Canadian Superior Energy Inc.
TSX : SNG
AMEX : SNG

Canadian Superior Energy Inc.

July 13, 2005 18:30 ET

Canadian Superior Energy Inc. Announces the Closing of 'Intrepid' Block 5(c) Trinidad and Tobago Financing

CALGARY, ALBERTA--(CCNMatthews - July 13, 2005) - Canadian Superior Energy Inc. ("Canadian Superior") (TSX:SNG) (AMEX:SNG) announced today that on July 12, 2005, it successfully closed a private placement of 5.5 million special warrants at a price of Cdn. $2.00 (or the equivalent in U.S. dollars) per special warrant for gross proceeds of approximately Cdn. $11.0 million. Each special warrant is exercisable to acquire, without additional payment, one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant is exercisable to acquire one common share of Canadian Superior for Cdn. $2.50 (or the equivalent in U.S. dollars) until June 30, 2006. The proceeds of the offering will be used for the acquisition, drilling and development of the "Intrepid" Block 5(c) offshore Trinidad and Tobago. Brant Securities Limited acted as agent in Canada in connection with the offering.

Canadian Superior is a Calgary, Alberta based oil and gas exploration and production company with operations in Western Canada, offshore Trinidad and Tobago and offshore Nova Scotia. See Canadian Superior's website at www.cansup.com to review Canadian Superior's Western Canadian Operations, Trinidad and Tobago holdings and the Company's offshore Nova Scotia interests.

This press release and the information provided herein is not an offer of securities for sale in the United States. The offer and sale of the special warrants, and the underlying common shares and common share purchase warrants, are not registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent such a registration or an applicable exemption from U.S. federal and state registration requirements.

This press release contains forward-looking information regarding the expected outcome of the events described herein. Actual results or estimated results could differ materially due to a number of factors. Statements contained in this press release relating to future results, events and expectations are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such statements. Please refer to Canadian Superior's publicly filed reporting documents, including its Annual Information Form and Form 40-F, for a more detailed description of the specific risks and uncertainties applicable to Canadian Superior's business.

Contact Information

  • Canadian Superior Energy Inc.
    Investor Relations
    (403) 294-1411
    (403) 216-2374 (FAX)
    Website: www.cansup.com
    or
    Canadian Superior Energy Inc.
    Suite 3300, 400 - 3rd Avenue S.W.
    Calgary, Alberta
    Canada T2P 4H2