Sonde Resources Corp. (the "Company") (TSX: SNG) (NYSE Amex: SNG)
is pleased to announce that the following matters put before the
annual and special meeting of holders ("Shareholders") of common
shares ("Common Shares") of the Company held on June 3, 2010 were
approved:
1. the election of Marvin M. Chronister, Dr. James Funk, Kerry R. Brittain,
Dr. William J.F. Roach, Gregory G. Turnbull and James H.T. Riddell as
directors of the Company for the ensuing year;
2. the appointment of Deloitte & Touche llp as auditors of the Company;
3. the name change from "Canadian Superior Energy Inc." to "Sonde Resources
Corp.";
4. the consolidation (the "Consolidation") of the issued and outstanding
Common Shares on the basis of one post-Consolidation Common Share for
every five pre-Consolidation Common Shares;
5. the adoption of a new shareholder rights plan of the Company; and
6. the confirmation of the new By-Law Number 1 of the Company.
Accordingly, the Company has filed articles of amendment to
implement the Consolidation and to change the name of the Company
to "Sonde Resources Corp."
The Company expects that the post-Consolidation Common Shares
will begin trading on the Toronto Stock Exchange on or about June
8, 2010 and on the NYSE Amex on or about June 7, 2010. The
post-Consolidation Common Shares will trade on each exchange under
the new symbol "SOQ".
Letters of transmittal with respect to the Consolidation were
mailed to all registered Shareholders on May 7, 2010, copies of
which are available on the System for Electronic Document Analysis
and Retrieval (SEDAR) at www.sedar.com and the Electronic Data
Gathering, Analysis and Retrieval (EDGAR) system at www.sec.gov. To
receive certificates representing post-Consolidation Common Shares,
registered Shareholders should follow the instructions set out in
the letter of transmittal and send their certificates representing
pre-Consolidation Common Shares, together with a properly executed
letter of transmittal, to Valiant Trust Company, the registrar and
transfer agent of the Company. Beneficial Shareholders should
contact their nominees with any questions regarding the procedures
applicable to them.
Following the Annual and Special Meeting of Shareholders today
the Company made a presentation which is available on our new
website www.sonderesources.com.
2010 Operational Highlights
-- After declining to a Q1 average of 2,779 boe/d, Company production
increased to 3,127 boe/d for the week ending May 19, under-pinned by a
significant oil and gas discovery in the Eaglesham Wabamun trend, which
came online in May producing 2.4 mmcf/d and 100 bbls/d.
-- Highlighting management's expectation that production growth will
continue in Q3, in early May the Company began completion and/or tie-in
operations on 23 previously-suspended wells, including a new well at
Westerose testing from combined Mannville-Glauc-Ellerslie zones at a
combined rate exceeding 4 mmcf /d.
-- Particularly encouraging from the winter program is a nearly 25%
increase to the Company's daily liquids production, highlighting the
potential management sees for positive near-term growth in Company-wide
oil and condensate production.
-- In Tunisia, the Company signed a rig commitment agreement to take
operational possession of the ENSCO 105 jack-up rig during the fourth
quarter of 2010 for drilling the Zarat 1-North appraisal well on the 7th
of November Block.
-- In Trinidad, the Company began evaluation of 7 new offshore lease blocks
that will be offered for bid in August.
-- The Liberty LNG regassification project is on budget and moving forward
with submission of a construction permit planned for late August of this
year. The Company continues to pursue possible joint ventures related to
this project.
Second Half 2010 Plans and Strategy
Western Canada
The Company is committed to increasing shareholder value on its
nearly 400,000 gross acres of Western Canada holdings, with strong
emphasis on growing high-value oil and condensate production. After
a thorough review of these assets, management has identified an
extensive list of behind-pipe, infill and step-out locations
capable of supporting a multi-year development and growth program.
The latter half of 2010 is expected to mark the beginning of a
substantial increase in Western Canada development and exploration
activity, with a three-part strategy focused on core properties at
Drumheller, Kaybob-Windfall and Boundary Lake-Eaglesham:
-- Development of high value, low-risk/low-finding and development costs
behind-pipe and infill reserves to increase cash flow in support of our
Canada and international growth programs, and to increase the value of
proved and probable reserves (gas-oriented). Management has identified
approximately 60 locations that will be targeted in 2010 and during the
first half of 2011, with potential for adding 1,600 boe/d in new
production.
