Canadian Superior Energy Announces 2007 Financial and Operating Results

CALGARY, ALBERTA, Mar 31 (MARKET WIRE) --
Canadian Superior Energy Inc. ("Canadian Superior" or the "Company")
(TSX: SNG) (AMEX: SNG) is pleased to announce its financial and operating
results for the year ended December 31, 2007.

Highlights

- 2007 exit production rate was 3,530 boe/d, up 14% or 430 boe/d above
the target quoted in the fall of 2007;

- Q4 2007 production averaged 3,025 boe/d, up 10% or 300 boe/d from Q3;

- Increased Proven Reserves to 5,231 mboe from 5,193 mboe and Proven Plus
Probable to 8,481 mboe from 8,131 mboe;

- 2007 year end before tax undiscounted cash flows on Proved Plus
Probable reserves of $241 million increased by 10% compared to $219
million in 2006;

- On July 27, 2007, the Company and its joint venture partner, the
Petroleum Company of Trinidad and Tobago Limited ("Petrotrin"), received
the Exploration and Production Licence for the Mayaro/Guayaguayare
("M/G") Block offshore Trinidad;

- On August 11, 2007, the BG Group plc partnered with Canadian Superior
by acquiring a 30% working interest in Canadian Superior's "Intrepid"
Block 5 (c) Production Sharing Contract by paying Canadian Superior
approximately US $39 million and on a go forward basis paying
approximately 40% of the exploration costs associated with the drilling
of the three commitment wells required on Block 5 (c). As a result of
this joint venture and one other Canadian Superior entered into on Block
5(c), Canadian Superior is paying approximately 26-2/3% of the cost to
get 45% of the production from the Block.

- Completed equity financings in the year for approximately $22.7 million;

- Subsequent to year end Canadian Superior had a large natural gas
discovery in Trinidad. Completed the drilling of its "Victory" well,
"Intrepid" Block 5(c), offshore Trinidad, a natural gas discovery; and,
two zones were successfully completed in the "Victory" well. The first
zone tested natural gas on a restricted basis at high pressure rates
averaging between 40 and 45 mmcf/d; and, the second zone, which was
tested independently and separate from the first zone, tested natural gas
on a restricted basis at high pressure rates averaging in excess of 30
mmcf/d. Canadian Superior and its partners have identified possible
further prospective horizons in the "Victory" well that will be evaluated
in other wells planned for the area; and,

- Also subsequent to year end, Canadian Superior announced the
acquisition of Seeker Petroleum Ltd. for approximately $51.2 million,
including the assumption of approximately $8.5 million in debt. Canadian
Superior closed this acquisition in March 2008 and has acquired
approximately 1,035 boe/d; 2,073 MBOE of proven plus probable reserves
and 55,385 net acres of undeveloped land.

Speaking today, Craig McKenzie, Canadian Superior's Chief Executive
Officer, said, "Our 2007 physical and financial results demonstrate the
strength and delivery of our corporate objective, which is to
exponentially grow the business through high-impact international
exploration programmes and expansion of our Western Canada core assets
through focused drilling and selective, accretive acquisitions. We
carried out the drilling of our 'Victory' well offshore Trinidad in 2007
as the first of a three-well series, which yielded a successful natural
gas discovery in this multi-TCF play. Now we are drilling the 'Bounty'
well, and later in 2008, we will drill 'Endeavour' as the third well in
this series. In Western Canada, we surpassed our 2007 exit production
rate of over 3,000 boe/d and now we are focused on our mid-year 2008
target of 5,000 boe/d, but more importantly we have an aspiration to
achieve 10,000 boe/d before year end so that more of our international
growth is funded from internal cash flows. At the same time our objective
is to provide our shareholders significant growth in per share value."

