For
Immediate Release
|
January
20, 2010
|
Canadian
Superior Energy Inc. Announces Closing of
Private
Placement and Appointment of New Director
CALGARY,
ALBERTA--(Marketwire – January 20, 2009) – Canadian Superior Energy Inc.
("Canadian Superior" or the "Company") (TSX: SNG) (NYSE Amex LLC: SNG)
successfully closed its previously announced non-brokered private placement (the
"Private Placement") January 19, 2010. The Private Placement was over
subscribed and the Company raised CDN$59,500,604 issuing 114,424,238 common
shares ("Common Shares") at CDN$0.52 per Common Share.
Proceeds
from the Private Placement will be used for the Company’s exploration and
development activities in its domestic and international operations and for
general corporate purposes. Jennings Capital Inc. acted as financial
advisor to the Company in connection with the Private Placement.
The securities
have not been and will not be registered under the U.S. Securities Act of 1933
and may not be offered or sold in the United States absent registration or an
applicable exemption from registration requirements. This press
release shall not constitute an offer to sell or the solicitation of an offer to
buy nor shall there be any sale of these securities in any state in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state.
Appointment
of New Director
In
conjunction with the closing of the Private Placement, Canadian Superior has
appointed James H.T. Riddell to the Company’s Board of Directors, effective
January 18, 2010.
Mr. Riddell is the President and Chief Operating Officer
and a Director of Paramount Resources Ltd. Mr. Riddell is also the
President, Chief Executive Officer and a Director of Trilogy Energy Ltd., a
wholly-owned subsidiary and the administrator of Trilogy Energy
Trust. Mr. Riddell graduated from Arizona State University with a
Bachelor of Science degree in Geology and from the University of Alberta with a
Master of Science degree in Geology.
“I
am delighted that Mr. Riddell, a well-respected member of the energy industry,
has joined our Board of Directors,” said Marvin Chronister, Chairman of Canadian
Superior. “His wealth of knowledge and experience in the oil and gas
industry will be of great value to the Company as we continue to move forward
with the development of our global portfolio of assets.”
This
news release contains forward-looking information, including the expectation of
successful future results. Actual results could differ materially due
to changes in project schedules, commercial negotiations, changes in energy
pricing, unforeseen technical or the inability to raise additional capital,
therefore there can be no assurance that any of the foregoing actions by the
Company will be completed as contemplated. 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.
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 Company, 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
Company’s annual reports on Form 40-F or Form 20-F on file with the U.S.
Securities and Exchange Commission.
For
Further Information Please Contact:
Canadian
Superior Energy Inc.
Suite
3200, 500 - 4th Avenue S.W.
Calgary,
Alberta, Canada T2P 2V6
Investor
Relations
Phone:
(403) 294-1411
Fax:
(403) 216-2374
www.cansup.com