Canadian Superior Energy (SNG)

[hillzman]

You could very well be right about that. Today's pop based on heavy buying. Word out on Yahoo board that per IR there will be a pr prior to an investor conference call scheduled for March 30th.
Should also be some guidance (hope!) whenever the annual report is filed. GL

[PENNYPRINCE 1]

I agree to get to 1 or something BUT IMO we go higher tomorrow after breaking above .55 the 50 day moving average and then IMO we see .65 to .70 quickly.

[hillzman]

Clay Riddell still buying shares. IMO it's "friends and family time" picking up shares around $.50 which is a good price, but how long until something happens to move it up I don't know. Still have to get past the 2009 annual and 1st qtr 2010 results. Seems those are probably already factored in but no big news to get this higher.

[califax]

Top 10 Oil/Gas Production Stocks with Highest Upside: SNG, KAZ, GMET, BQI, CFW, FUEL, SYMX, WRES, CXPO, GMXR (Mar 11, 2010)

Thursday, March 11, 2010
http://www.cnanalyst.com/2010/03/top-10-oilgas-production-stocks-with-highest-upside-sng-kaz-gmet-bqi-cfw-fuel-symx-wres-cxpo-gmxr-ma.html

Below are the top 10 Oil/Gas Production stocks with highest upside potential, based on the difference between current price and Wall Street analysts' average target price.

Canadian Superior Energy Inc. (USA) (AMEX:SNG) has the 1st highest upside potential in this segment of the market. Its upside is 1081.8%. Its consensus target price is $7.00 based on the average of all estimates. BMB Munai Inc. (AMEX:KAZ) has the 2nd highest upside potential in this segment of the market. Its upside is 462.3%. Its consensus target price is $5.96 based on the average of all estimates. GeoMet, Inc. (NASDAQ:GMET) has the 3rd highest upside potential in this segment of the market. Its upside is 312.4%. Its consensus target price is $4.00 based on the average of all estimates. Oilsands Quest Inc. (AMEX:BQI) has the 4th highest upside potential in this segment of the market. Its upside is 301.6%. Its consensus target price is $3.20 based on the average of all estimates. Cano Petroleum, Inc. (AMEX:CFW) has the 5th highest upside potential in this segment of the market. Its upside is 208.0%. Its consensus target price is $2.87 based on the average of all estimates.

SMF Energy Corporations (NASDAQ:FUEL) has the 6th highest upside potential in this segment of the market. Its upside is 185.7%. Its consensus target price is $4.00 based on the average of all estimates. Synthesis Energy Systems, Inc. (NASDAQ:SYMX) has the 7th highest upside potential in this segment of the market. Its upside is 98.0%. Its consensus target price is $2.00 based on the average of all estimates. Warren Resources, Inc. (NASDAQ:WRES) has the 8th highest upside potential in this segment of the market. Its upside is 93.1%. Its consensus target price is $5.00 based on the average of all estimates. Crimson Exploration Inc. (NASDAQ:CXPO) has the 9th highest upside potential in this segment of the market. Its upside is 84.4%. Its consensus target price is $6.25 based on the average of all estimates. GMX Resources Inc. (NYSE:GMXR) has the 10th highest upside potential in this segment of the market. Its upside is 80.3%. Its consensus target price is $17.83 based on the average of all estimates.

[PENNYPRINCE 1]

Loks good to me and I didnt think we would move to next week.

[PENNYPRINCE 1]

Well I understand and even agree but someone iis adding here and increasing the bids.

[hillzman]

Not doing anything with this until I see something in the annual/quarterly in the way of guidance. Too many unanswered questions for now.

[PENNYPRINCE 1]

I just added 10 more at .50

[hillzman]

Part of last month's closing of the public offering...looks a lot like the $20 million CAD subscribed by Riddell. Financing seems about done, news should turn to production/plans/CEO soon...at least we can always hope!

[lightbeam]

Wonder what is up with this?


13. Offering and Sales Amounts
Total Offering Amount $ 19626890 USD o Indefinite
Total Amount Sold $ 19626890 USD
Total Remaining to be Sold $ 0 USD o Indefinite


http://ih.advfn.com/p.php?pid=nmona&cb=1265579346&article=41374126&symbol=A^SNG

[califax]

Canadian Superior Closes Private Placement, Appoints Director

Wednesday, January 20, 2010
http://www.rigzone.com/news/article.asp?a_id=86074&rss=true

Canadian Superior successfully closed its previously announced non-brokered private placement January 19, 2010. The Private Placement was over subscribed and the Company raised CDN$59,500,604 issuing 114,424,238 common shares ("Common Shares") at CDN$0.52 per Common Share.

