Canadian Superior Energy Inc.
TSX : SNG
NYSE Amex : SNG

Canadian Superior Energy Inc.

September 25, 2009 08:34 ET

Canadian Superior Energy Inc. Clarifies Status of Challenger Warrants

CALGARY, ALBERTA--(Marketwire - Sept. 25, 2009) - Canadian Superior Energy Inc. ("Canadian Superior" or the "Company") (TSX:SNG)(NYSE Amex:SNG) announced today that, following its recent acquisition of Challenger Energy Corp. ("Challenger") through a plan of arrangement, two classes of warrants issued by Challenger remain outstanding and are now exercisable for common shares of Canadian Superior.

The first class of warrants (the "October Warrants") expires on October 2, 2009, and on exercise of October Warrants prior to expiry and payment of the exercise price of $3.50 per warrant, the holder would be entitled to receive 0.51 of a Canadian Superior common share for each warrant exercised. The second class of warrants (the "March Warrants") expires on March 6, 2010, and on exercise of March Warrants prior to expiry and payment of the exercise price of $4.40 per warrant, the holder would be entitled to receive 0.51 of a Canadian Superior common share for each warrant exercised. The October Warrants and the March Warrants remain listed on the TSX Venture Exchange.

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 development of a liquefied natural gas ("LNG") project, with operations offshore Trinidad and Tobago, offshore Nova Scotia, Canada, in Western Canada, in the United States and in North Africa. See Canadian Superior's website at www.cansup.com to review Canadian Superior's operations in Western Canada, offshore Trinidad and Tobago, offshore Nova Scotia, interests in the USA and its North Africa interests.

This news release contains forward-looking information, including the expectation of successful future results and the ability to meet future obligations. Actual results could differ materially due to changes in project schedules, commercial negotiations, changed in energy pricing, unforeseen technical difficulties 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 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 Corporation'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)
    Website: www.cansup.com
    or
    Canadian Superior Energy Inc.
    Suite 3200, 500 - 4th Avenue S.W.
    Calgary, Alberta, Canada
    T2P 2V6