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Did you mean the 2nd well of 3 wells to be drilled on 5c??
Check out the ibox, new info, with a much more simple chart - take a lQQk at the Big Green Mountain! Much more updating to come! Enjoy!
There is only 5 boardmarks, this company is flying under the radar, and has a great chance to reach over $10 per share within a year.
This 2nd well (Bounty) of the 5 well drilling programme offshore Trinidad will be completed in less than 30 days, and has potentially several TCF. The 1st well came in at 1.1 TCF and helped the stock price a lot. This company is well ahead of the competition.
Gas and $$$...its been a long time coming, but IMO we are about there. Hope you picked up some CHQ to go with the SNG.
Jury's still out, but this could be big!
CALGARY, ALBERTA--(Marketwire - Dec. 4, 2007) - Canadian Superior Energy Inc. ("Canadian Superior") (TSX:SNG) (AMEX:SNG) and Challenger Energy Corp. ("Challenger") (TSX VENTURE:CHQ) (AMEX:CHQ) announced today that drilling operations are in progress in the final section of the "Victory" well offshore Trinidad, in the 8-1/2" hole section, currently drilled to a depth of approximately 15,811 feet this morning. This final section is scheduled to be drilled to a total depth of approximately 16,000 feet.
Speaking today, Craig McKenzie, Canadian Superior's Chief Executive Officer, said, "We are presently drilling in the final section of the 'Victory' well that contains the main targets of the well. We look forward to finishing the drilling of this final section of the well over the next two to three days and commencing further operations on the well, including open hole wire line logging. Further updates on the well will be provided in due course."
Canadian Superior's joint venture partners in the "Intrepid" Block 5(c) Project are BG International Limited, a wholly owned subsidiary of the BG Group plc (LSE:BG.L) and Challenger Energy Corp. ("Challenger") (TSX VENTURE:CHQ) (AMEX:CHQ). The Kan Tan IV semi-submersible drilling rig drilling the wells is operated by Maersk Contractors and owned by SINOPEC has been contracted by Canadian Superior to drill a multi-well program of three (3) back-to-back exploration wells, "Victory", "Bounty" and "Endeavour" on the "Intrepid Block 5(c) located approximately 60 miles off the east coast of the island of Trinidad.
Canadian Superior is a Calgary, Alberta, Canada based oil and gas exploration and production company with operations Offshore Trinidad and Tobago, Offshore Nova Scotia, Canada and in Western Canada. See Canadian Superior's website at www.cansup.com to review Canadian Superior's operations in Western Canada, Offshore Trinidad and Tobago and Offshore Nova Scotia interests. Canadian Superior has approximately 20,000 shareholders worldwide, including some of the top institutional shareholders in North America.
Challenger Energy Corp. is a Calgary, Alberta, Canada based oil and gas exploration company which is currently focusing on "high impact" oil and gas plays offshore Trinidad and Tobago and offshore Nova Scotia. (See Challenger's website at www.chaenergy.ca).
This news release contains forward-looking information, including estimates, projections, interpretations, prognoses and other information that may or relates to future production, project start-ups and future capital spending. Actual results, estimates, projections, interpretations, prognoses and/or estimated results could differ materially due to changes in project schedules, operating performance, demand for oil and gas, commercial negotiations or other technical and economic factors or revisions. This news release contains the reference to the term "undiscovered natural gas resources", which are those quantities of natural gas estimated to be contained in accumulations yet to be discovered. There is no certainty that any portion of the undiscovered resources will be discovered and that, if discovered, it may not be economically viable or technically feasible to produce.
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, 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 Corporations' annual reports on Form 40-F or Form 20-F on file with the U.S. Securities and Exchange Commission.
FOR FURTHER INFORMATION PLEASE CONTACT:
Canadian Superior Energy Inc.
Investor Relations
(403) 294-1411
(403) 216-2374 (FAX)
Website: www.cansup.com
Canadian Superior Energy Inc.
Suite 2700, 605 - 5th Avenue S.W.
Calgary, Alberta
Canada T2P 3H5
Challenger Energy Corp.
Dan MacDonald
CEO and President
(403) 503-8810
(403) 503-8811 (FAX)
Website: www.chaenergy.ca
The boys should be just about finished drilling ' Victory ' to that 16,000 foot depth......
Sold it and bought TIDE and CAU
TY I was just impressed with the last 2 days. I have ben here long.
IMHO you ain't seen nothing yet! BG deal, BG T&T ex president becomes new SNG CEO. Already drilled to TD once so they know something about what's there. Almost back to TD and have wire line tested to almost 14000'. Looking more like a (big) winner every day. GLTY
Another great day this is wonderful.
Nice start on the news. Lets see if it goes for a few days.
