Canadian Superior Energy Inc. ("Canadian Superior" or the
"Company") (TSX: SNG)(NYSE Amex: SNG) is pleased to announce its
financial and operating results for the three months ("Q3 2009")
and nine months ended September 30, 2009.
RECENT HIGHLIGHTS
Corporate Highlights
- On October 28, 2009, the Company announced that the Toronto
Stock Exchange ("TSX") had completed its review of the common
shares of the Company and had determined that the Company met the
TSX original listing requirements;
- On October 28, 2009, the Company announced that its current
lender, the National Bank of Canada, approved an increase in the
Company's credit facility from $25 million to $40 million;
- On September 17, 2009, the Company announced it had completed
its financial restructuring and had emerged from protection under
the Companies' Creditors Arrangement Act (Canada) ("CCAA"). The
Plan resulted in the acquisition of Challenger Energy Corp., the
sale of a 45% interest in Block 5 (c) in Trinidad and Tobago to BG
International Limited and the Company's creditors being paid in
full. The Company has retained a 25% interest in Block 5 (c), its
assets in Western Canada, the East Coast and North Africa and a
100% interest in its Liberty Natural Gas project in the United
States; and
- On September 9, 2009, the shareholders elected six independent
directors to the board, five of whom are new directors.
Operational Highlights
Western Canada
- Current production from Western Canada is approximately 2,700
boe/d, an increase of approximately 150 boe/d from the third
quarter daily average production of 2,546 boe/d. There remain
several wells from the 2008 drilling program to be tied-in. Tie-in
operations have currently been suspended pending freeze-up;
- The Company currently has three rigs drilling and expects to
have a further two to three rigs running continuously through
November and December. These rigs are focused on exploration plays
with a mix of oil and gas targets. The drilling and subsequent
completions of these wells are expected to fulfill our 2009
flow-through expenditure commitments.
Trinidad and Tobago
- The Company's remaining 25% interest in Block 5 (c) remains an
important asset in creating future shareholder value. The planning
of the appraisal program is budgeted to occur in 2010 with actual
drilling on the block is expected in 2011.
Tunisia/Libya
- The Company has completed the 2D and 3D seismic interpretation
of 7th of November Block in offshore Tunisia/Libya and has
identified two locations. The Company is advancing the well
planning and rig sourcing with a goal of drilling the Zarat
appraisal well in the latter half of 2010.
Liberty Natural Gas
- In August 2009, the Company executed an agreement wherein the
Company now owns 100% of the project and is responsible for 100% of
the ongoing costs. The Company has recommenced the permitting
process.
Financial Highlights
- Western Canada average daily production of 2,548 boe/d in Q3
2009 was down 29% compared to Q3 2008; petroleum and natural gas
revenues of $5.9 million was achieved in Q3 2009, down 71% compared
to Q3 2008; and cash flow from operations before restructuring
costs was $(3.2) million in Q3 2009, down 133% compared to the same
period in 2008;
- Western Canada average daily production for the nine months
ended September 30, 2009 was 3,007 boe/d, down 14% or 509 boe/d
compared to the nine months ended September 30, 2008; for the nine
months ended September 30, 2009, petroleum and natural gas revenues
were $23.8 million or $29.03/boe, down 61%, compared to $61.3
million or $63.57/boe for the comparable period in 2008; and, for
the nine months ended September 30, 2009, cash flow from operations
before restructuring costs was $(4.0) million compared to $29.2
million for the comparable period in 2008;
- The decrease in petroleum and natural gas sales is mainly due
to significant decline in commodity prices combined with natural
declines in production volumes in 2009 compared to 2008. In
addition, during CCAA, the Company was unable to tie-in all the
successful wells from the 2008 drilling program and was forced to
postpone the 2009 drilling program until the Company exited from
CCAA protection on September 15, 2009;
- During the nine months ended September 30, 2009, the Company
incurred $18.9 million in restructuring costs related to the
receivership of the Trinidad Block 5 (c) asset and CCAA
proceedings. These costs were substantially related to legal costs
incurred directly by the Company and associated with the CCAA
process and legal costs incurred by the Receiver, BG International
and the Company's former banker, charged back to the Company;
and
- The Company recorded net income for the nine months ended
September 30, 2009 of $10.6 million compared to a loss of $5.6
million for the comparable period in 2008. The increase in 2009 is
mainly attributable to the gain of $35.6 million related to the
disposition of a 45% interest in Block 5 (c) to BG International
for gross proceeds of USD $142.5 million.