Financial and Operational Highlights

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Twelve months ended December 31, 2007 2006 % change
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($000s, except where otherwise noted)

Financial

Petroleum and natural gas sales, net of
transportation 47,847 48,766 -2
Cash flow from operations 13,855 23,083 -40
Per share - basic $0.10 $0.19 -47
Net loss (9,936) (10,913) -9
Per share - basic ($0.07) ($0.09) -22
Capital Expenditures 66,282 59,548 11
Nova Scotia offshore term deposits 14,559 14,805 -2
Working capital surplus (net debt) 12,663 (670) 1,990

Share outstanding at year end 140,312 131,216 7

Operating

Average production
Natural gas (mcf/d) 13,496 13,414 1
Crude oil and natural gas liquids (bbl/d) 594 653 -9
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Total (boe/d) 2,843 2,889 -2

Average sales price
Natural gas ($/mcf) 6.72 6.95 -3
Crude oil and natural gas liquids ($/bbl) 67.95 61.95 10
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Total ($/boe) 46.10 46.26 0

Reserves (working interest)
Total Proved
Natural gas (mmcf) 25,333 24,875 2
Crude oil and natural gas liquids (mbbl) 1,009 1,047 -4
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Total (mboe) 5,231 5,193 1

Total Proved plus Probable
Natural gas (mmcf) 39,632 37,962 4
Crude oil and natural gas liquids (mbbl) 1,944 1,805 8
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Total (mboe) 8,549 8,131 5

Undeveloped land (gross acres)
Offshore Trinidad and Tobago 135,041 135,041 0
Offshore Nova Scotia 1,234,546 2,590,473 -52
Western Canada 107,074 131,747 -19
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Total 1,476,661 2,857,261 -48

Wells drilled
Gross 73.0 58.0 26
Net 25.0 28.6 -13
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Operational Update

Trinidad and Tobago

On July 20, 2005, Canadian Superior signed a PSC for the 80,020 acre
"Intrepid" Block 5(c), offshore Trinidad and Tobago, with the Government
of the Republic of Trinidad and Tobago. The PSC provides Canadian
Superior the right to explore on "Intrepid" Block 5(c). The "Intrepid"
Block 5(c) is located approximately 96 kilometers (60 miles) off the east
coast of the island of Trinidad with water depths in the range of 150m to
450m (500 to 1,500 feet). The three "Intrepid" Block wells will evaluate
three large separate potential hydrocarbon bearing structures that have
been delineated by extensive 3D seismic over the entire "Intrepid" Block
5(c) that Canadian Superior has evaluated and interpreted. The first well
commenced drilling shortly after the Kan Tan IV had completed a scheduled
refurbishment in Brownsville, Texas. On May 11, 2007 the Kan Tan IV was
towed out of the port of Brownsville, Texas, en route to the port of
Chaguaramus in Trinidad to load up supplies and finalize drilling
preparations and was then moved to the first drilling location on the
"Victory" Prospect arriving on site June 19, 2007. The first well on the
"Intrepid" Block 5(c) was on the "Victory" Prospect, the second and third
wells are planned for the "Bounty" and "Endeavour" prospects.

On June 25, 2007, the drilling of a pilot hole at the "Victory" well site
commenced. Following that drilling and evaluation, the main well bore was
spudded on June 29, 2007. On August 30, 2007, the "Victory" well site
reached Total Depth of 16,621 feet (subsea) and due to difficulties
encountered the lower portion of the well was re-drilled to a total depth
of 16,150 feet. On December 17, 2007, the Corporation announced that it
had unanimously agreed with its partners to case and conduct flow tests
on the "Victory" well.

The "Victory" natural gas discovery tested natural gas in two main
formations and the Corporation estimates that the well is capable of
producing at sales gas flow rates of well over 100 mmcf/d from the lower
zone alone, which was the first formation tested. In addition, the
Corporation estimates that the well is capable of flowing over 50 mmcf/d
from the second formation flow tested. Both zones were tested at
restricted rates and had high flowing pressures.

On February 20, 2008, the Corporation successfully spudded the "Bounty"
well with the Kan Tan IV semi-submersible drilling rig. The rig has moved
approximately 2.2 miles from 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 about
110 days to drill. It is expected that the "Bounty" well and the third
well, "Endeavour", will both be drilled and evaluated by year end 2008.

