Thursday, August 14, 2008

2.6 Trillion Cubic Feet of Natural Gas Found Offshore

CALGARY — Canadian Superior Energy Inc. shares were up more than 13 per cent in early trading Wednesday after the Calgary-based company (TSX:SNG) announced a "significant" natural gas discovery off the coast of Trinidad.

Initial testing from indicates that the Bounty well is capable of producing at a rate of approximately 200 million cubic feet per day and that there's potentially 2.6 trillion cubic feet of gas to be tapped there.

"We are very pleased with the results of the Bounty well and production testing indicates that we have drilled one of the best natural gas wells offshore Trinidad," Canadian Superior chairman Greg Noval said in a statement.

It's the second natural gas discovery Canadian Superior and its partners have made in 2008 on their Intrepid Block 5(c), 100 kilometres off the east coast of Trinidad.

Canadian Superior's shares have traded between $2.52 and $4.99 on the Toronto Stock Exchange over the past year.

At mid-morning Wednesday, the stock was at $4.74, up 56 cents from the previous close. Earlier in the session, the shares were as high as $4.90.

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