximately 240 - 300 days to complete; with the results of the first well known after about 80 - 100 days into the drilling program.
To assist Canadian Superior in going forward with its drilling in Trinidad, the Corporation has entered into a participation agreement with a non-competitive industry financial partner, Challenger Energy Corp. Challenger will participate on a promoted basis paying 1/3 of Canadian Superior's Block 5(c) exploration program to obtain 25% of Canadian Superior's revenue share of these prospects.
As a result of the above mentioned, this has been a very busy quarter for the direct Trinidad team and the Corporation's staff in general, working to finalize all the necessary details in engineering, procurement, Health, Safety & Environmental Management, the Kan Tan IV refurbishment program, etc. to facilitate drilling on these exciting plays, as well as progressing the geophysics and regulatory permitting. This has included the ongoing procurement and purchase of long lead tangible items (pipe, wellheads, etc.) that are on the critical path and various related drilling services and also the finalization of the staffing plan for the drilling program. The Corporation has expended significant time and effort, in addition to significant capital, now in excess of US $25 million (rig advance payments, casing, wellheads, etc.) preparing for this multi-well drilling program.
Of particular additional note, in terms of geological and geosciences activities, in the 3rd quarter, processing of the pre-stack depth migration data subset of the extensive British Gas Dolphin 3D seismic data was completed to further fine tune the drilling locations and the prognosis for each well. In addition to the first two firm locations, "Intrepid" and "Bounty", the team will also be drilling on a well-defined third independent structure on our Block 5(c) for our 3rd exploration well, "Victory", named after Lord Nelson's famous British flagship. The Corporation has agreed to drill this 3rd Block 5(c) exploration well, "Victory", in direct continuation of the first two wells; whereby, all three wells will be drilled and evaluated before the end of the 4th quarter 2007.
Although Block 5(c) clearly has the Corporation's primary focus, attention and commitment of resources, in addition, in Trinidad and Tobago, we continued to prepare for the first phase of operations on our Mayaro/Guayaguayare (M/G) "Tradewinds" project, which directly offsets onshore lands to the west being explored by a major operator (Please see Map, upper page 3). The "Tradeswinds" project is a joint venture with the national oil company, the Petroleum Company of Trinidad and Tobago Limited ("Petrotrin"), and encompasses securing two near-shore Blocks (55,000 gross acres) off the east coast of Trinidad, expected to be completed in the 4th quarter 2006, where we have the potential to establish significant oil reserves in the heart of a known producing hydrocarbons-bearing structural trend. On the M/G Block Land, the Corporation is working on the design of a seismic program to evaluate the near-shore block and is planning this program to be shot in the near future where we intend to drill two or more offshore wells within the next 36 months.
OFFSHORE NOVA SCOTIA, CANADA
Canadian Superior is one of the few active operators involved in all three main play types in the basin and is the public company holding the largest offshore exploration acreage holdings offshore Nova Scotia with 100% interests in six exploration licenses totaling 1,293,946 acres (Please see the Chart & Map, lower page 6 and upper page 7). Five of these licenses are in the Sable Island area, which is a very important source of natural gas supply to the North Eastern United States.
Canadian Superior has proven that it has the geological and technical experience and capability to evaluate, drill and operate some of the most complex and technically challenging wells in the world, whether offshore Nova Scotia or in Trinidad and Tobago. Further drilling is planned by Canadian Superior offshore Nova Scotia, off the East Coast of Canada on our "Mariner" Block where front end geological and geophysical analysis is complete. We are planning to commence drilling on "Mariner" for 2007 on one of the two locations (Please see Map, lower page 7) that are "drill ready". The timing will depend on achieving the proper financial joint venture arrangements required and on rig availability.
The "Mariner" Project lands are located approximately nine kilometers northeast of Sable Island, offshore Nova Scotia, encompassing an offshore area of 101,800 acres (100% Canadian Superior), and directly offsets five significant discoveries near Sable Island, including ExxonMobil's Venture natural gas field. The first exploration well, "Mariner" I-85, was drilled on this block in 2003/2004 (November 2003 to March 2004). Two new prospective locations have been identified, as noted above, and the geohazard well site survey work has been completed and the necessary environmental approvals are in place to progress additional drilling on "Mariner."
