Canadian Superior Energy Inc. Withdraws $155 Million All Cash Bid of CDN $2.16 per Share for Berkana Energy Corp, Calgary, Alber
November 19 2007 - 3:49PM
Marketwired
CALGARY, ALBERTA (TSX: SNG) (AMEX: SNG) announced today that it
has withdrawn its $155 million all cash bid for Berkana Energy
Corp. ("Berkana") made on Friday, November 16, 2007, after the
close of the North American capital markets. The $155 million all
cash bid of CDN $2.16 per share to all shareholders of Berkana was
made to Murphy Oil Corporation and Murphy Oil Company, Ltd.
("Murphy"), Berkana's 80% shareholder and to Berkana's minority
shareholders at a special board of directors meeting of Berkana and
their Independent Committee that was convened on Saturday November
17, 2007 regarding this Transaction.
Canadian Superior's bid expired at 3:00 pm MST Saturday November
17, 2007 and it has been formally withdrawn with Berkana and
Murphy. Canadian Superior's bid was to be financed by cash,
internal sources, conventional banking, high yield debt and
institutional shareholder support. Canadian Superior's offer also
included upside for Berkana's shareholders who had the option to
acquire up to 25% of the value of the Transaction in the form of
Canadian Superior common shares.
Murphy recently hired RBC Dominion Securities of Canada to sell
Murphy's 80% interest in Berkana. Berkana claims to have 3,000
boe/d of production in Western Canada and approximately CDN $20
million per year of cash flow.
Canadian Superior is a Calgary, Alberta, Canada based oil and
gas exploration and production company. Canadian Superior has
operations in Western Canada, Offshore Trinidad and Tobago and
Offshore Nova Scotia, Canada. See Canadian Superior's website at
www.cansup.com 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 or relates to future production, project
start-ups and future capital spending. Actual results, estimates,
projections, interpretations, prognoses 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 contains the reference to the term "undiscovered
natural gas resources", which are those quantities of natural gas
estimated to be contained in accumulations yet to be discovered.
There is no certainty that any portion of the undiscovered
resources will be discovered and that, if discovered, it may not be
economically viable or technically feasible to produce.
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, 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.
Contacts: Canadian Superior Energy Inc. Investor Relations (403)
294-1411 (403) 216-2374 (FAX) Website: www.cansup.com Canadian
Superior Energy Inc. Suite 2700, 605 - 5th Avenue S.W. Calgary,
Alberta Canada T2P 3H5
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