Canadian Superior Energy Inc.

Canadian Superior Energy Inc.

March 27, 2008 08:11 ET

Canadian Superior Energy Successfully Completes $51.2 Million Plan of Arrangement and Acquisition of Seeker Petroleum Ltd.

CALGARY, ALBERTA--(Marketwire - March 27, 2008) - Canadian Superior Energy Inc. ("Canadian Superior" or the "Company") (TSX:SNG)(AMEX:SNG) and Seeker Petroleum Ltd. ("Seeker") are pleased to announce that on March 26, 2008 they closed the previously announced plan of arrangement (the "Arrangement"). Under the $51.2 million Acquisition and Plan of Arrangement, approximately 7,651,866 Canadian Superior common shares were issued at $3.72 a piece and $14.2 million cash was paid for the acquisition of all of the issued and outstanding shares of Seeker.

As a result of the Arrangement, Canadian Superior has acquired approximately 1,035 BOE/d (72.5% natural gas, 27.5% oil & liquids), approximately 2,073 MBOE of proven plus probable reserves and approximately 1,297 MBOE additional possible reserves, 55,385 net acres of undeveloped land and 102 sq. km of proprietary 3D seismic.

With the closing of the Arrangement, Canadian Superior confirms its previous guidance with current production at 4,350 BOE/d (approximately 22% percent liquids) with over 160,000 acres of undeveloped land (68% average working interest) in Western Canada. Canadian Superior also has a very strategic land position offshore Trinidad and Tobago with 135,055 acres of undeveloped offshore holdings and holds 1.23 million acres (100%) of exploration acreage offshore Nova Scotia, with Canadian Superior holding the largest offshore exploration acreage position in that basin.

Mr. Craig McKenzie, Canadian Superior's CEO, said in Calgary today "Canadian Superior's strategy is to grow our international business, as evidenced by our recent natural gas discovery and ongoing drilling programme of exploration wells offshore Trinidad, and to grow our Western Canadian production and cash from operations through the 'drill bit' and by selective, accretive acquisitions. Our objective is to increase shareholder value through a combination of grassroots exploration, strategic acquisitions and subsequent exploitation - both internationally and domestically."

Canadian Superior is a Calgary, Alberta, Canada based oil and gas exploration and production company with operations Offshore Trinidad and Tobago, Offshore Nova Scotia, Canada and in Western Canada. See Canadian Superior's website at to review Canadian Superior's operations in Western Canada, Offshore Trinidad and Tobago and Offshore Nova Scotia 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 estimates, projections, interpretations, prognoses and other information that may relate to current, past or future production, development(s), testing, well test results, project start-ups and future capital spending. Current, past and/or future actual results and/or reported results, estimates, projections, interpretations, prognoses, well results, test results, reserves, production, resource and/or resource potential, development(s), project start-ups, and capital spending, plans and/or estimated results could differ materially due to changes in project schedules, operating performance, demand for oil and gas, commercial negotiations or other technical and economic factors or revisions. This news release may contain the reference to the terms discovery, reserves and/or resources or resource potential which are those quantities estimated to be contained in accumulations. There is no certainty that any portion of these accumulations or estimated accumulations in this news release may not change materially; and that, if discovered, in any discovery, the accumulations or estimated accumulations may not be economically viable or technically feasible to produce.

Statements contained in this news release relating to estimates, 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, 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 2700, 605 - 5th Avenue S.W.
    Calgary, Alberta
    Canada T2P 3H5