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You have that right, thanks.
Bravo maybe I can get some some tomorrow
I have been doing well in a few golds and just thought I would mention it and I too trade a lot based on technicals.
Selling some interest frees up some cash I would think. Still do not know much about the company but from one year chart this has to be worth way more. I am guessing.
With the panic sale I suspect this will rebound. Lots of gas on 5c and assets in Western Canada. Buy order executed at .435 USD today.
I am still trying to figure this one out..Will do some more research when I get the time. I have been mostly trading by charts on most stocks, still brutal out here. No one seems to be holding anything it seems. Turn your back and people jump out windows. Who would of see this. Lots of good companies trading at all time lows.....
If you decide to by and find more info let me know. I think it could be worth buying but not ready yet.
What price and what is your short term target?
Plenty of gas to go around. Bought more today on this panic dip.
Well we see the investors do not like the move. I am not sure what to think. Still very new to this field and company. I was waiting for a run to jump on in if the testing was positive. What a wreck. I was in the last run up but took my profits on the way down. Could make one heck of a bottom play right now????
Palo Alto Investors Questions Monetization of Canadian Superior’s Trinidad Assets
http://ih.advfn.com/p.php?pid=nmona&cb=1234464347&article=36230841&symbol=A%5ESNG
Todays news not so good. What are you doiing?
Not good news and a real ass whipping. What are you doing?
News time. Looks like SNG and CHQ will both be selling off some to all of their 5c working interest. Today's release indicates about 25% WI sale planned by SNG. Still would leave 20% WI, much lower development cost, and plenty of ng whenever the field is produced. http://biz.yahoo.com/iw/090210/0473048.html
News from CHQ...will be interesting to see how this plays out. http://finance.yahoo.com/news/Challenger-Appoints-Special-iw-14274117.html
I agree and may add here the next few days. PWDR was a bad experience and IMO the e group Weisss and crew were scam artists and I wish we could get them. Anyway having great success wwith golds.
Good to see you here. I'm glad you survived PWDR! We may not be rewarded immediately, but at some point the underlying asset values will come into play on this one. GLTY
Jumped in today at .99
Even better news today...theywill be flow testing as soon as the casing is completed. http://biz.yahoo.com/iw/090123/0468360.html
That is great news.
As of Thursday January 22, 2009, have drilled “Endeavour”
well to a Final Total Depth (“TD”) of approximately 17,426
feet subsea (17,515 feet MD) and are preparing to run a 7”
liner to case the well to total depth prior to further
operations.
All the way down....and casing prior to (testing???) further operations.
http://www.cansup.com/pdf_files/ddu-03-06.pdf
HMGP is below a penny a share, lol
The key is that this well will allow Bounty to be more proven as well. The overall picture of Intrepid block will be much more clearer, as will the Intrinsic Value of the share price. I think Obama will also embrace domestic natural gas production, which will allow for a minimum of $6 mcf, otherwise it simply won't be profitable. The key is that these wells are cheaper to produce than horizontal drilling.
Godspeed, The Great Dane
I'm hoping for another 200-300 feet of sand before hitting the bottom of the formation. I hope there is not a gas / water contact line encountered. The gross sand would therefore be greater than 500 feet thick and I would expect the net to gross ratio to be high - around 85-90%.
That should add a minimum of 2TCF for this well alone if the lateral extent is close to the CHQ latest presentation slide.
Don't anticipate much of a bump in the SP short term though - tough market conditions right now for NG.
GLTY - maybe we'll see a flow test PR on this well at the same time as HMGP spuds their horizontal !!!
Back to drilling. This try should do it!
http://www.cansup.com/pdf_files/ddu-03-06.pdf
Thanks. I was thinking we have to be near bottom here if world recession is at bottom also. Good luck to us all.....
Thank, I was thinking on the same line. If we take T boones dream of all truckers on natural gas this is huge a find. IMO!
I hear you, I'm buying as much as possible at these levels. Even if nat gas goes down, this company will still go up for sure, it's too easy for this company to get bought out for multiples of the current price. A no-brainer.
just don't get too carried away with your $'s. As good as the block 5C reserves report might well be, we're here as investors to make money on the stock price. they could find 10 TCF and if the SP doesn't go up and my invested $'s don't go green, I am disappointed.
there are still many years of potential fallout from the deflation bubble affecting commodities and the world economies. I am just hoping for some SP stability going fwd into mid 2009 even with good Endeavour results. If NG prices don't steady or increase, I think this investment is at best flat near term.
1 tcf = 1 billion thousand cf of ng. Lots of gas! Current estimate is that Victory and Bounty have identified about 3.7 trillion cubic feet of ng on block 5c. If Endeavour has more high pressure payzone than Bounty (about 200' and 2.6 tcf), we could be looking at a 5c indicated resource from 3 wells of well over 6 tcf of ng. SNG has 40% so do the math! Developmental drilling would further define this and would be "likely" to increase the reserve values. This is huge...I am trying to get as many $$$ together as I can to buy at this level.
Okay what the hell is that?? TCF's
Thanks I like companies with balls that shows they are on the cutting edge. Dam I wish I had more settled funds.
Yes...I am very excited about the possibilities here. They have logged and will be drilling deeper. I can only think that means they have not reached the bottom of the targeted sands.
Visions of TCF's dancing in my head...LOL.
When you're drilling in high pressure gas charged sands, I think they will drill as deep as needed until they 1) Find a gas water contact line that establishes the lower extent of the gas or 2) Find the bottom of the sand and thus the vertical extent of the pay zone in this well.
It is very positive to me that they are going deeper. Although costing more money and the risk, it shows that what they have is very good and they want to see the whole enchilada before running that final liner and starting the flow tests.