In addition to Canadian Superior's "Mariner" exploration project targeting Cretaceous and Jurassic gas bearing sands, we continue to monitor drilling activities near our Abenaki Reef "Marquis" 100% prospects. Our "Marquis Project" lands encompass two exploration licenses with approximately 111,000 contiguous acres located in shallow water depths close to the existing Sable Offshore Energy Project producing infrastructure and EnCana's Deep Panuke discoveries. We also have identified several other large Cretaceous and Jurassic prospects on our 100% "Marauder" and 100% "Marconi" exploration lands, which cover an additional 371,000 acres offshore Nova Scotia, offsetting the Sable Island area, and the Corporation has initiated the environmental impact assessment work required prior to conducting further planned high resolution seismic surveys and exploration drilling on these properties (Please see Map, lower page 7).
Canadian Superior also has a prime deepwater block, the "Mayflower" exploration license, which covers approximately 712,000 acres. Mapping to date indicates the presence of five sizeable deepwater prospects on this block. These large prospects are structural and are typically formed by mobile salt tectonics (Please see Map & Figure, upper and lower page 8). We are working towards obtaining partners for this block. Also, we are planning to extend this license, through a consolidation with our "Mariner" block, by drilling our next "Mariner" well, as discussed above.
The Corporation ramped up its successful Western Canada exploration and development program in the 3rd quarter where it focused its drilling activity in its core Drumheller area and also completed a major 3D seismic acquisition program in the Boundary Lake area. Currently, the Corporation derives all of its production and cash flow from Western Canada, with approximately 90% of the Corporation's production coming from its core Drumheller area, where the Corporation remains focused on continued growth through the drill-bit. Also, the Corporation has placed a more emphasized focus on the Boundary Lake area and surrounding properties such as Giroux Lake and Teepee.
During the 3rd quarter of 2006, the Corporation drilled or participated in 13 gross (8.12 net) wells, which included 10 gross (8.02 net) operated wells and 3 gross (0.10 net) non-operated wells. The Corporation was also involved in one well where it carried a GOR (gross over ride) of 6%. Of the 13 wells drilled in the 3rd quarter, the Corporation achieved a 100% success rate. Twelve of the wells were in the Drumheller area and the thirteenth well was in the East Boundary Lake area. During the 3rd quarter of 2006 Canadian Superior tied-in six Company operated conventional oil and gas wells, including three operated wells drilled in the 3rd quarter. Of the remainder, the majority should be tied-in during the 4th quarter. Exit daily gross production for the 3rd quarter was 3,375 boe/d. Although Canadian Superior, like others throughout the oil and gas industry, has been negatively impacted by significantly lower natural gas prices in the 3rd quarter of 2006, we were able to grow the Corporation's production through the "drill-bit" without any acquisitions and achieve our objectives, particularly directed towards our upcoming Trinidad and Tobago multi-well drilling program which is expected to commence in the 1st quarter of 2007.
The land picture for Canadian Superior continues to be constant and steady as the Corporation drills and makes strategic land sale acquisitions in both the Drumheller area and in Northwestern Alberta. As of September 30, 2006 the Corporation held 268,436 gross acres (183,892 net acres) of predominately Canadian Superior operated high working interest lands (working interest of approximately 69%). Of these total land holdings, the Corporation holds a good mix of developed and undeveloped lands, with the undeveloped area providing a solid 133,188 gross acres (108,046 net acres).
The Drumheller area, which is located in Southern Alberta about 60 miles N.E. of Calgary, has year round access and a very well developed oil and gas infrastructure. The area holds both oil and gas resources in a multitude of geological horizons of both conventional and non-conventional nature. The corporation holds 174,003 gross acres (112,902 net acres) of land in this area with 39% of this still to be developed (Please see Map, Page 10). Twelve of the thirteen wells that Canadian Superior has drilled or participated in (operated and non-operated) in the 3rd quarter were drilled in this core area. The Corporation continues to expand its 3D seismic data library for Drumheller, having participated in a 58 square kilometer survey in the eastern part of this area and a second smaller 8 square kilometer survey in the 3rd quarter. Ongoing drilling success in this area, which runs well over 90% for the Corporation, is attributed to the marriage of a sound geological understanding and the implementation of 3D seismic technology.
In 2006 the Corporation plans on drilling or participating in 24 conventional wells in the Drumheller area. With early break up and a wetter than usual June, the well count for the year has been updated from the original forecast number of 25 - 30 to a current forecast of 24. At the end of the 3rd quarter the well count was 18 gross wells. An additional 6 gross wells should be drilled in the 4th quarter (the first of these was recently spudded). The Corporation continues to target the Mannville section and enjoys an enviable success rate for the area (100% in the 3rd quarter).