-- Growth in liquids production through re-development of existing oil
pools, with a focus on the Mannville "I" pool at Drumheller. Included in
this program are plans for re-stimulating low-rate or suspended wells,
infill drilling using horizontal wells and multi-stage frac technology,
and initiation of a waterflood program.
-- Growth in liquids production through exploration for and exploitation of
oil resource plays on existing lands. Included in this program are
"proof-of-concept" re-entry's of suspended wells owned by the Company,
followed by infill and step-out drilling where successful.
International
The Company is committed to capturing the high-impact growth
potential of its Tunisia/Libya and Trinidad/Tobago offshore oil and
gas assets, and its Liberty Natural Gas LNG project on the US East
Coast. Proposed plans for 2010 and the first half of 2011
include:
-- Drilling of the Zarat 1-North appraisal well (offshore Tunisia) in late
Q4, with potential for significant value and reserve additions given
success.
-- Participation in development plans for our offshore Trinidad assets as
commissioned by our Operator partner for the block.
-- Submission of construction permits by Liberty Natural Gas with respect
to the Liberty LNG regassification project expected by late August,
2010.
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 in the development of a
liquefied natural gas ("LNG") project. Its operations are located
offshore Trinidad and Tobago, Western Canada, North Africa, and
offshore Eastern United States. See Canadian Superior's website at
www.cansup.com to review further detail on Canadian Superior's
operations.
Boe Presentation - Production information is commonly reported
in units of barrel of oil equivalent ("boe"). For purposes of
computing such units, natural gas is converted to equivalent
barrels of oil using a conversion factor of six thousand cubic feet
to one barrel of oil. This conversion ratio of 6:1 is based on an
energy equivalent conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the
wellhead. Such disclosure of boes may be misleading, particularly
if used in isolation. Readers should be aware that historical
results are not necessarily indicative of future performance.
This news release contains "forward-looking information" (within
the meaning of applicable Canadian securities laws) and "forward
-looking statements" (within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995). Such statements or
information are identified with words such as "anticipate",
"believe", "expect", "plan", "intend", "potential", "estimate",
"propose", "project" or similar words suggesting future outcomes or
statements regarding an outlook. Such statements include, among
others, those concerning the Company's anticipated operational
plans and activities including our development and exploration
program in Western Canada, the exploration, development and
drilling programs in Trinidad and in Tunisia and Libya, future
construction plans and the submission of construction permits at
the Liberty LNG regassification project, the expected continued
production growth and strategy of the Company, and the expectation
of successful future results.
Such forward-looking information or statements are based on a
number of risks, uncertainties and assumptions which may cause
actual results or other expectations to differ materially from
those anticipated and which may prove to be incorrect. Assumptions
have been made regarding, among other things, operating conditions,
management's expectations regarding future growth, plans for and
result of drilling activity, availability of capital, and capital
and other expenditures. Actual results could differ materially due
to a number of factors, including, without limitation, operational
risks in development, exploration and production; delays or changes
in plans with respect to exploration or development projects or
capital expenditures; the uncertainty of reserve and resource
estimates, the uncertainty of estimates and projections in relation
to production, risks affecting the Company's ability to execute
projects and market oil and natural gas, risks inherent in
operating in foreign jurisdictions, the ability to attract key
personnel, including the hiring of a Chief Executive Officer, and
the inability to raise additional capital. Additional assumptions
and risks are set out in detail in the Company's Annual Information
Form, available on SEDAR at www.sedar.com., and the Company's
annual reports on Form 40-F or Form 20-F on file with the U.S.
Securities and Exchange Commission.
Although the Company believes that the expectations reflected in
the forward-looking information or statements are reasonable,
prospective investors in the Company's securities should not place
undue reliance on forward-looking statements because the Company
can provide no assurance that such expectations will prove to be
correct. Forward-looking information and statements contained in
this news release is as of the date of this news release and the
Company assumes no obligation to update or revise this
forward-looking information except as required by law.
Contacts: Canadian Superior Energy Inc. Investor Relations (403)
294-1411 (403) 216-2374 (FAX) www.cansup.com Canadian Superior
Energy Inc. Suite 3200, 500 - 4th Avenue S.W. Calgary, Alberta,
Canada T2P 2V6
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