The Corporation also continues to prepare for the first phase of
operations on its Mayaro/Guayaguayare ("M/G") "Tradewinds" project. On
July 27, 2007, Canadian Superior, as operator, and its joint venture
partner, the Petroleum Company of Trinidad and Tobago Limited
("Petrotrin") received the Exploration and Production License for the
near shore Mayaro/Guayaguayare ("M/G") Block off the east coast of the
island of Trinidad and Tobago from the Trinidad and Tobago Ministry of
Energy and Energy Industries. This joint venture encompasses two
near-shore Blocks (58,080 gross acres) off the east coast of Trinidad
where management hopes to establish significant oil reserves in the heart
of a known producing hydrocarbons-bearing structural trend. For the M/G
Block Land, the Corporation is working on the design of a seismic program
to evaluate the near-shore block and is planning this program to be shot
during 2008 where we intend to drill 2 offshore wells on the M/G Block
prior to year end 2009. Offshore Nova Scotia, Canada

Canadian Superior is one of the few operators involved in all three main
play types in the offshore Nova Scotia basin where the Corporation has
evolved as the company holding the largest exploration acreage position
with 100% interests in five exploration licences totaling 1.29 million
net acres at year end 2007. Canadian Superior relinquished EL2412 and
EL2413 at the end of 2007 and currently holds the following exploration
licenses "Mayflower" (EL2406), "Marauder" (EL2415), "Marconi" (EL2416),
"Mariner" (EL2409) and "Marquis" (EL2402) exploration blocks. Four of
these licences, "Marquis", "Mariner", Marauder" and "Marconi", are in the
Sable Island area which is an area of natural gas supply that is very
important and strategic for the North Eastern United States gas supply.

Canadian Superior has identified several other large Cretaceous and
Jurassic prospects on its 100% "Marauder" and 100% "Marconi" exploration
lands which cover an additional 370,890 acres offshore Nova Scotia,
offsetting the Sable Island area. The "Marauder" lands directly offsets
three significant discovery licences and have several seismically defined
prospects, two of which lie on trend with significant discoveries near
existing production infrastructure. The "Marconi" licence has a
seismically defined tilted fault / anticlinal prospect similar to other
Sable area fields.

Canadian Superior's "Mariner" shallow water block (EL2409) covers 100,656
acres and is located approximately nine kilometres northeast of Sable
Island, offshore Nova Scotia and directly offsets five significant
discoveries near Sable Island, including the ExxonMobil Venture natural
gas production field and other nearby Sable Offshore Energy Project
existing production infrastructure. Three large Cretaceous structures
have been identified for drilling on the "Mariner" block based on an
evaluation of seismic data. The first exploration well, Canadian Superior
El Paso "Mariner" I-85, was drilled on this block in November 2003 to
March 2004 and encountered gas pay in multiple zones. Two new prospective
locations have been identified and further drilling is planned by
Canadian Superior on the "Mariner" Block in 2009. Front end geological
and geophysical analyses are complete and environmental approvals are in
place.

Western Canada

The Corporation continued its successful Western Canada exploration and
development program in 2007 where it focused its drilling activity in its
core Drumheller area. Currently, the Corporation derives all of its
production and cash flow from Western Canada, with approximately 90% of
the Corporation's production coming from the Drumheller area, where the
Corporation remains focused on continued growth through the "drill-bit".
In addition, the Corporation has placed more focus on the Boundary Lake
and Cecil areas and surrounding properties such as Giroux Lake and
evaluating selected acquisition opportunities.

Canadian Superior is pleased to report that due to ongoing drilling
success in 2007, with new production brought on-stream throughout 2007,
production averaged approximately 3,025 boe/d raw (2,843 boe/d, average
daily sales volume) for the year, and in addition 2007 saw significant
production growth in the 4th quarter resulting in year end production of
approximately 3,530 boe/d raw (3,290 boe/d, average daily sales volume).

