Canadian Superior Energy Inc.
TSX : SNG
AMEX : SNG

Canadian Superior Energy Inc.

June 30, 2005 08:30 ET

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

CALGARY, ALBERTA--(CCNMatthews - June 30, 2005) - Canadian Superior Energy Inc. (TSX:SNG) (AMEX:SNG) ("Canadian Superior") of Calgary, Alberta, Canada announced today that it has raised Cdn. $10 million through an offering of special warrants. The proceeds of the offering will be used for acquisition, drilling and development of the offshore "Intrepid" Block 5(c), off the east coast of Trinidad.

The size of the financing is for Cdn. $10 million, and the Company and the Toronto Stock Exchange have provided for an increase of up to 10%. Closing is currently scheduled for July 5, 2005.

The special warrants will be issued at a price of Cdn. $2.00 (or the equivalent in U.S. dollars). Each special warrant will be exercisable to acquire, without additional payment, one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant will be exercisable to acquire one common share for Cdn. $2.50 (or the equivalent in U.S. dollars) until June 30, 2006. The Toronto Stock Exchange has conditionally approved the listing of the underlying common shares.

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 such securities 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