Canadian Superior Energy Reports Record Second Quarter 2008-Production and Cash Flow at All-Time High and Company Profile for Cano Petroleum, Inc.

City of Industry, CA --(www.USEquityNews.com)-- 08/18/2008 - Oil and Gas Exploration industry alert provided by U.S. Equity News. Canadian Superior Energy Inc. ("Canadian Superior" or the "Company") (AMEX: SNG) is pleased to announce its financial and operating results for the three months ("Q2 2008") and six months ended June 30, 2008. Canadian Superior as Operator of the "Intrepid" Block 5(c) offshore Trinidad announced a significant natural gas discovery with the drilling and production testing of its "Bounty" exploration well. The "Bounty" well was drilled to a total depth of approximately 17,360 feet and encountered gas bearing horizons with the main targeted zone in the well encountering approximately 200 feet of pay. Initial test results indicate that the "Bounty" well is capable of producing at a rate of approximately 200 mmcf/d from this high pressure zone.



Hyperdynamics Corporation (AMEX: HDY) announced today that Dr. Tai-Lin Hong has been contracted to enhance its core geoscience team working on the Republic of Guinea offshore exploration project. Dr. Hong has extensive experience on exploration teams at Exxon Production Research Company, British Petroleum Company, and Unocal. Dr. Hong will perform scientific analysis including velocity picking, AVO analysis, and post and pre-stack depth migration processing. Since October 2007, Hyperdynamics has hired key technical staff led by the Executive Vice President of Exploration and Production, Mr. James Spear. The team includes Exploration Manager Mr. Jeffrey Sprain and Dr. Olufemi Babalola, the Company's Manager of Petroleum Development and Chief Geophysicist. Now Dr. Tai-Lin Hong has been formally engaged as an Analysis Specialist and Senior Consulting Geophysicist.

Cano Petroleum, Inc. (AMEX: CFW) is an oil and gas company that utilizes secondary waterflood and enhanced oil recovery (EOR) methods to produce oil and gas from mature U.S. fields. The company's focus on enhanced recovery of existing onshore domestic oil fields eliminates exploration risk as well as the political and logistical uncertainties inherent in international operations.

Diamond I, Inc. (OTCBB: DMOI), a reporting company trading on the OTCBB that is to change its name to "US BioFuels Exchange, Inc.," announced recently that it has obtained the first round of funding for its online biofuels exchange, USBiofuelsExhange.com (the "US-BX"). This first funding was obtained from a group of investors, including petroleum and biofuels marketing veterans and petroleum and biofuels marketing companies. This funding assures the launch of the US-BX. "This type of industry support certainly bolsters our belief that the time for the US-BX is now," said Tom Gray, DMOI's newest director. "We are excited with the building momentum and look forward to announcing more developments in this important project."

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