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

Canadian Superior Energy Inc.

September 17, 2009 08:13 ET

Canadian Superior Energy Inc. Plan of Arrangement Approved Company Emerges from CCAA

CALGARY, ALBERTA--(Marketwire - Sept. 17, 2009) - Canadian Superior Energy Inc. ("Canadian Superior" or the "Company") (TSX:SNG)(NYSE Amex:SNG) announced today that it has completed its financial restructuring and has emerged from protection under the Companies' Creditors Arrangement Act (Canada) ("CCAA"). On Monday the Court of Queen's Bench Alberta issued its Final Approval Order for the implementation of the Company's CCAA plan of arrangement (the "Plan"). The Plan put in place by the Company resulted in the acquisition of Challenger Energy Corp. ("Challenger") through a plan of arrangement under section 192 of the Canada Business Corporations Act (the Arrangement"), the sale of a 45% interest in Block 5(c) in Trinidad and Tobago to BG International Limited, the Company's creditors being paid in full, and the board of directors being substantially reconstituted. The Company has retained a 25% interest in Block 5(c), where the Company and its partners have drilled three successful deepwater exploration wells. In addition, the Company retains its assets in Western Canada, the East Coast and North Africa, and a 100% interest in its LNG project in the United States.

Pursuant to the Arrangement, Canadian Superior acquired all of the issued and outstanding common shares of Challenger in exchange for approximately 27.4 million shares of Canadian Superior. It is anticipated that the shares of Challenger will be delisted from the TSX Venture Exchange.

"This restructuring process has made Canadian Superior a financially healthier and stronger company positioned for the future" stated Marvin Chronister, Chairman of the Board. "We thank Richard Watkins for his tireless efforts and leadership throughout the process. We are very pleased that we paid all of our creditors in full and that we also maintained a significant position in Trinidad and Tobago without negatively impacting our growth prospects on our other properties and assets. We now have the financial flexibility to meet our obligations going forward and to address future opportunities."

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, 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 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)
    or
    Canadian Superior Energy Inc.
    Suite 3200, 500 - 4th Avenue S.W.
    Calgary, Alberta, Canada T2P 2V6
    www.cansup.com