SOURCE: Brower Piven, A Professional Corporation

December 11, 2009 16:00 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $250,000 From Investment in Canadian Superior Energy Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the February 8, 2010 Lead Plaintiff Deadline

BALTIMORE, MD--(Marketwire - December 11, 2009) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of the common stock of Canadian Superior Energy, Inc. ("Canadian Superior" or the "Company") (AMEX: SNG) during the period between January 14, 2008 and February 17, 2009, inclusive (the "Class Period"). Canadian Superior is not named in this action as a defendant as it sought protection under Canadian bankruptcy and reorganization laws and has since reorganized.

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than February 8, 2010 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff. You may contact Brower Piven (through or 410/986-0036) to answer any questions you may have in that regard.

The complaint asserts that on August 16, 2007, Canadian Superior and Challenger Energy jointly issued a press release announcing that BG International Limited ("BG") entered into a farm-in agreement ("Farm-In Agreement") and joint operating agreement ("Joint Operating Agreement") with Canadian Superior to participate in the exploration drilling and development of the Intrepid Block 5(c) (the "Joint Venture"). The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the discovered reserves for Intrepid Block 5(c) were below the economic threshold for development; that Canadian Superior had notified BG of its intention to commence a corporate sale in November 2008 so that it could overcome the financial constraints that were preventing it from meeting its funding obligations under the Joint Operating Agreement; that Canadian Superior had violated the terms of the Joint Operating Agreement with BG, thus potentially endangering its interest in the Joint Venture; and that Canadian Superior failed to timely pay Maersk, the drilling operator, and potentially other contractors, thereby jeopardizing the operation of the Joint Venture, such that during the Class Period, defendants lacked a reasonable basis for their positive statements about the Company, its prospects and earnings growth. According to the complaint, after Canadian Superior issued a press release on February 12, 2009, announcing the appointment of an interim Receiver of its participating interest in the Joint Venture and that pursuant to a Court Order, the Receiver, in conjunction with BG, will operate the property, the value of Canadian Superior's stock declined significantly. Also according to the complaint, after Canadian Superior announced on February 17, 2009, that it had received a demand letter from the Canadian Western Bank for repayment of all amounts outstanding under Canadian Superior's $45 million credit facility with the bank by February 23, 2009 and that Company was in discussions with alternative lenders, the value of Canadian Superior's stock declined further.

If you have suffered a net loss for all transactions in Canadian Superior Energy Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at, by email at, by calling 410-986-0036, or at Brower Piven, A Professional Corporation, The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

    Charles J. Piven
    Brower Piven, A Professional Corporation
    Baltimore, Maryland
    Email Contact