During 2007, the Corporation drilled or participated in 73 gross, 25
operated and 48 non-operated (total of 25.0 net wells) with an overall
success rate of 92%. In addition, the land picture for Canadian Superior
continues to remain steady as the Corporation drills and makes strategic
land sale acquisitions. At December 31, 2007, the Corporation held in
Western Canada 246,445 gross acres (164,968 net acres) of predominately
Canadian Superior operated lands with a high working interest of
approximately 70%.

On January 16, 2008, the Corporation announced entering into an
acquisition agreement whereby Canadian Superior will acquire subject to
certain conditions, all of the issued and outstanding shares of Seeker
Petroleum Ltd., for total consideration of approximately $51.2 million,
including the assumption of approximately $8.5 million of debt. Canadian
Superior will acquire approximately 1,035 boe/d of Western Canadian
production and 2,073 MBOE of proven plus probable reserves.

Six wells were drilled and cased in the first quarter of 2008 and
currently another well, from the Seeker assets, is being drilled. There
are two 3D seismic programs planned for winter 2008 that total 73 square
kilometers. A third program will be added to evaluate Seeker's acreage.
The Corporation's comprehensive 2008 drilling plan will be adjusted
further to rank and prioritize the two companies drilling portfolios.

Canadian Superior is a Calgary, Alberta, Canada based oil and gas
exploration and production company with operations Offshore Trinidad and
Tobago, Offshore Nova Scotia, Canada and in Western Canada. See Canadian
Superior's website at www.cansup.com to review Canadian Superior's
operations in Western Canada, Offshore Trinidad and Tobago and Offshore
Nova Scotia interests. Canadian Superior has approximately 20,000
shareholders worldwide, including some of the top institutional
shareholders in North America.

Canadian Superior is paying approximately 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 International Limited, a wholly owned
subsidiary of the BG Group plc (LSE: BG.L), paying approximately 40% for
a 30% working interest and Challenger Energy Corp. (TSX VENTURE: CHQ)
(AMEX: CHQ) paying 33-1/3% for a 25% working interest through Canadian
Superior.

This news release contains forward-looking information, including
estimates, projections, interpretations, prognoses and other information
that may relate to current, past or future production, development(s),
testing, well test results, project start-ups and future capital
spending. Current, past and/or future actual results and/or reported
results, estimates, projections, interpretations, prognoses, well
results, test results, reserves, production, resource and/or resource
potential, development(s), project start-ups, and capital spending, plans
and/or estimated results could differ materially due to changes in
project schedules, operating performance, demand for oil and gas,
commercial negotiations or other technical and economic factors or
revisions. This news release may contain the reference to the terms
discovery, reserves and/or resources or resource potential which are
those quantities estimated to be contained in accumulations. There is no
certainty that any portion of these accumulations or estimated
accumulations in this news release may not change materially; and that,
if discovered, in any discovery, the accumulations or estimated
accumulations may not be economically viable or technically feasible to
produce.

Statements contained in this news release relating to estimates, results,
events and expectations are forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended and Section 21E
of the Securities Exchange Act of 1934, as amended. These forward-looking
statements involve known and unknown risks, uncertainties, scheduling,
re-scheduling and other factors which may cause the actual results,
performance, estimates, projections, interpretations, prognoses,
schedules or achievements of the Corporation, or industry results, to be
materially different from any future results, performance or achievements
expressed or implied by such statements. Such factors include, among
others, those described in the Corporations' annual reports on Form 40-F
or Form 20-F on file with the U.S. Securities and Exchange Commission.

Contacts:
Canadian Superior Energy Inc.
Investor Relations
(403) 294-1411
(403) 216-2374 (FAX)
Website: www.cansup.com

Canadian Superior Energy Inc.
Suite 2700, 605 - 5th Avenue S.W.
Calgary, Alberta
Canada T2P 3H5

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