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

Canadian Superior Energy Inc.

March 05, 2009 08:22 ET

Canadian Superior Energy Inc. Announces Application for CCAA Protection

CALGARY, ALBERTA--(Marketwire - March 5, 2009) - Canadian Superior Energy Inc. ("Canadian Superior" or the "Company") (TSX:SNG)(NYSE Alternext US:SNG) announced today that it has filed an application with the Court of Queen's Bench of Alberta for an order allowing the Company to prepare a plan of arrangement for its creditors, and staying all claims and actions against the Company and its assets. The application for Companies' Creditors Arrangement Act (Canada) ("CCAA") protection is scheduled to be heard on March 5, 2009. A further press release will be issued by the Company on the conclusion of the application.

The issuance of a court order granting CCAA protection will not change the Company's previously announced decision to sell an undivided 25% or larger interest in its "Intrepid" Block 5(c) in Trinidad and Tobago. Scotia Waterous has been retained as the Company's advisor for this sale and the marketing process is well underway. There has been a high level of interest in this asset expressed by several of the most prominent oil and gas companies in the world. A successful sale of the Trinidad asset should allow the Company to re-structure in an organized manner and reemerge from CCAA in due course.

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 liquefied natural gas ("LNG") projects, 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. Canadian Superior has approximately 20,000 shareholders worldwide, including some of the top institutional shareholders in North America.

This news release contains forward-looking information, including estimates, projections, interpretations, prognoses and other information that may or relates to future production, resource potential and/or reserves, project start-ups and future capital spending. 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". Actual results, estimates, projections, resource potential and/or reserves, interpretations, prognoses and/or estimated results could differ materially due to changes in project schedules, operating performance, demand for oil and gas, commercial negotiations or other technical and economic factors or revisions. This news release may contain the reference to the term "undiscovered natural gas resources", which are those quantities of natural gas estimated to be contained in accumulations yet to be discovered. There is no certainty that any portion of undiscovered resources (oil, natural gas, natural gas liquids or other hydrocarbons) will be discovered and that, if discovered, in this or any other discovery, the discovered resource may not be economically viable or technically feasible to produce.

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 Corporations' 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
    Website: www.cansup.com