Canadian Superior Energy Inc.
NYSE Alternext US : SNG

Canadian Superior Energy Inc.

October 28, 2009 12:39 ET

Canadian Superior Energy Inc. Announces Toronto Stock Exchange Listing Requirements Satisfied and Increase in Bank Facility to $40 Million

CALGARY, ALBERTA--(Marketwire - Oct. 28, 2009) - Canadian Superior Energy Inc. ("Canadian Superior" or the "Company") (TSX:SNG) (NYSE Amex:SNG) announced today that the Toronto Stock Exchange ("TSX") has completed its review of the common shares of the Company and has determined that the Company meets TSX's original listing requirements.

In addition, the Company announced that its current lender, the National Bank of Canada, has approved an increase in the Company's credit facility from $25 million to $40 million. The credit facility is subject to the next scheduled review in April 2010.

Marvin Chronister, Chairman of the Board for Canadian Superior, stated: "We are pleased with these two developments. While we always believed we met the TSX listing requirements, confirmation from the TSX removes any element of uncertainty in the marketplace. The increase in our credit facility is a reinforcement of our growing financial strength and gives us added financial flexibility for our Canadian operations."

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 in development of a liquefied natural gas ("LNG") project, 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 in Western Canada, offshore Trinidad and Tobago, offshore Nova Scotia interests, in the USA and its North Africa interests.

This news release contains forward-looking information, including the expectation of successful future results and the ability to meet future obligations. Actual results could differ materially due to changes in project schedules, commercial negotiations, changes in energy pricing, unforeseen technical or the inability to raise additional capital, therefore there can be no assurance that any of the foregoing actions by the Company will be completed as contemplated. 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 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)
    Canadian Superior Energy Inc.
    Suite 3200, 500 - 4th Avenue S.W.
    Calgary, Alberta, Canada
    T2P 2V6