Canadian Superior Energy Inc.

Canadian Superior Energy Inc.

July 24, 2009 08:40 ET

Canadian Superior Energy Inc. Announces CCAA Protection Extension

CALGARY, ALBERTA--(Marketwire - July 24, 2009) - Canadian Superior Energy Inc. ("Canadian Superior" or the "Company") (TSX:SNG)(NYSE Amex:SNG) announced today that its application of July 23, 2009 to the Court of Queen's Bench of Alberta for an Order under the Companies' Creditors Arrangement Act (Canada) ("CCAA") to extend its CCAA protection has been granted, allowing the Company to continue to prepare a plan of arrangement for its creditors, and staying all claims and actions against the Company and its assets. The extension under the Order granted will be in effect until September 15, 2009, at which time the matter will be reviewed by the Court.

The order permits Canadian Superior to remain in possession and control of its property, carry on its business, and retain employees and other service providers. While the Order is in effect the Company will continue to work with its Court appointed Monitor. The previously announced Independent Committee, working with its financial advisor, Jennings Capital Inc., continues to assess all strategic alternatives available to the Company with a view of meeting the best interests of all stakeholders and maximizing shareholder value. The alternatives being considered include the previously announced sale of an undivided 45% interest in its Block 5(c) asset in Trinidad and Tobago to BG International Limited ("BGI") and recapitalization proposals. All of these initiatives are well underway and the Company expects to re-structure in an organized manner and emerge from CCAA protection 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 to review Canadian Superior's operations.

This news release contains forward-looking information, including the Arrangement with Challenger Energy Corp., assessment of strategic alternatives, the sale of Block 5 (c) assets to BGI, recapitalization proposals and expectations of emerging from CCAA protection. Actual results could differ materially due to changes in project schedules and commercial negotiations therefore, there can be no assurance that any of the foregoing actions by the Company will be completed. 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 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)
    Canadian Superior Energy Inc.
    Suite 3200, 500 - 4th Avenue S.W.
    Calgary, Alberta, Canada T2P 2V6