Canadian Superior Energy Inc. Announces CCAA Protection Extension
May 05 2009 - 8:28AM
Marketwired
Canadian Superior Energy Inc. ("Canadian Superior" or the
"Company") (TSX: SNG) (NYSE Amex: SNG) announced today that its
application of May 4, 2009 to the Court of Queen's Bench of Alberta
for an Order under the Companies' Creditors Arrangement Act
(Canada) ("CCAA") to extend its CCAA protection has been granted,
allowing the Company to continue to prepare a plan of arrangement
for its creditors, and staying all claims and actions against the
Company and its assets. The extension under the Order granted will
be in effect until June 4, 2009, at which time the matter will be
reviewed by the Court.
The order permits Canadian Superior to remain in possession and
control of its property, carry on its business, and retain
employees and other service providers. While the Order is in effect
the Company will continue to work with its Court appointed Monitor.
The previously announced Independent Committee, working with its
financial advisor, Jennings Capital Inc., continues to access all
strategic alternatives available to the Company with a view of
meeting the best interests of all stakeholders and maximizing
shareholder value. The alternatives being considered include the
sale of an undivided 25% or greater interest in its "Intrepid"
Block 5(c) in Trinidad and Tobago through the Scotia Waterous
process, the sale of all or a portion of its Western Canada assets,
and recapitalization proposals. All of these initiatives are well
underway and the Company expects to re-structure in an organized
manner and emerge from CCAA protection in due course.
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
www.cansup.com 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.
Contacts: 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
Website: www.cansup.com
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