Canadian Superior Completes Seismic in Nova Scotia

Moving a step closer to production, Calgary-based Canadian Superior Energy Inc. reported that it has completed the acquisition of 1,100 kilometers of high-resolution seismic coverage of its offshore Nova Scotia Marquis prospects and an additional 700 kilometers of seismic data in the immediate area from Geophysical Service Inc. (GSI) of Houston.

"The high-resolution seismic data was shot over the past 30 days at a cost of C$2.5 million to finalize the drill site locations on two world-class prospects on Canadian Superior's 100% owned 'Marquis Blocks' on the Scotian Shelf offshore Nova Scotia," said Gerold Fong, Canadian Superior's East Coast exploration manager.

The company said it originally had planned to shoot 1,100 kilometers of seismic data, but the program was extended to 1,800 kilometers to cover an expanded area. "The total program was shot on time and at a cost under the original budget, due to favorable operating conditions and the exceptional efforts of GSI's offshore team and Canadian Superior's supervisory staff," Fong said. "The Scotian Shelf represents one of the greatest opportunities in North America for oil and gas exploration and development."

Canadian Superior said the world-class nature of the basin and its reserves has recently been recognized by Goldman Sachs Global Equity Research, Cambridge Energy Research Associates, Ziff Energy Group and several others.

"Canadian Superior is proceeding ahead with drilling planned for later this year on its Marquis Prospects offshore Nova Scotia and finalizing the participation of a major industry player with Canadian Superior on what is arguably one of the most exciting prospects in the Atlantic," Fong added.

The company said its new holdings are located approximately 12.5 miles northwest of Sable Island and are directly on trend and analogous to PanCanadian Petroleum Limited's recent Deep Panuke, Abenaki Reef natural gas discovery. The Marquis Prospects are approximately 15.6 miles to the southwest of Deep Panuke, where several new wells have been recently tested with productive capacity each in excess of 50 MMcf/d. PanCanadian's discovery is expected to produce up to 400 MMcf/d when it is brought online through a new pipeline recently announced by PanCanadian. Canadian Superior's properties are in shallow water depths (100 meters) in close proximity to newly constructed pipeline infrastructure connecting 500 MMcf/d of Sable Island natural gas to New England natural gas markets.

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