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. acted as financial advisor to the Company in connection with the Private Placement.

The securities have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

Appointment of New Director
In conjunction with the closing of the Private Placement, Canadian Superior has appointed James H.T. Riddell to the Company's Board of Directors, effective January 18, 2010. Mr. Riddell is the President and Chief Operating Officer and a Director of Paramount Resources Ltd. Mr. Riddell is also the President, Chief Executive Officer and a Director of Trilogy Energy Ltd., a wholly-owned subsidiary and the administrator of Trilogy Energy Trust. Mr. Riddell graduated from Arizona State University with a Bachelor of Science degree in Geology and from the University of Alberta with a Master of Science degree in Geology.

"I am delighted that Mr. Riddell, a well-respected member of the energy industry, has joined our Board of Directors," said Marvin Chronister, Chairman of Canadian Superior. "His wealth of knowledge and experience in the oil and gas industry will be of great value to the Company as we continue to move forward with the development of our global portfolio of assets."

[hillzman]

Should be news soon about closing the $50 million share placement per original pr giving anticipated closing date on or about 1/14.
I'm assuming since Clay Riddell jumped in for $20 million they won't have much of a problem placing the other $30 million.

[lightbeam]

I am still learning thanks.

[hillzman]

Exactly. "They put limit on how much they will pay out. Forcing them is good." When liabilities have been identified, values assigned, and payments made w/in a specified time period it improves the company's ability to obtain future financing if required, and it will be given commitments stated in recent updates. Just hoping they can get a substantial increase in cash flow from Western Canada to help minimize future equity offerings.

[lightbeam]

I found the answer I was looking for. They put limit on how much they will pay out. Forcing them is good.

A Bittersweet Stock Jump
One notable instance in which warrants made a big difference to the company and investors took place in the early 1980s when the Chrysler Corporation received governmentally guaranteed loans totaling approximately $1.2 billion. Chrysler used warrants, 14.4 million of them, to “sweeten” the deal for the government and solidify the loans.

Because these loans would keep the auto giant from bankruptcy, management showed little hesitation issuing what they thought was a purely superficial bonus that would never be cashed in. At the time of issuance Chrysler stock was hovering around $5, so issuing warrants with an exercise price of $13 did not seem like a bad idea. However, the warrants ended up costing Chrysler approximately $311 million, as their stock shot up to nearly $30. For the federal government, this “cherry on top” turned quite profitable, but for Chrysler it was an expensive after thought.

Conclusion
Warrants can offer a smart addition to an investor's portfolio, but due to their risky nature, warrant investors need to be attentive to market movements. This largely unused investment alternative, however, can offer the small investor the opportunity for diversity without having to compete with large, market-influencing institutions.



http://www.investopedia.com/articles/04/021704.asp?viewed=1

[lightbeam]

Nice to see this. Question for you. So they force conversion of warrants at $1.30? Seems like a good deal for all if we hit that goal. Whats your view? If I may ask.
_____________________________________________________________________________________________________________________
West Coast will be granted 2,500,000 common share purchase warrants exercisable at a price of USD $0.65 for each common share. The Company can force conversion of the Preferred Stock at anytime in the future if its common shares close at a price of at least a 100% premium to the conversion price on a major US exchange for 20 out of any 30 consecutive trading days while the common shares underlying the Preferred Stock are registered.

[hillzman]

Cleaning up the balance sheet. Brand new SNG when reorganization is complete and a CEO in place. Base set in the .52-.60 range.
http://finance.yahoo.com/news/Canadian-Superior-Energy-Inc-iw-3508288376.html?x=0&.v=1

[Jean01234]

Thanks well input hillzman

[hillzman]

The way I understand it is the lawyers are "fishing" for a lead plaintiff. If they don't have one the case can't move forward.
Too bad you didn't take at least a small position. It may settle back some after the 30% jump, but there is a lot of news coming, and so far its been good. A well-respected major investor just hopped on board at .52 so I think we have a base around that level. Solid progress by SNG and an improving O&G market and IMO we are over $1, but who knows, your guess is as good as mine in this goofy market!

[Jean01234]

Gas hunt scaled back
Canadian Superior dropping offshore exploration licences
By JUDY MYRDEN Business Reporter
Tue. Dec 22 - 4:45 AM
Canadian Superior Energy Inc. is paying the province $13 million in order to abandon two natural gas exploration licences it holds just off of Nova Scotia.

