Canadian Superior Energy - 500 Beiträge pro Seite

[snafur]

Das könnte eine interessante "Widergeburt" werden.
Hab vor ein paar Tagen ein wenig Challenger gekauft, mal sehen was aus der "neuen" Firma noch wird ...

NEWS RELEASE TRANSMITTED BY Marketwire

FOR: Challenger Energy Corp.

TSX VENTURE SYMBOL: CHQ

Canadian Superior and Challenger Announce Business Combination

JUN 19, 2009 - 08:17 ET

CALGARY, ALBERTA--(Marketwire - June 19, 2009) - Canadian Superior Energy Inc. ("Canadian Superior") (TSX:SNG)(NYSE Amex:SNG) and Challenger Energy Corp. ("Challenger") (TSX VENTURE:CHQ) announced today that the companies have entered into an arrangement agreement (the "Arrangement Agreement") providing for the acquisition by Canadian Superior of Challenger. Canadian Superior will acquire all of the outstanding common shares of Challenger (the "Challenger Shares") in exchange for the issuance of 0.51 of a common share of Canadian Superior ("Canadian Superior Shares") for each outstanding Challenger Share.

Based on the 20 day volume weighted average trading price of the Canadian Superior Shares, the exchange ratio equals a price of C$.4345 per Challenger Share and represents a 36% premium to Challenger's closing trading price on June 18, 2009 and a 15% premium to the 20 day volume weighted average trading price of the Challenger Shares. The total transaction value, including the assumption of approximately C$54.4 million in Challenger's net debt, is approximately C$77.8 million.

Characteristics of the Pro Forma Company

- Current Western Canadian production of approximately 3,050 boepd (85% natural gas); with an additional 300 boepd behind pipe and over 146,000 net undeveloped in Alberta and BC;

- A diversified suite of oil and natural gas exploration and development assets located in Canada, Trinidad and Tobago, and North Africa and a liquefied natural gas ("LNG") project located on the east coast of the United States;

- A market capitalization in excess of C$160.6 million (based on the current trading price of the Canadian Superior Shares);

- Approximately 195.8 million shares outstanding.

Canadian Superior has previously announced that, as part of its restructuring pursuant to the Companies' Creditors Arrangement Act ("CCAA"), it has reached an agreement with Centrica plc. ("Centrica"), under which Centrica will acquire from Canadian Superior a 45 per cent interest in Block 5(c), located offshore Trinidad, for US$142.5 million in cash. The Centrica agreement is subject to the satisfaction of certain conditions including pre-emption rights from existing field partners and to the approval by the Court of Queen's Bench of Alberta, and by the Ministry of Energy and Energy Industries of the Government of Trinidad and Tobago.

It is Canadian Superior's objective to exit CCAA with the following assets in place; a twenty five per cent interest in Block 5(c) and its MG exploration block, both in Trinidad, all of its Western Canadian producing properties, its interest in the 7th of November block offshore Libya and Tunisia, its Liberty Natural Gas LNG project in New Jersey, and its offshore Nova Scotia exploration acreage. In addition the Company will reconstitute its Board of Directors, make additions to senior management, and also intends to have in place a new undrawn credit facility, with sufficient funding to execute its anticipated 18-month capital program.

Transaction Terms and Conditions.

The transaction is to be effected by way of an arrangement (the "Arrangement") under the Canada Business Corporations Act. Completion of the Arrangement, which is anticipated to occur in late August, is subject to, among other things, the requisite approval of the holders of Challenger Shares (Challenger Shareholders), the approval of the Court of Queen's Bench of Alberta, the receipt of all necessary regulatory and stock exchange approvals, and certain closing conditions that are customary for a transaction of this nature.

The Board of Directors of Challenger has unanimously determined that the proposed Arrangement is in the best interests of, and fair to, Challenger and its stakeholders, and unanimously recommends that Challenger Shareholders vote in favour of the Arrangement at the upcoming meeting. Each of the directors and officers of Challenger, who collectively hold approximately 2% of the outstanding Challenger Shares, have agreed to enter into support agreements pursuant to which each has agreed to vote in favour of the Arrangement.

The Arrangement Agreement prohibits Challenger from soliciting or initiating any discussion regarding any other business combination or sale of material assets, contains provisions for Canadian Superior to match competing, unsolicited proposals and provides for a mutual C$3 million termination fee payable in certain circumstances.

Complete details of the terms of the Arrangement are set out in the Arrangement Agreement, which will be filed by each of Canadian Superior and Challenger on SEDAR and will be available at www.sedar.com.

