Canadian Superior Energy has reported that its western Canada exploration and production operations continue to exceed growth targets. The company said that 2007 exit production rate was 3,530 barrels of oil equivalent per day, 14% up or 430 barrels of oil equivalent per day above the target rate quoted last fall.
In the fourth quarter of 2007 the company drilled five new wells in the greater Drumheller area, Alberta, Canada. Completion and tie-in work resulted in the fourth quarter of 2007 production averaging 3,025 barrels of oil equivalent per day (boe/d), 10% up or 300boe/d from the third quarter. In addition, 10,800 acres were purchased at Crown land sales in the Peace River Arch area.
The company said that closing the previously announced acquisition of Seeker Petroleum is on track for mid-March and the combined production at the time of the transaction will enable Canadian Superior to be within striking distance of achieving its 5,000boe/d mid-year target. The combined company will have in excess of 160,000 gross undeveloped acres of land at an average working interest of 68%.
There are currently nine wells planned to be drilled in the first quarter of 2008. Three of these have already been drilled and cased. This number will rise to 11 as Seeker has two wells to be drilled this quarter. There are two 3D seismic programs planned for winter 2008 that total 73sqkm, the company said.