Coal Bed Methane
Coal Bed Methane ("CBM") is recognized as an important emerging play now available to the Canadian oil and gas industry and the Corporation's successful CBM wells and gas gathering project has allowed significant Proven and Proven plus Probable Reserves to be added to the Corporation's reserve base. The Drumheller area is near the heart of recent coal bed methane development in Western Canada where Canadian Superior is fortunate to have a concentrated high working interest land position with significant land holdings in both the Horseshoe Canyon and Mannville stratigraphic zones (Please see Map, Page 11).
Canadian Superior's current activity in CBM is centered on the Horseshoe Canyon coals in which the Corporation drilled or participated in 30 wells in the first three quarters of the year. All of these wells were successful and the Corporation will continue to develop these assets. Canadian Superior holds 157 gross (81 net) sections of Horseshoe Canyon rights. These Horseshoe Canyon coals have been found to contain dry gas and produce little or no water. The Corporation plans to drill or participate in 30 - 35 Horseshoe Canyon wells in 2006.
An untapped resource that exists in the Drumheller area is the Mannville coals. These coals are buried deeper than the Horseshoe Canyon coals and consequently have higher pressures and resource associated with them. The Corporation is well positioned with 42 gross (41 net) sections of land in the Mannville CBM fairway. Drilling for these coals would include horizontal drilling techniques. Plans for development of Mannville CBM by Canadian Superior will not be measured until the reserve and production parameters are better defined.
WINDFALL/PINE CREEK/GIROUX LAKE
Canadian Superior drilled or participated in two wells in the Windfall area in 2005. Both these wells were successful and have been tied-in. Both wells are producing between 400-700 mcf/d. Subsequent to the end of the 3rd quarter, the Corporation conducted a fall seismic program in the Giroux area in early October 2006 and the seismic data is being processed and analyzed. The Corporation carries two budgeted locations in the Windfall/Pine Creek/Giroux area. The first of these locations has been surveyed and anticipated spud is December '06 or January '07. The Corporation continues to look at this higher reward-medium risk area with a view towards further expansion, using its current land base as a nucleus.
The Boundary Lake area continues to gain momentum for exploration activity for Canadian Superior. This area is a high reward-medium risk area that has multi-zone potential and has year round access. Resource size in the area typically run 2-5 BCF with initial production rates of 1 - 4 mmcf/d. The Corporation drilled one well in the East Boundary area in the early part of Q3. It is a significant gas discovery, with a 70% working interest, and 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. This well has been cased, completed and tested and will be tied-in during the 4th quarter.
Two 3D seismic programs were also slated for the Boundary Lake and the Cecil area. The Boundary Lake 3D is 72 square kilometers in size and shooting was completed in early October 2006. This 3D is currently in processing. The Cecil 3D will be 30 square kilometers and shooting will start in early November 2006. The Corporation has also been active in posting land in the general vicinity and continues to build its land base in this emerging area.
THE FOOTHILLS OF ALBERTA WEST OF THE 5TH MERIDAN
Canadian Superior is also focusing its exploration in Western Canada towards the foothills of Alberta, Canada. This area represents an area of high risk-high reward exploration and production with year round access. In this area, well reserves can range to over 10 BCF/well with associated natural gas liquids and can produce at rates of over 5-10 mmcf/d. Land strategies for this area include crown sales, leasing of freehold acreage and potential farm-ins or joint ventures.
Although Canadian Superior, like others throughout the oil and gas industry, has been negatively impacted by significantly lower natural gas prices in the 3rd quarter of 2006, we were able to grow the Corporation's production and achieve our objectives, particularly directed towards our upcoming Trinidad and Tobago multi-well drilling program which is expected to commence in the 1st quarter of 2007.
In addition, natural gas prices and oil prices have somewhat recovered recently and we expect that trend to continue during the balance of 2006 and into 2007. The Corporation will take full advantage of increases in production that have been obtained in 2006, 11% to the end of the 3rd quarter, and further increases anticipated from the Corporation's 4th quarter drilling and completion program.
The Corporation recorded a net loss of $5.8 million ($0.05 per share) during the 3rd quarter of 2006, down from 3rd quarter of 2005 earnings of $1.5 million ($0.01 per share). This income statement net loss of $5.8 million is not a cash loss since it includes non-cash items such as depreciation and amortization of $6.5 million and stock-based compensation as detailed in the statement of cash flows. For the nine months, the Corporation posted a net loss of $6.1 million ($0.05 per share) compared to a net income of $1.6 million ($0.01 income per share) over 2005. The main reasons for this were substantially lower natural gas prices, increased general and administrative costs and increasing activity costs incurred in ramping up the Corporation's Trinidad and Tobago projects and non-cash items as noted above.