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Financial and Operational
Highlights
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September 30 Three
Months
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%
2009 2008 Change
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Financial
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($000's except per share
amounts)
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Petroleum and Natural Gas Sales,
net of transportation 5,913 20,494 (71)
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Cash Flow from (used for)
Operations before restructuring
costs (3,147) 9,330 (133)
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Per Share (0.02) 0.06 300
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Net Income (Loss) 29,456 (2,117) 1,491
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Basic & Fully Diluted Earnings
Per Share 0.17 (0.01) 50
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Capital Expenditures 55,872 39,516 41
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Nova Scotia Offshore Deposits 15,167 14,559 4
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Net Surplus (Debt) 6,917 (16,674) 142
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Shares Outstanding at Period
End 196,373,000 158,116,000 33
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Operating
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Average Production
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Natural Gas (mcf/d) 11,794 17,268 (32)
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Oil and NGL's (bbls/d) 582 689 (16)
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Boe/d 2,548 3,567 (29)
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Average Selling Price
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Natural Gas ($/mcf) 2.57 8.55 (70)
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Oil and NGL's ($/bbl) 58.24 108.99 (47)
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Total ($/boe) 25.23 62.45 (60)
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Gross Undeveloped Land (Acres)
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Western Canada 227,763 210,010 8
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Offshore Trinidad and Tobago 135,060 135,060 0
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Offshore Nova Scotia 1,070,335 1,234,546 (13)
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Offshore Tunisia/Libya 768,000 768,000 0
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Wells Drilled Western Canada
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Gross 0 10.0 n/a
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Net 0 9.7 n/a
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Financial and Operational
Highlights
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September 30 Nine
Months
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%
2009 2008 Change
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Financial
----------------------------------------------------------------------------
($000's except per share
amounts)
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Petroleum and Natural Gas Sales,
net of transportation 23,837 61,250 (61)
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Cash Flow from (used for)
Operations before restructuring
costs (4,003) 29,247 (114)
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Per Share (0.02) 0.20 175
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Net Income (Loss) 10,582 (5,569) 290
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Basic & Fully Diluted Earnings
Per Share 0.06 (0.04) (300)
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Capital Expenditures 85,264 77,866 10
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Nova Scotia Offshore Deposits 15,167 14,559 4
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Net Surplus (Debt) 6,917 (16,674) 142
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Shares Outstanding at Period
End 196,373,000 158,116,000 33
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Operating
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Average Production
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Natural Gas (mcf/d) 14,616 17,007 (14)
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Oil and NGL's (bbls/d) 571 682 (16)
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Boe/d 3,007 3,516 (14)
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Average Selling Price
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Natural Gas ($/mcf) 3.84 9.00 (57)
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Oil and NGL's ($/bbl) 54.47 103.43 (47)
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Total ($/boe) 29.03 63.57 (54)
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Gross Undeveloped Land (Acres)
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Western Canada 227,763 210,010 8
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Offshore Trinidad and Tobago 135,060 135,060 0
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Offshore Nova Scotia 1,070,335 1,234,546 (13)
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Offshore Tunisia/Libya 768,000 768,000 0
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Wells Drilled Western Canada
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Gross 0 18.0 n/a
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Net 0 16.6 n/a
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Copies of Canadian Superior's Unaudited Consolidated Financial
Statements for the three and the nine months ended September 30,
2009 along with Management Discussion & Analysis ("MD&A")
may be obtained on the System for Electronic Document Analysis and
Retrieval at www.sedar.com.
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.
Non-GAAP Measures - This press release contains the term cash
flow from (used for) operations before restructuring costs, which
is a non-GAAP financial measure that does not have any standardized
meaning prescribed by GAAP and is, therefore, unlikely to be
comparable to similar measures presented by other issuers.
Management believes cash flow from (used for) operations before
restructuring costs is relevant indicator of the Company's
financial performance, ability to fund future capital expenditures
and repay debt. Cash flow from (used for) operations before
restructuring costs should not be considered an alternative to or
more meaningful than cash flow from operating activities, as
determined in accordance with GAAP, as an indicator of the
Company's performance. In the cash flow from (used for) operations
section of the MD&A, reconciliation has been prepared of cash
flow from operations, the most comparable measure calculated in
accordance with GAAP.
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) www.cansup.com Canadian Superior
Energy Inc. Suite 3200, 500 - 4th Avenue S.W. Calgary, Alberta,
Canada T2P 2V6
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