The Calgary company, Nova Scotia’s largest offshore landholder, is allowing the licences to expire because low natural gas prices and high exploration costs have led them to focus "on Trinidad and other areas of greater oil prospectivity," the company announced Monday in an operations update.

The two offshore licences being abandoned are the deepwater Mayflower block and the Marauder parcel located in shallower water.The oil company promised to spend $41 million on the Mayflower site after taking out a licence in January 2002 and they promised to spend $12 million on the Marauder block when they took out that licence in 2004, Debbie Mountenay, Canada-Nova Scotia Offshore Petroleum Board spokeswoman, said Monday.

Canadian Superior will have to pay the province slightly more than $13 million to surrender the licences. The figure is based on 25 per cent of the value of the work expenditures minus the work done on the two parcels, Ms. Mountenay said.

The forfeiture costs for the Mayflower block is slightly more than $10 million and $3 million for the Marauder block, she said.

After an offshore licence expires, the lands go back to the province.

However, the junior oil patch firm wants to extend the license on its remaining acreage until Dec. 31, 2010. Known as the Mariner block, it is located 290 kilometres southeast of Halifax.

In February 2009, the company indicated it had plans to drill an exploration well at Mariner in 2010 but that appears to be on hold because the company only has "so much in its coffers" and the board of directors decided to focus on areas other than Nova Scotia, Tonya Pizzey, Canadian Superior spokeswoman, said on Monday.

In 2002, Canadian Superior partnered with El Paso Corp. of Houston to drill on the site, but the U.S. company abandoned the $30-million project because there weren’t enough deposits to proceed with development.

In the fallout, shareholders launched a legal action, claiming Canadian Superior issued "false and misleading statements" about the potential of the Mariner well. The class action lawsuit was settled in 2005, with Canadian Superior paying US$3.2 million without admitting liability.

Canadian Superior ended up buying out El Paso’s interests in the area.

Since March 2009, Canadian Superior has been restructuring under creditor protection and is currently searching for a new president and CEO. In late April, Greg Noval and Mike Coolen were forced out by Canadian Superior’s board.

Along with its small conventional production in Alberta, Canadian Superior now holds one block off the coast of Nova Scotia and has licences in Trinidad and Tobago.

[Ariki]

Hey Folks,

Where do you see the PPS here? I have been watching this since it was .47 but hesitant to buy because of the lawsuits filed against SNG. Your comments is greatly appreciated.

Ariki

[Jean01234]

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."

[Jean01234]

Yes SNG Looking Good..GL
I have good position at 0.47-0.49

[lightbeam]

Nice job and should be fun to watch this the next few weeks.

[PENNYPRINCE 1]

Lets see how this plays out but I agree and hopefully the market does too and we continue Fridays action.

[PENNYPRINCE 1]

Great JOB and looks like we have nice break out here should be a nice ride.

[Jean01234]

Thanks hillzman..its big =)

[hillzman]

When he says that 5c is "big" it shows how much those lucky enough to see the "real" information really are. We had a figure of about 3.7 tcf after Bounty. We have not been privy to information from Endeavour's impact on estimated reserves, but we did get some limited flow test info before the receivership and CCAA. There is also at least one additional major structure on 5c that will require assessment. IMO 5c could be well over 5tcf when all is said and done. It could be over 5tcf given just the first three wells for all we know.

[hillzman]

Good to see it updated with some good information. I do note that this will be the second time a mod has added me as an assistant, which I have no interest in. Lightbeam has been there so maybe put him up as the assistant. I'm going to remove myself, but thanks for the thought anyway.

[Jean01234]

Renew IBOX Done!

[Jean01234]

This private placement ..explains the sell off to drive the price down.

[Jean01234]

Reknown oilpatch veteran Clay Riddell is making a big investment in Canadian Superior Energy Inc. (TSX:SNG), a Calgary-based natural gas producer that has seen a great deal of upheaval in the past year.

"I´m excited about their project in Trinidad," said Riddell in an interview, referring to an offshore block believed to contain between three and five trillion cubic feet of natural gas.

When asked what about the offshore Trinidad natural gas field piqued his interest, Riddell said bluntly: "It´s big."

A long-time investor in Canadian Superior, Riddell had been following the evolution of exploration Block 5 (c), in which Canadian Superior used to have a controlling stake.

After a series of developments over the past year _ including a dispute with one joint venture partner and the takeover of another _Canadian Superior now has a 25 per cent interest in the field, which is believed to contain between three and five trillion cubic feet of natural gas.