Financial Advisors

Jennings Capital Inc. ("Jennings") is acting as financial advisor to the Independent Committee of the Board of Directors of Canadian Superior (the "Independent Committee") with respect to the Arrangement and has advised the Independent Committee and the Board of Directors of Canadian Superior that it is of the opinion that the consideration to be offered by Canadian Superior pursuant to the proposed Arrangement is fair, from a financial point of view, to Canadian Superior and its shareholders.

Peters & Co. Limited ("Peters & Co.") is acting as financial advisor to Challenger in connection with its review of strategic alternatives and the Arrangement and has advised the Board of Directors of Challenger that it is of the opinion, as of the date hereof, that the consideration to be received by the Challenger Shareholders pursuant to the proposed Arrangement is fair, from a financial point of view, to the Challenger Shareholders.

About Canadian Superior and Challenger

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 with operations and/or projects located in Canada, Trinidad and Tobago and North Africa. Canadian Superior is also developing a liquefied natural gas ("LNG") project on the East Coast of the United States. See www.cansup.com for further information on Canadian Superior.

Challenger Energy Corp. is a Calgary, Alberta, Canada based oil and gas exploration company which has invested approximately US$80.1 million in exploration expenditures in Block 5(c) offshore Trinidad and Tobago. See www.challenger-energy.com for further information on Challenger.

[snafur]

Sieht so aus, als wenn der Deal jetzt so durchgeht und die "neue" Canadian Superior im September aus dem Gläubigerschutz mit weisser Weste hervorgeht.

[snafur]

Alles geht eigentlich seinen geplanten Weg, der Streit mit Palo Alto ist beigelegt, Challenger hat dem Deal zugestimmt und nach dem letzten Affidavit von Watkins ist man mit den Banken auch schon so gut wie einig.
Auf den letzten beiden Seiten von diesem ellenlangen Dokument finden sich übrigens die Vitas der neuen Boardmitglieder - recht beindruckendes Team.

Affidavit:
http://relieffromdebt.ca/documents/cse/Affidavit%20of%20Rich…


Und noch ein Artikel von heute aus der Globe & Mail:

NATHAN VANDERKLIPPE

CALGARY — From Wednesday's Globe and Mail
Last updated on Wednesday, Aug. 12, 2009 02:50AM EDT


.Dissident shareholder Palo Alto Investors emerged victorious from a long battle with Canadian Superior Energy Inc. after the Calgary oil company yesterday recommended a new board of directors largely hand-picked by the U.S. investment firm.

If shareholders approve the new board, it could mark a new chapter for Canadian Superior, whose troubles in drilling a promising Caribbean natural gas find set off battles with shareholders, joint venture partners and creditors - and launched it into bankruptcy protection earlier this year.

The company is now working to raise capital, either through debt or equity, and intends to release a plan to emerge from Companies' Creditors Arrangement Act protection ahead of a shareholder meeting on Sept. 9.

"We expect to be fully recapitalized and debt-free with some cash when we come out," said Richard Watkins, who is the sole current director nominated to the new board.

The new board and fresh plan could end a long fight between Canadian Superior, which was founded by Calgary oil man Greg Noval, and a number of dissident shareholders, led by Palo Alto, which sparred with Mr. Noval and pushed for a new board of directors.

Palo Alto declined comment on its moves, although its boardroom coup suggests a near-complete victory for the company, which is Canadian Superior's largest shareholder and has been a strong believer in its assets.

Palo Alto proposed four of Canadian Superior's proposed slate of directors - oil and gas lawyer Kerry Brittain, certified public accountant Marvin Chronister, geologist James Funk, and oil and gas executive William Roach. The firm also approved the other two nominees, corporate finance lawyer Gregory Turnbull and Mr. Watkins, an energy consultant.

The new board "is very deep in experience and capability in every facet of our business," Mr. Watkins said. "We're excited about it. It's going to be a very cohesive unit and we're pleased that we've been able to accomplish this in such a short period of time."

However, the company still faces the challenge of securing necessary financing, as well as maintaining its existing business. Its Western Canada, oil production has fallen from 3,200 barrels a day in the spring to 2,900 b/d this summer, and it has lost a number of key employees in recent months.

"This next two-month period will be very interesting, and that will be the tale of the tape," said Brian Parker, president of Calgary-based Acumen Capital Finance Partners Ltd., which worked with Canadian Superior on a financing last year and is pleased with the new slate of directors.

Mr. Noval, however, is not happy with the company's fresh start. He served as executive chairman until he was pushed out in April, but continued as a director and voted against the new slate of directors. He also plans to sell his shares. "I don't think Canadian Superior can afford to be in Trinidad any more," he said.