Well IMO the whole group is about to go so I have been buying. I sold a little bit of my golds today bbut did add MMG and CUSIF
You will find best board for SNG at Investors Village. Since I no-longer own any PRVB I try not to post there. Maybe when some of the "issues" are resolved. I'm currently in SNG, HMGP, and ALRY. Since you mentioned APXR I'll take a look. GL
Is anyone else buying here?
Back in today at 2.78
Go to Investors Village message board for lots of info A very active board with savy SNG investors
It has been a long time waiting for liftloft. They sky is the limit
Ty it sure looks good and I have been adding.
The rig and upward momentum should be moving together any day now.
Looks like we pop today.
Added today looks ready for stage 2.
Still looks great.
I added today we should be close to a break out.
Nice gain ahead of news!!
Looks good maybe a big break out today.
Added the past few days and sure looks like it wants to see new highs.
May add sure looks great.
thanks Gateway,,,looked back earlier at company results from the end of summer...It looked like they were recieving about the same for Natgas sales then as it was before it recently started a small rise...Oil prices were higher but doesn't impact as much of the company's overall results...Just a fwiw...LJ
Canadian Superior Becomes Largest Offshore Exploration Holder Offshore Nova Scotia With New "Falcon" and "Osprey" Acquisitions
Canadian Superior Energy Inc. ("Canadian Superior") (the "Company") (TSX: SNG) (AMEX: SNG) announced today that its offshore Nova Scotia exploration acreage holdings have increased to 2.59 million net acres with the addition of the EL2412 and EL2413 deepwater blocks previously held by Richland Minerals, Inc. of Southern California. These two blocks have been named the "Falcon" and "Osprey" Blocks, and are EL2412 and EL2413, respectively, and complement Canadian Superior's "Mayflower" (EL2406), "Marauder" (EL2415), "Marconi" (EL2416), "Mariner" (EL2409) and "Marquis" (EL2402) exploration blocks. This now results in Canadian Superior becoming the largest exploration acreage holder offshore Nova Scotia.
Canadian Superior as the largest exploration acreage holder offshore Nova Scotia is planning further drilling on its "Mariner" (EL2409) Block near Sable Island later this year. Speaking from Calgary today, Canadian Superior's Chairman, Greg Noval, said, "The new acquisitions also complement Canadian Superior's deepwater holding and as a result of this they should also inspire further deepwater drilling offshore Nova Scotia."
Canadian Superior is a Calgary, Alberta, Canada based oil and gas exploration and production company with operations in Western Canada, Offshore Trinidad and Tobago and Offshore Nova Scotia. See Canadian Superior's website at www.cansup.com to review Canadian Superior's operations in Western Canada, Offshore Trinidad and Tobago and Offshore Nova Scotia interests.
This news release contains forward-looking information on future production, project start-ups and future capital spending. Actual results or estimated results could differ materially due to changes in project schedules, operating performance, demand for oil and gas, commercial negotiations or other technical and economic factors or revisions.
Yes...Greg is known for chasing elephants. Let's hope this time he gets one!
hillzman, this one has been looking undervalued versus a lot of other companies in their industry for several years...They could easily slow down spending to show better profits and boost the share price a lot in the short term...But they appear to have kept their focus on an investment in what may be much more rewarding for the longer term...Could be the year of the elephant...So I would agree that it is a good entry price area to see what does develop going forward...GL...LJ
Hi, there are active boards for SNG on Investor Village and Yahoo. I've been in and out of SNG for a couple of years, but can't claim any exceptional profits! Anyway, price action over the next few months will be affected by upcoming drilling of their lease 5c in T&T. Next news of note should be completion of refurbishment of the Kan Tan IV prior to it going to T&T to drill the first exploratory well. Recent sp <$2.00 USD has IMO presented an excellent buying opportunity to play the T&T drilling program. GLTY.
Nice upturn...Was there a small drawdown in weekly natural gas storage figures reported on Thursday?...LJ
Rebound potential with a rise in natural gas prices...LJ
Canadian Superior Energy Inc. Announces Successful 2006 Summer Drilling Program
Monday September 18, 8:00 am ET
CALGARY, ALBERTA--(MARKET WIRE)--Sep 18, 2006 -- Canadian Superior Energy Inc. ("Canadian Superior") (the "Company") (TSX:SNG.TO - News) (AMEX:SNG - News) of Calgary, Alberta announced today the results of its Western Canadian conventional oil and gas drilling program conducted this summer in the 3rd quarter of 2006. Canadian Superior, as Operator, drilled nine (9) conventional oil and gas wells in July, August and September 2006, with an average working interest of 80%.
