Canadian Superior Reports Production Growth in Western Canada
Canadian Superior reported ongoing success in its Western Canada exploration and production operations.
Recent Highlights in its Western Canada operations include:
Canadian Superior is pleased to report that due to ongoing drilling success in 2007, with new production brought on-stream in the third quarter 2007, current production for the month of October has averaged approximately 3,000 boe/d, with additional production of approximately 330 boe/d behind pipe awaiting tie-in and processing capacity. This has resulted in a steady increase over the daily average volumes of 2,623 boe/d recorded for the second quarter and approximately 2,700 boe/d in the 3rd quarter.
"Our primary focus is our international growth portfolio, and our continued drilling success in Western Canada expands our production base to provide cash flow to fund that growth," said Craig McKenzie, Canadian Superior's CEO. "Going forward, we will continue to take full advantage of our current assets, as well as pursue select acquisitions in core areas to both increase production and expand our acreage holdings."
The third quarter drilling program has continued the successful results obtained in first half of 2007. Two new pools have been discovered in the Peace River Arch area. This new production will be tied in this quarter and follow-up drilling locations have been identified.
In addition, the company has drilled an additional successful natural gas well in this area, now tied in and on production. Similarly, in the Windfall area, Canadian Superior has stepped out and drilled a successful 1 mmcfd exploration discovery well, which has been tied in and is on production.
Further, the company has also drilled a successful exploitation step out well in its Nordegg/Gething pool, which is now on production. In the Drumheller area, the company is currently drilling the third well of a four well program targeting the Mannville group and has also completed a successful three-well farm-in program.
The Company is also expanding its exploration activities into the Greater Rimbey area having purchased and leased 2,880 gross acres with an 89% working interest, along with having purchased approximately 100 miles of 2D seismic. Preparations are under way to drill the first exploration well there to test the Mannville targets.
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