NYSE Alternext Lifts Trading Halt in Canadian Superior Energy Inc. Shares
May 07 2009 - 4:02PM
Marketwired
Canadian Superior Energy Inc. ("Canadian Superior" or the
"Company") (TSX: SNG) (NYSE Alternext US: SNG) confirms that it has
been advised by NYSE Alternext US LLC (the "Exchange" or "NYSE
Alternext US") that it has reassessed its previous decision to halt
trading in the Company's common shares, and that the shares resumed
trading on the Exchange effective Wednesday, May 6, 2009. The
Exchange stated that its decision to resume trading was based on
its review of the Company's previously announced extension of CCAA
protection by press release on May 5, 2009, and the filing of the
Company's recently announced audited financial statements and
related documents.
As previously announced, the Company's 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.
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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