Canadian Superior Energy Inc. Provides Operational and Financial Update
21 Dicembre 2009 - 2:45PM
Marketwired
Canadian Superior Energy Inc. ("Canadian Superior" or the
"Company") (TSX: SNG)(NYSE Amex: SNG) today provided an update to
its shareholders.
"Since the Company's restructuring concluded in September, we
have been increasing production levels and moving forward on a
number of different fronts," said Marvin Chronister, Canadian
Superior's Chairman of the Board, and "Today's report on our
activities demonstrates a renewed commitment to keeping Canadian
Superior's shareholders informed on the progress their company is
making."
OPERATIONAL UPDATE
Western Canada
- Daily average production for the week ending December 2, 2009
is approximately 3,112 boe/d, an increase of approximately 410
boe/d or 13% from the third quarter 2009 daily average production.
Canadian Superior has been focused on spending its remaining
flow-through expenditure commitments during the fourth quarter
2009. Subject to any operational disruptions, management expects
that the entire flow-through expenditure commitment will be
satisfied by year end. The Company currently has five rigs
operating in Alberta, drilling exploration wells for both oil and
natural gas targets.
Trinidad and Tobago
- Geophysical, petrophysical and geological work is being done
to advance the appraisal strategy on Block 5c. Operator BG is
considering the location and timing of the first appraisal well of
the Bounty discovery. Commercial discussions with BG and the
Ministry of Energy are ongoing in relation to monetization options
for Block 5c's natural gas discoveries.
Libya/Tunisia
- Canadian Superior is in discussion with potential rig
operators and expects to commence drilling its first well on the
7th of November Block by August 2010. This appraisal well will seek
to prove the extension of the Tunisia Zarat oil field into the 7th
of November Block.
Liberty Liquefied Natural Gas (LNG) Project
- Canadian Superior is on track to file, by the third quarter
2010, US Federal and State permit applications required for
construction of the Liberty LNG import project and natural gas
pipeline. The Company believes market conditions for importing LNG
into the New York metropolitan area remain favourable and the
Liberty LNG Project's choice of environmentally favourable
technology continues to receive strong local support. The Liberty
LNG Project anticipates first gas imports into the region by
year-end 2013.
Nova Scotia
- In consideration of today's industry environment and market
conditions, Canadian Superior has allowed the Mayflower and
Marauder (Exploration Licenses 2406 and 2415) to lapse in favour of
focusing on Trinidad and other areas of greater oil prospectivity.
Canadian Superior has decided to extend the Mariner Block
(Exploration License 2409) until at least December 31, 2010.
FINANCIAL UPDATE
Production Hedge
- In December 2009, the Company entered into a financial hedge
whereby a Canadian chartered bank will buy 5500 GJ/day from
Canadian Superior for the period January 1, 2010 to December 31,
2010 at $5.50 CAD/GJ against the AECO monthly average index. In
entering into the hedge, the Company seeks to limit and reduce the
risk of cash flow uncertainty that it is exposed to during the
course of normal operations.
Non-Brokered Financing
- On December 18, 2009 the Company announced that it intends to
raise up to CDN$50,000,000 through a non-brokered private placement
issue (the "Private Placement") of up to 96,153,846 common shares
at CDN$0.52 per Common Share which is the Market Price as of
December 16, 2009. (Market Price has the meaning ascribed thereto
in the TSX Company Manual.) Treherne Resources Ltd., a private
company controlled by Mr. Clay Riddell, has subscribed for
CDN$20,000,000 of the Private Placement. Closing of the Private
Placement is expected to occur on or about January 14, 2010 and is
subject to receipt of all necessary regulatory approvals and other
customary conditions. Proceeds from the Private Placement will be
used for the Company's exploration and development activities in
its domestic and international operations and for general corporate
purposes. For additional details, please refer to the full press
release dated December 18, 2009 at www.cansup.com.
Mr. Chronister continued "We anticipate that the financial
flexibility provided by the $50 million private placement combined
with solid progress in developing our global portfolio of assets,
positions Canadian Superior to turn the corner."
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,
offshore Eastern Canada, and offshore Eastern United States. See
Canadian Superior's website at www.cansup.com to review further
detail on Canadian Superior's operations.
This news release contains forward-looking information,
including the expectation of successful future results. 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 Company, 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 Company'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
Website: www.cansup.com
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