Cash flow from operations for the 3rd quarter decreased 55% to $4.0 million from $8.9 million recorded in 2005. For the first nine months of 2006, cash flow of $16.1 million was down 19% from 2005 cash flow of $20.0 million for the same period in 2005. Significantly lower average gas prices, down 19%, received in the first nine months of 2006, combined with increased general and administrative expenses and increased oilfield services costs are the primary contributors to the cash flow decreases, in spite of an 11% increase in production in the first three quarters and in spite of Canadian Superior's production and operating costs of operating costs of $8.41/boe being approximately 25% lower than that of its industry peers. We expect cash flow to improve as volatility in natural gas pricing subsides and natural gas prices continue to strengthen in the 4th quarter of 2006 and in 2007.
Daily production for the 3rd quarter of 2006 averaged 2,808 boe/d, which was up 4% from 2005 production of 2,705 boe/d for the same period. Average daily production for the first nine months of 2006 increased to 2,793 boe/d, up from 2,523 boe/d recorded in the same period of 2005. The major reasons for the increase are our very high level of ongoing drilling success and our increased coal bed methane production brought on-stream in 2006. Exit daily gross production for the 3rd quarter was 3,375 boe/d.
Oil and gas revenue, net of transportation costs of $158,000, during the 3rd quarter of 2006 of $11.2 million was down from $15.0 million in the same period of 2005. This was mainly caused by the lower product prices in the 3rd quarter of 2006. For the first nine months of 2006, oil and gas revenues, net of transportation costs of $504,000, of $35.4 million were roughly flat with 2005 revenues of $35.9 million. The effects of the lower product prices experienced in the 3rd quarter of 2006 were in part offset by the Corporation's success in increasing production. The average sales price net of transportation costs for the 3rd quarter of 2006 was $43.29/boe ($5.95/mcf for natural gas and $68.68/bbl for oil and NGLs) down 28% from $60.21/boe in 2005 ($9.86/mcf for natural gas and $63.60/bbl for oil and NGLs). Average sales prices net of transportation costs for the nine months averaged $46.49/boe ($6.86/mcf for natural gas and $65.47/bbl for oil and NGLs) down 11% $52.13/boe recorded in 2005 ($8.42/mcf for natural gas and $57.35/bbl for oil and NGLs). Gas volumes of 12,983 mcf/d during the 3rd quarter increased 5% compared to 12,344 mcf/d in the same period in 2005, while oil and NGL volumes remained fairly flat at 645 bbls per day in 2006 from an average of 647 bbls per day in 2005. 2006 nine month average gas volumes of 13,077 mcf/d were up 13% from 11,609 mcf/day recorded over the same period in 2005 while oil volumes of 613 bbls/d for the year were up 4% from 2005 sales of 588 bbls/d.
OUTLOOK - 2006 and Longer Term
We continue to build on the hard work and solid foundation the Corporation has developed over the past several years, and although we have recently seen volatility in lower commodity prices, we do not view this as a long term trend given the world's growth and its appetite for energy. We are very excited about the future and how well Canadian Superior is growing shareholder value through the "drill-bit" in Western Canada and with our offshore projects, particularly in Trinidad and Tobago, and new projects we are working on. Our strategic corporate objective remains to continue to focus on high impact world class offshore projects, combined with a strategy of growing production and cash flow, while adding shareholder value and continuing to grow with financial discipline by:
- Continuing forward expeditiously with our drilling program Offshore Trinidad and Tobago, and, in due course, moving forward with further drilling Offshore Nova Scotia.
- Maintaining high working interest operated positions on our high impact offshore plays, focusing on maintaining a strong balance sheet.
- Focusing on our Drumheller core production area in Western Canada.
- Taking full advantage of our evolving exciting Western Canadian Coal Bed Methane ("CBM") opportunities.
- Continuing to build on our tremendous strengths and opportunities with our strong team of experienced management and personnel to focus on increasing value to our shareholders successfully through the "drill-bit."
We see the next several months will be very exciting and rewarding for Canadian Superior and our shareholders, especially in light of our "World Class" drilling program commencing in the 1st quarter 2007 Offshore Trinidad, complemented by Offshore Nova Scotia and our solid prospects in Western Canada. We appreciate your past support as shareholders and your continued support.
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