Mr. Watkins said the company has set aside cash to continue its Caribbean exploration program.

http://www.theglobeandmail.com/report-on-business/canadian-s…

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Canadian Superior aims to emerge stronger from bankruptcy

By Dan Healing, Calgary Herald

CALGARY - Troubled Calgary-based Canadian Superior Energy Inc. predicts it will emerge from bankruptcy protection Monday with better leadership, plenty of working capital and a new focus on growing its western Canadian assets.

At a special meeting Wednesday, shareholders voted to replace all but one of the company’s directors and approve a plan of arrangement under which Canadian Superior will acquire Challenger Energy Corp. via a share swap.

In a split with the company’s past, founder Greg Noval was not re-elected as a director.

A final creditors meeting is set for Friday and the plan of arrangement will be presented for court approval on Monday, said Rick Watkins, a three-year veteran of the board who headed its restructuring committee and was the only director re-elected.

“The complexion or the profile of the company is unchanged except that we will have a clean balance sheet, a new line of credit and capital available to develop our assets in Western Canada and pick up new assets and be somewhat opportunistic about doing so,” he said.

“The company’s business plan in the past has been to use the western Canadian assets to fund opportunities in other parts of the world . . . we’re going to focus on them now.”

If the plan is approved, creditors owed about $120 million US will be repaid 100 per cent plus interest, he said. British-based BG Group, its partner in an offshore exploration block in Trinidad and Tobago and the party that petitioned Canadian Superior into CCAA, will get about $57 million owed from its share of drilling costs there, and Canadian Western Bank will receive about $36 million.

Court approval will also allow Canadian Superior to complete the sale of a 45 per cent stake in Trinidad Block 5c, estimated to contain up to five trillion cubic feet of gas, to BG for $142.5 million US, Watkins said. The sale had originally been to British energy giant Centrica PLC but BG exercised its right to pre-empt the deal.

Canadian Superior will be left with a 25 per cent stake.

Activist shareholder Palo Alto Investors LLC of California, which had been advocating for management and board changes at Canadian Superior since last fall, welcomed results of the special meeting in a news release Thursday. It holds about nine per cent of the stock, the largest single holding.

“We believe there is tremendous upside to be generated with these assets under the management and direction of the right people, and a ripe opportunity for the company to create significant value going forward,” said David Anderson, head of energy research.

“The oil and gas business is at a crossroads, and the best companies will be led by those who can evaluate competing opportunities, set appropriate strategies, properly allocate capital, engender market confidence through transparency, and execute on the plans they lay out.”

Watkins admitted the company has work to do to convince investors to support upcoming financings needed to fund projects.

While Canadian Superior will continue to pursue a liquefied natural gas regasification facility in New Jersey and exploration prospects in Nova Scotia, Libya, Tunisia and Trinidad, those projects will take a back seat to Canadian operations that are currently producing 2,800 to 3,000 barrels of oil equivalent per day, he said.

A Calgary investment adviser who asked not to be identified said the new direction is a positive step for investors who have seen the stock slide from a high of $4.92 a year ago to around 70 cents Thursday.

But he cautioned that the company is highly exposed to natural gas and its recovery depends on a recovery in that fuels’ depressed price.

The new board includes four candidates proposed by Palo Alto, Kerry Brittain, Marvin Chronister, James Funk and William Roach, plus Watkins and Gregory Turnbull.

Independently owned Palo Alto manages over $1 billion US in assets.


[e-mail]

© Copyright (c) The Calgary Herald

http://www.calgaryherald.com/Canadian+Superior+aims+emerge+s…

[snafur]

Gläubigerschutz beendet, neues Kapital da, neues kompetentes Board, alle Projekte behalten und alle Schulden bezahlt.
Der Kauf der Challenger Aktien hat sich wirklich gelohnt, der Discount zur Canadian Superior, verglichen mit dem Umtauschkurs, war ja schon recht gut. Dazu jetzt noch der Kursgewinn von SNG.
Mal sehen, wann die SNG Aktien ins Depot gebucht werden, werde wahrscheinlich noch ein wenig halten - in den nächsten Wochen sollten weitere positive News folgen.

Sep 17, 2009 08:13 ET

Canadian Superior Energy Inc. Plan of Arrangement Approved Company Emerges from CCAACALGARY, ALBERTA--(Marketwire - Sept. 17, 2009)

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.

