Canadian Superior Energy Inc.

Canadian Superior Energy Inc.

May 19, 2009 08:33 ET

NYSE Amex LLC Lifts Trading Halt in Canadian Superior Energy Inc. Shares Pursuant to an Extension

CALGARY, ALBERTA--(Marketwire - May 19, 2009) - Canadian Superior Energy Inc. ("Canadian Superior" or the "Company") (TSX:SNG)(NYSE Amex:SNG) confirms it has been advised by NYSE Amex LLC (the "Exchange" or "NYSE Amex LLC") that it remains below certain of the Exchange's continued listing standards as set forth in section 1003(a)(iv) of the NYSE Amex LLC Company Guide. Canadian Superior has previously announced the Exchange's decision to resume trading in the Company's common shares.

On March 6, 2009, the Company received notice from the NYSE Amex LLC Staff indicating that the Company was not in compliance with the Exchange's continued listing requirements under section 1009 of the Company Guide. The Company was afforded the opportunity to submit a plan of compliance to the Exchange and on April 22, 2009, presented its plan to the Exchange. On May 11, 2009, the Exchange notified the Company by letter that it accepted the Company's plan of compliance and granted an extension until July 31, 2009 to regain compliance with the Exchange's continued listing standards. The Company will be subject to periodic review by the Exchange Staff during the extension period. Failure to make progress consistent with the plan or to regain compliance with the continued listing standards by the end of the extension period could result in the Company being delisted from the NYSE Amex LLC.

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 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)
    Canadian Superior Energy Inc.
    Suite 3200, 500 - 4th Avenue S.W.
    Calgary, Alberta, Canada T2P 2V6