Canadian Superior Energy Inc. Plan of Arrangement Approved Company Emerges from CCAA
17 Settembre 2009 - 2:13PM
Marketwired
Canadian Superior Energy Inc. ("Canadian Superior" or the
"Company") (TSX: SNG)(NYSE Amex: SNG) announced today that it has
completed its financial restructuring and has emerged from
protection under the Companies' Creditors Arrangement Act (Canada)
("CCAA"). On Monday the Court of Queen's Bench Alberta issued its
Final Approval Order for the implementation of the Company's CCAA
plan of arrangement (the "Plan"). The Plan put in place by the
Company resulted in the acquisition of Challenger Energy Corp.
("Challenger") through a plan of arrangement under section 192 of
the Canada Business Corporations Act (the Arrangement"), the sale
of a 45% interest in Block 5(c) in Trinidad and Tobago to BG
International Limited, the Company's creditors being paid in full,
and the board of directors being substantially reconstituted. The
Company has retained a 25% interest in Block 5(c), where the
Company and its partners have drilled three successful deepwater
exploration wells. In addition, the Company retains its assets in
Western Canada, the East Coast and North Africa, and a 100%
interest in its LNG project in the United States.
Pursuant to the Arrangement, Canadian Superior acquired all of
the issued and outstanding common shares of Challenger in exchange
for approximately 27.4 million shares of Canadian Superior. It is
anticipated that the shares of Challenger will be delisted from the
TSX Venture Exchange.
"This restructuring process has made Canadian Superior a
financially healthier and stronger company positioned for the
future" stated Marvin Chronister, Chairman of the Board. "We thank
Richard Watkins for his tireless efforts and leadership throughout
the process. We are very pleased that we paid all of our creditors
in full and that we also maintained a significant position in
Trinidad and Tobago without negatively impacting our growth
prospects on our other properties and assets. We now have the
financial flexibility to meet our obligations going forward and to
address future opportunities."
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 development of a
liquefied natural gas ("LNG") project, 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.
This news release contains forward-looking information,
including the expectation of successful future results and the
ability to meet future obligations. 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 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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