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

Canadian Superior Energy Inc.

May 05, 2009 08:28 ET

Canadian Superior Energy Inc. Announces CCAA Protection Extension

CALGARY, ALBERTA--(Marketwire - May 5, 2009) - Canadian Superior Energy Inc. ("Canadian Superior" or the "Company") (TSX:SNG) (NYSE Amex:SNG) announced today that its application of May 4, 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 June 4, 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 access 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 sale of an undivided 25% or greater interest in its "Intrepid" Block 5(c) in Trinidad and Tobago through the Scotia Waterous process, the sale of all or a portion of its Western Canada assets, 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 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 the potential sale of assets, the implementation of a plan of arrangement, and further Court review of CCAA proceedings. 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 could differ materially due to the results of commercial negotiations with relevant parties.

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
    Website: www.cansup.com