Canadian Superior said Friday it plans to raise up to $50 million through a non-brokered private placement issue of up to 96.2 million common shares. The company said it will issue the stock at 52 cents each.

Shares in the company soared 15.7 per cent to 59 cents on the Toronto Stock Exchange on Friday.

The financing is slated to close Jan. 14, and the money raised will be used for exploration and development and for general corporate purposes.

Treherne Resources Ltd., a private company controlled by Riddell, has subscribed for $20 million of that private placement.

Riddell, or someone else from Treherne, was offered a spot on Canadian Superior´s board, which was overhauled at the behest of a major shareholder in September.

"I´ll have such a large interest in the company and I´d like to participate in how it goes forward," Riddell said.

The Riddell name is well known in Alberta´s oil and gas industry.

A geologist by trade, Riddell founded Paramount Resources Ltd. in 1974, which has since been spun off into different firms.

His daughter Sue Riddell Rose runs Paramount Energy Trust (TSX:PET.UN) and his son Jim Riddell is chief utive of Trilogy Energy Trust (TSX:TET.UN).

He is also the chairman and chief utive of another company he founded, Arctic natural gas explorer MGM Energy Corp. (TSX:MGX).

In February, a partner in the Trinidad block, U.K.-based BG Group, persuaded an Alberta judge to put Canadian Superior´s stake under the control of a receiver.

BG had feared final testing and completion of a well would not be completed, given the financial problems of Canadian Superior and a third partner in the project, Challenger Energy Corp.

A month later, Canadian Superior and Challenger both filed for protection from creditors under the Companies´ Creditors Arrangement Act.

In May, Canadian Superior sold its 45 per cent stake in the Trinidad field for US$142.5 million to BG Group.

And then in June, Canadian Superior agreed to merge with Challenger in a friendly deal worth $77.8 million.

Canadian Superior explores for and produces oil and natural gas and is developing a liquefied natural gas project.

In addition to its venture in Trinidad and Tobago, Canadian Superior is also active in Western Canada, North Africa, off Eastern Canada and the United States.


Read more: http://www.oilweek.com/news.asp?ID=25666#ixzz0a8gKZuQU

[Jean01234]

Agree Clay Riddell investment Huge News for SNG.
SNG sure looks different now.
GL

[hillzman]

Yep. Someone(s) determined to turn this into a "real" company. New base starting around .50, asset valuation $.75+ based on currently depressed valuations for WC and 5c. Those who got taken by the downdraft, CCAA, and GN's over reaching might not recoup for some time, but SNG is now on a new course that IMO will pay off nicely for those who have recently bought in near .50 or during the CCAA bottom. GL

[Jean01234]

New Investor Clay Riddell

http://www.canada.com/calgaryherald/news/calgarybusiness/story.html?id=fc5f6e49-ce78-4434-8624-83d07c941c3d

[hillzman]

Excellent News! I was hoping they would get the sp above $1 before doing any placements, but now a floor is under this, and with quality people running it, the way forward looks bright(er).
I'm thinking an announcement of CEO can't be far behind.
http://finance.yahoo.com/news/Canadian-Superior-Energy-Inc-iw-1966623657.html?x=0&.v=1

[PENNYPRINCE 1]

Ty looks interesting.

[True Blue]

James444ct check out BNXR

[PENNYPRINCE 1]

Let me know what you are buying and why and are you still holding SNG?

[lightbeam]

No I am invested heavy in a penny stock I like right now still watching this. Amazing how low this went again.

[PENNYPRINCE 1]

Are you adding here? I am thinking of adding this week.

[lightbeam]

Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit against Former Executives of Canadian Superior Energy Inc.

http://ih.advfn.com/p.php?pid=nmona&cb=1260461665&article=40707650&symbol=A%5ESNG

[PENNYPRINCE 1]

Looks like we should be buying here.

[PENNYPRINCE 1]

I added today and plan on adding more this week.

[basserdan]

That's what you've been saying about PMU and CALVF....

[PENNYPRINCE 1]

Good Luck I just added at .63

[morokoy]

I've got enough thank you. Want to buy some MXMSF?

[PENNYPRINCE 1]

Are you guys adding? The chart sure looks ready.

[morokoy]

At least it seems to have a B/V of C$1.38 and a chance at life, however tenuous.

[morokoy]

3Q 2009 results
http://money.cnn.com/news/newsfeeds/articles/marketwire/0558947.htm