Canadian Superior Energy Inc.
TSX : SNG
NYSE Alternext US : SNG

Canadian Superior Energy Inc.

December 18, 2009 12:45 ET

Canadian Superior Energy Inc. Announces Non-Brokered Financing of Up to CDN$50 Million

CALGARY, ALBERTA--(Marketwire - Dec. 18, 2009) - Canadian Superior Energy Inc. ("Canadian Superior" or the "Company") (TSX:SNG) (NYSE Amex:SNG) is pleased to announce that it intends to raise up to CDN$50,000,000 through a non-brokered private placement issue (the "Private Placement") of up to 96,153,846 common shares ("Common Shares") at CDN$0.52 per Common Share which is the Market Price as of December 16, 2009. Market Price has the meaning ascribed thereto in the TSX Company Manual.

Treherne Resources Ltd. ("Treherne"), a private company controlled by Mr. Clay Riddell, has subscribed for CDN$20,000,000 of the Private Placement (the "Treherne Subscription"). The Company has offered a position on its Board of Directors to Mr. Riddell, or another Treherne representative, subject to approval of such representative by the Company's Board of Directors, upon the closing of the Private Placement and the Treherne Subscription. The new director will be announced after closing of the Private Placement and the Treherne Subscription.

The Common Shares issued pursuant to the Private Placement are subject to a four month plus one day hold from the date of closing of the Private Placement in accordance with applicable Canadian securities legislation. Closing of the Private Placement is expected to occur on or about January 14, 2010 and is subject to receipt of all necessary regulatory approvals and other customary conditions.

Proceeds from the Private Placement will be used for the Company's exploration and development activities in its domestic and international operations and for general corporate purposes. Jennings Capital Inc. is acting as financial advisor to the Company.

Canadian Superior Energy Inc. is a Calgary, Alberta, Canada based diversified global energy company engaged in the exploration and production of oil and natural gas and in the development of a liquefied natural gas ("LNG") project. Its operations are located offshore Trinidad and Tobago, Western Canada, North Africa, offshore Eastern Canada, and offshore Eastern United States. See Canadian Superior's website at www.cansup.com to review further detail on Canadian Superior's operations.

This news release contains forward-looking information, including the expectation of successful future results. Actual results could differ materially due to changes in project schedules, commercial negotiations, changes in energy pricing, unforeseen technical or the inability to raise additional capital, therefore there can be no assurance that any of the foregoing actions by the Company will be completed as contemplated. Forward-looking information contained in this news release is as of the date of this news release. The Company assumes no obligation to update and/or revise this forward-looking information except as required by law.

Statements contained in this news release relating to future 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, resource potential and/or reserves, interpretations, prognoses, schedules or achievements of the Company, 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 Company's annual reports on Form 40-F or Form 20-F on file with the U.S. Securities and Exchange Commission.

Contact Information

  • Canadian Superior Energy Inc.
    Investor Relations
    (403) 294-1411
    (403) 216-2374 (FAX)
    or
    Canadian Superior Energy Inc.
    Suite 3200, 500 - 4th Avenue S.W.
    Calgary, Alberta, Canada
    T2P 2V6
    www.cansup.com