Canadian Superior's Bounty Offshore Trinidad 'On Schedule, in Budget'

Canadian Superior Energy Inc. announced that Canadian Superior along with its partners, BG International Limited and Challenger Energy Corp. are making good progress drilling the Bounty well on the Intrepid Block 5(c) offshore Trinidad. The Bounty well is being drilled on a separate prospect located approximately 2.2 miles from the recently announced Victory well natural gas discovery on the Intrepid Block 5(c).

Speaking from Canadian Superior's head office in Calgary, Alberta, Canada, Craig McKenzie, Canadian Superior's CEO, said, "I am pleased to report that the drilling of Bounty is on track - it's on schedule and in budget. We successfully spudded the well, and have now successfully drilled the 36" surface hole section and run and cemented the 30" casing in place, drilled the next section of the well, the 26" hole section, and run and cemented the 20" casing string to a depth of appropriately 3,540 feet subsea - all as planned. The primary objective of the Bounty well is to prove up higher pressure horizons that include potential multi - TCF reservoirs that are deeper, separate geologic structure from that discovered in the Victory well. Secondary objectives include possibly drilling into at least one of the productive horizons penetrated in the Victory well."

The Bounty well is planned to be drilled to a total vertical depth of approximately 18,000 feet subsea in about 1,000 feet of water and is expected to take approximately 110 days to drill. The Kan Tan IV semi-submersible drilling rig is also under firm contract to drill the 3rd well, Endeavour, scheduled to commence directly following Bounty.

Canadian Superior is paying 26-2/3% of the Block 5(c) exploration program cost to maintain a 45% working interest in Block 5(c), with its partners, BG, paying 40% for a 30% working interest and Challenger Energy Corp. paying 33-1/3% for a 25% working interest through Canadian Superior.

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