Ar of January 19th they've finished running wireline logs and are preparing to drill deeper. If they are still in the same sands and have logged about 260' of it so far, how much more to go???
Running wireline logs. I really doubt they will go deeper, but that's just my guess. Seems to me .95 current sp way undervalued given this well's potential and what's already known from Victory and Bounty.
As of Thursday January 15, have drilled sidetracked 8-1/2”
hole section to approximately 17,163 feet subsea, and are
pulling the bottom hole assembly (“BHA”) to surface to
inspect suspected worn or damaged drill bit. Planning to
run electric wireline logs prior to consideration of potential
deepening of the hole.
Reading the Rocks from Wireline Logs
http://www.pttc.org/workshop_summaries/sol_2003/524.htm
This whole thing amazes me. High tech at its best. With natural gas looking to take the slack of oil production this is looking better all the time.
I'm guessing they have drilled through the target zone and after wireline logs won't be going any deeper. Just have to wait and see, but the "new" bit sure didn't last very long!
http://www.cansup.com/pdf_files/ddu-03-06.pdf
This has taught me alot. WOW! Like going to the moon. IMO
This should be good! I can not wait for news. How long does it take to test the well???
Break of that 50dma could also be significant... pushed it the other day...jmo
Sorry i wasn't more specific. Flow testing for Victory and Bounty took about a month each. It also depends on how many zones they have and, if more than one, how many they decide to test. Assuming they get to total depth sometime this week, and decide to test flow the well, we would expect results around mid-February. Should see some action in the sp in anticipation of results, but in this market...who knows. I've been picking up shares for way less than what I paid before they even started in T&T...go figure!
Thanks again for your help and thoughts.
Depends...but I will say a decision to flow test will be very good news indeed!
Was what I was thinking. Also was thinking I need to Wire some funds if this turns out as I think. Thanks. How long after does it take to test the well?
Down to 16736 early this morning. Could be all the way down by tomorrow barring any additional delays. http://www.cansup.com/pdf_files/ddu-03-06.pdf
Hey thanks. Knew to this field. This stuff is high tech and pushes the limits of what we can do. I love hard working people who push the edge. The explorers.
IMO the information indicates a substantial high pressure zone. That they are willing to spent the time and $$$ to get this completed is a very good sign. The last section they drilled seems to have penetrated the primary target, and it is IMHO prolific and extremely high pressure. Worth a BOP repair and sidetrack. To me, how many TCF is the only question!
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Canadian Superior Energy Inc.
Investor Relations
(403) 294-1411
(403) 216-2374 (FAX)
Website: http://www.cansup.com
Canadian Superior Energy Inc.
Suite 2700, 605 - 5th Avenue S.W.
Calgary, Alberta
Canada T2P 3H5
Reknown oilpatch veteran Clay Riddell is making a big investment in Canadian Superior Energy Inc. (TSX:SNG), a Calgary-based natural gas producer that has seen a great deal of upheaval in the past year.
"I´m excited about their project in Trinidad," said Riddell in an interview, referring to an offshore block believed to contain between three and five trillion cubic feet of natural gas.
When asked what about the offshore Trinidad natural gas field piqued his interest, Riddell said bluntly: "It´s big."
A long-time investor in Canadian Superior, Riddell had been following the evolution of exploration Block 5 (c), in which Canadian Superior used to have a controlling stake.
After a series of developments over the past year _ including a dispute with one joint venture partner and the takeover of another _Canadian Superior now has a 25 per cent interest in the field, which is believed to contain between three and five trillion cubic feet of natural gas.
Canadian Superior said Friday it plans to raise up to $50 million through a non-brokered private placement issue of up to 96.2 million common shares. The company said it will issue the stock at 52 cents each.
Shares in the company soared 15.7 per cent to 59 cents on the Toronto Stock Exchange on Friday.
The financing is slated to close Jan. 14, and the money raised will be used for exploration and development and for general corporate purposes.
Treherne Resources Ltd., a private company controlled by Riddell, has subscribed for $20 million of that private placement.
Riddell, or someone else from Treherne, was offered a spot on Canadian Superior´s board, which was overhauled at the behest of a major shareholder in September.
"I´ll have such a large interest in the company and I´d like to participate in how it goes forward," Riddell said.
The Riddell name is well known in Alberta´s oil and gas industry.
A geologist by trade, Riddell founded Paramount Resources Ltd. in 1974, which has since been spun off into different firms.
His daughter Sue Riddell Rose runs Paramount Energy Trust (TSX:PET.UN) and his son Jim Riddell is chief utive of Trilogy Energy Trust (TSX:TET.UN).
He is also the chairman and chief utive of another company he founded, Arctic natural gas explorer MGM Energy Corp. (TSX:MGX).
In February, a partner in the Trinidad block, U.K.-based BG Group, persuaded an Alberta judge to put Canadian Superior´s stake under the control of a receiver.
BG had feared final testing and completion of a well would not be completed, given the financial problems of Canadian Superior and a third partner in the project, Challenger Energy Corp.
A month later, Canadian Superior and Challenger both filed for protection from creditors under the Companies´ Creditors Arrangement Act.
In May, Canadian Superior sold its 45 per cent stake in the Trinidad field for US$142.5 million to BG Group.
And then in June, Canadian Superior agreed to merge with Challenger in a friendly deal worth $77.8 million.
Canadian Superior explores for and produces oil and natural gas and is developing a liquefied natural gas project.
In addition to its venture in Trinidad and Tobago, Canadian Superior is also active in Western Canada, North Africa, off Eastern Canada and the United States.
Read more: http://www.oilweek.com/news.asp?ID=25666#ixzz0aCZmzsQU
Link - http://www.docstoc.com/docs/document-preview.aspx?doc_id=19896609
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