Canadian Superior Energy Successfully Completes $51.2 Million Plan of Arrangement and Acquisition of Seeker Petroleum Ltd.
March 27 2008 - 8:10AM
Marketwired
CALGARY, ALBERTA (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 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 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.
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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