Canadian Superior Energy Inc. Announces CCAA Protection Extension
24 Luglio 2009 - 2:40PM
Marketwired
Canadian Superior Energy Inc. ("Canadian Superior" or the
"Company") (TSX: SNG)(NYSE Amex: SNG) announced today that its
application of July 23, 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 September 15, 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 assess 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
previously announced sale of an undivided 45% interest in its Block
5(c) asset in Trinidad and Tobago to BG International Limited
("BGI") 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.
This news release contains forward-looking information,
including the Arrangement with Challenger Energy Corp., assessment
of strategic alternatives, the sale of Block 5 (c) assets to BGI,
recapitalization proposals and expectations of emerging from CCAA
protection. Actual results could differ materially due to changes
in project schedules and commercial negotiations therefore, there
can be no assurance that any of the foregoing actions by the
Company will be completed. 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 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) Canadian Superior Energy Inc. Suite
3200, 500 - 4th Avenue S.W. Calgary, Alberta, Canada T2P 2V6
Website: www.cansup.com
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