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Canadian Superior intends to raise up to C$50,000,000 through a non-brokered private placement issue of up to 96,153,846 common shares at C$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, a private company controlled by Mr. Clay Riddell, has subscribed for C$20,000,000 of the Private Placement (the "Treherne Subscription"). The Company has offered a position on its Board of Directors to Mr. Riddell, or another Treherne representative, subject to approval of such representative by the Company's Board of Directors, upon the closing of the Private Placement and the Treherne Subscription. The new director will be announced after closing of the Private Placement and the Treherne Subscription.

The Common Shares issued pursuant to the Private Placement are subject to a four month plus one day hold from the date of closing of the Private Placement in accordance with applicable Canadian securities legislation. 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. Jennings Capital Inc. is acting as financial advisor to the Company

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Einige Hintergrundinformationen zu Clay Riddell.
Er ist einer der reichsten Kanadier (Platz 36 in der Liste der reichsten Kanadier 2009) und seit ungefähr 50 Jahren im Öl/Gas Geschäft.
Als ausgebildeter Geologe gründete er 1970 Paramount Resources, an der er immer noch die Mehrheit hält.
Zudem war er Präsident der Canadian Society of Petroleum Geologists, sowie im Vorsitz der Canadian Association of Petroleum Producers.
Er ist dafür bekannt, Investments langfristig einzugehen und sich nicht von den Schwankungen der Öl- und Gasmärkte beieinflussen zu lassen.
Er investiert jetzt 20 Millionen CAD in Canadian Superior, eine Nachricht, die von der Börse sehr gut aufgenommen wurde.
Die Platzierung erfolgte für CAD 0,52 und Schlusskurs von Canadian Superior nach der Bekanntgabe seines Investments am Freitag war CAD 0,59.


Quellen:
http://www.canada.com/calgaryherald/news/calgarybusiness/sto…
http://en.wikipedia.org/wiki/Clay_Riddell
http://list.canadianbusiness.com/rankings/rich100/2009/ranki…

[snafur]

Canadian Superior Energy Inc. Provides Operational and Financial Update

CALGARY, ALBERTA--(Marketwire – Dec. 21, 2009) – 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."

[snafur]

Press Release Source: Canadian Superior Energy Inc. On Tuesday March 30, 2010, 8:28 am

CALGARY, ALBERTA--(Marketwire - 03/30/10) - Canadian Superior Energy Inc. ("Canadian Superior" or the "Company") (TSX: SNG - News) (AMEX: SNG - News) announced today the release of its fourth quarter and year-end financial results for 2009. The "Management's Discussion and Analysis" and audited consolidated financial statements for the year ended December 31, 2009, can be viewed on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.

In addition Canadian Superior announced it has filed its statements of reserves data and other oil and gas information for the year ended December 31, 2009 (the "Statement of Reserves Data"), as mandated by National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities. The Statement of Reserves Data is included in the annual information form of Canadian Superior for the year ended December 31, 2009 (the "AIF"). Copies of Canadian Superior's AIF may be obtained on SEDAR.

Financial and Operating Highlights

- In September, 2009, the Company emerged from protection under the Companies' Creditors Arrangement Act (Canada) ("CCAA"). A new board of directors was appointed and the Company obtained a new $25 million line of credit which has since been increased to $40 million.

- In January 2010, the Company completed a private placement for gross proceeds of approximately $59.5 million and named James H.T. Riddell to the board of directors.

- Converted all the issued and outstanding Series A Preferred Shares for an equal number of Series B Preferred Shares and extended the redemption date from December 31, 2010 to December 31, 2011.

- In consideration of the current industry environment and market conditions, the Company announced in December 2009 that it relinquished its Mayflower and Marauder (Nova Scotia offshore exploration licenses 2406 and 2415). The Company did extend the Mariner Block (2409) until at least December 31, 2010.

- Effective January 1, 2010, the Company entered into a financial hedge whereby a Canadian chartered bank will cover 5500 GJ/day for a period January 1, 2010 to December 31, 2010at $5.50 CAD/GJ against AECO monthly average index.

- Western Canada average daily production for the fourth quarter averaged 3,058 boe/d compared to 2,548 boe/d for the previous quarter. On a full year basis, average daily production was 3,020 boe/d in 2009 compared to 3,442 boe/d in 2008. The year-over-year decrease in volumes is primarily due to natural declines combined with minimal capital expenditures in 2009 imposed during the period the Company was under CCAA protection.

- The Company's proved plus probable reserves were 9,907 MBOE at December 31, 2009 compared to 10,585 MBOE for the previous year. The reduction was due to lack of reserve replacement related to the lower capital expenditures in 2009.

- Petroleum and natural gas sales decreased from $74.5 million in 2008 to $33.7 million in 2009. The decrease is mainly due to significant declines in commodity prices , natural declines in production volumes in 2009 compared to 2008 and the Company's inability to tie-in the successful wells from the 2008 drilling program due to limited capital available during CCAA.

