Canadian Superior Energy Inc. Annual and Special Meeting and Settlement Agreement With Palo Alto Investors
11 Agosto 2009 - 2:25PM
Marketwired
Canadian Superior Energy Inc. ("Canadian Superior" or the
"Company") (TSX: SNG)(NYSE Amex: SNG) announced today that it is
finalizing its information circular for forwarding to shareholders
in connection with its annual and special meeting of shareholders.
The meeting, which had previously been scheduled for September 1,
2009, will now be held on September 9, 2009.
The board of directors of Canadian Superior will be
substantially reconstituted at the meeting. The nominees for the
board named in the information circular are Kerry R. Brittain,
Marvin M. Chronister, Dr. James Funk, Dr. William Roach, Gregory G.
Turnbull and Richard Watkins, of whom the first four were proposed
by Palo Alto Investors, LLC ("Palo Alto") in the settlement
agreement referred to below. All the nominees to the board are
independent, as that term is defined in applicable Canadian
securities legislation. These nominees have the support of Palo
Alto which previously had requisitioned a meeting of shareholders
of Canadian Superior to, among other things, elect a replacement
board of directors. Canadian Superior has entered into a settlement
agreement with Palo Alto which, subject to the approval of the
Court of Queen's Bench of Alberta, provides for Canadian Superior
to nominate and support the election of the individuals named above
as directors of Canadian Superior. The Company has filed an
application with the Court requesting the Court's approval of the
terms of the settlement agreement. Hardie and Kelly Inc., the
Court-appointed Monitor under the CCAA proceedings, has advised the
Company that it will recommend approval of the settlement agreement
to the Court.
At the meeting, shareholders will also be asked to approve the
previously announced proposed plan of arrangement involving
Canadian Superior, Challenger Energy Corp. and the shareholders of
Challenger Energy Corp.
The Company expects to mail its information circular and form of
proxy to shareholders on or about August 14, 2009. Shareholders are
urged to review the materials, and to return their duly completed
form of proxy (voting in favour of each of the items set out in the
Notice of Meeting) as soon as possible and in any event prior to
September 4, 2009.
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 reconstitution of the board of directors, settlement
with Palo Alto Investors, LLC, holding of an annual and special
meeting of shareholders and the implementation of a plan of
arrangement with Challenger Energy Corp. Actual results could
differ materially due to intervening events, lack of court
approval, the result of the shareholder vote and commercial
negotiations and 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 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
www.cansup.com
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