- The Company was forced to postpone the 2009 drilling program until the Company exited from CCAA protection. The Company drilled 13 gross exploration wells (11.4 net) during November and December 2009 which satisfied the flow through commitment. The Company has approximately 800 boe/d awaiting tie-in.

- The increased loss in 2009 of $(53.3) million compared to the loss of $(23.8) million in 2008 is primarily due to decline in natural gas prices, $18.8 million in restructuring costs related to the receivership of the Trinidad Block 5 (c) asset and CCAA proceedings, and the write-down of the Canadian petroleum and natural gas properties of $57.5 million. The write down was primarily related primarily to pricing and slightly lower proved reserves in 2009 compared to 2008. In addition, approximately $40 million of unproved properties were added to the full cost pool, including $20 million related to East Coast Canada.

- The Company is planning the Zarat North appraisal well to be drilled in Tunisia. The rig selection process is well underway and the Company expects to have a contract in place soon. It is currently anticipated the well will be completed by year end.

- Geotechnical work continues on the 5c Block offshore Trinidad. The Company, together with its' partner and operator BG, are working to determine the optimal appraisal and commercialization strategy for the block. It is currently anticipated that an appraisal well will be drilled later this year or early next year. With the respect to the MG Block, the Company has met with Petrotrin and the Ministry of Energy and has formally requested that our obligations be transferred to a less environmentally sensitive and more prospective area. While we are hopeful that our request will be granted, it is possible that in order to relinquish the block we will be required to pay some portion of the performance security referenced in the MG Block Farm-in agreement.

- The Liberty LNG regassification project is on budget and moving forward with submission of a construction permit planned for July of this year. The Company continues to review joint venture opportunities related to this project.

- Canadian Superior has engaged Parkman Whaling, Alpha Petroleum Services and Ryder Scott for specific support services in Trinidad and Tunisia.

Business Overview and Future Strategy

With the Company exiting CCAA in September 2009, constituting a new board, negotiating a new banking arrangement and completing the Private Placement in January 2010, the Company is focused on the maximization of long-term sustainable value to the shareholders by:

- Hiring a Chief Executive Officer with the skills and strategic vision to extract value from the Company's assets while pursuing new areas of growth.

- Increasing the value of the Company's interests in Trinidad and Tobago, including a realistic and timely development plan for Block 5(c) with the Company's partner BG;.

- Appraisal, development and production of crude oil and natural gas from the 7th of November Block. Further, refining the various exploration prospects identified on the Block and seeking additional exploration and exploitation opportunities elsewhere in Tunisia and Libya.

- Developing the Western Canada asset base to increase average daily production along with replacement of producing reserves on an economic and cost effective basis by exploitation, full-cycle exploration and strategic acquisition. The Company is currently evaluating its entire acreage position in anticipation of an aggressive, multi-year drilling program commencing in the third quarter of 2010. Capital expenditures planned for the balance of 2010 will be approximately $25 million with near-term focus on the Drumheller and Kaybob core areas.

- Evaluating synergistic growth opportunities in North America focusing on both conventional and unconventional oil projects.

- Re-imaging the Company and continuing to build an ethical and transparent business culture.

Speaking today, Marvin M. Chronister, Canadian Superior's Chairman of the Board, said, "While the Company has been through a very difficult period during 2009, we believe it has emerged and continues to evolve as a much stronger company than it has ever been. We are aggressively pursuing our growth strategy and development of our assets. Therefore, we believe the best is still to come for our shareholders."

http://www.marketwire.com/press-release/Canadian-Superior-En…

[snafur]

Der Conference Call von gestern ist online.
Nach dem initialen Gelaber und Präsentation der Zahlen wirds dann interessant. Wirklich gute Infos, die bisher in keinem Pressrelease veröffentlicht wurden.
Ehrliche Antworten, soweit erlaubt, wie ich finde.

http://www.cansup.com/video/confcall.mp3

Falls der Link nicht direkt funktioniert, rechter Mausklick drauf und mit "Ziel speichern unter" das etwa 5MB große mp3 runterladen.
Lohnt sich, IMHO.

[snafur]

Umbenennung von Canadian Superior in Sonde Resources.
Reverse Split 1:5

Neue Website: http://www.sonderesources.com/

Neue Firmenpräsentation: http://www.sonderesources.com/wp-content/uploads/2010/06/Jun…

Ergebnisse der Hauptversammlung vom 3. Juni:
http://www.sonderesources.com/2010/06/sonde-resources-corp-a…