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This drilling was 89% successful; and, the eight (8) successful wells included a significant gas discovery, that will be tied-in in the 4th quarter, with a 70% working interest, that tested at a rate of 3.8 mmscf/d sweet natural gas, 15 bbl/mmcf condensate at a tubing pressure of 800 psi for a combined rate of 690 boe/d and also an oil well, drilled with a major oil company (50% working interest), that is expected to come on production before month-end at a rate of approximately 150 boe/d.
During the 3rd quarter of 2006 Canadian Superior tied-in six (6) Company Operated conventional oil and gas wells and by the end of September in Western Canada the Company will be producing approximately 3,330 boe/d, with further gains anticipated upon tying-in additional wells, including the gas well mentioned above, and over 25 gross (7 net) non-operated Coal Bed Methane ("CBM") wells that are expected to be tied-in by year-end. Average Daily Production in the first half of 2006 was 2,785 boe/d, up 15% compared to the first half of 2005.
Other major activities this summer have included the ongoing preparation for Canadian Superior's offshore drilling program off the east coast of Trinidad on its "Intrepid" Block 5(c). Earlier this year Canadian Superior contracted the Kan Tan IV Semi-Submersible Drilling Rig, managed by A. P. Moller - Maersk A/S of Copenhagen, Denmark, for a firm multi-well drilling program Canadian Superior will be drilling on its Block 5(c) "Intrepid" block offshore Trinidad. The semi-submersible rig is presently undergoing a scheduled refurbishment underway in Brownsville, Texas and the rig will be departing the shipyard for Trinidad in December to commence drilling for Canadian Superior.
Canadian Superior is a Calgary, Alberta, Canada based oil and gas exploration and production Company with operations in Western Canada, Offshore Trinidad and Tobago and Offshore Nova Scotia. See Canadian Superior's website at www.cansup.com to review Canadian Superior's operations in Western Canada, Offshore Trinidad and Tobago and Offshore Nova Scotia interests.
This news release contains forward-looking information on future production, project start-ups and future capital spending. Actual results or estimated results could differ materially due to changes in project schedules, operating performance, demand for oil and gas, commercial negotiations or other technical and economic factors or revisions.
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, 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 report on Form 40-F on file with the U.S. Securities and Exchange Commission.
Contact:
Contacts:
Canadian Superior Energy Inc.
Mike Coolen
President & COO
(403) 294-1411
(403) 216-2374 (FAX)
http://www.cansup.com
Canadian Superior Energy Inc.
Suite 3300, 400 - 3rd Avenue S.W.
Calgary, Alberta
Canada T2P 4H2
Canadian Superior Energy Inc. Announces Expiry of Offer
Friday September 8, 8:23 am ET
CALGARY, ALBERTA--(MARKET WIRE)--Sep 8, 2006 -- Canadian Superior Energy Inc. ("Canadian Superior") (TSX:SNG.TO - News) (AMEX:SNG - News) of Calgary, Alberta today announced the expiration of the offer of its wholly-owned subsidiary, Canadian Superior Energy Acquisitions Inc., for all of the outstanding common shares of Canada Southern Petroleum Ltd. ("Canada Southern") (NASDAQ:CSPLF - News) (TSX:CSW.TO - News). An aggregate of 171,493 common shares of Canada Southern have been taken up under the offer and will be paid for within the period required by statute, on the basis of Cdn. $2.50 and 2.75 common shares of Canadian Superior for each common share of Canada Southern acquired.
Canadian Superior is a Calgary, Alberta, Canada based oil and gas exploration and production company with operations in Western Canada, offshore Trinidad and Tobago and offshore Nova Scotia. See Canadian Superior's website at www.cansup.com to review Canadian Superior's Western Canadian Operations, Trinidad and Tobago holdings and Canadian Superior's offshore Nova Scotia interests.
Contact:
Contacts:
Canadian Superior Energy Inc.
Mike Coolen
President & COO
(403) 294-1411
(403) 216-2374 (FAX)
Website: http://www.cansup.com
Canadian Superior Energy Inc.
Suite 3300, 400 - 3rd Avenue S.W.
Calgary, Alberta
Canada T2P 4H2
Canadian Superior Filing Amended Offer Including Tradable Arctic Royalty Trust Units for Canada Southern Petroleum Ltd.
Monday July 31, 8:25 am ET
CALGARY, ALBERTA--(MARKET WIRE)--Jul 31, 2006 -- Canadian Superior Energy Inc. ("Canadian Superior") (TSX:SNG.TO - News) (AMEX:SNG - News) of Calgary, Alberta, Canada further announced today that the 25% net profit interest component of its offer for the shares of Canada Southern Petroleum Ltd. ("Canada Southern") (NASDAQ:CSPLF - News) (TSX:CSW.TO - News) pertaining to Canada Southern's Natural Gas will subject to regulatory approval, be comprised of separately tradable Arctic Royalty Trust Units ("ART's") that will be registered securities. Last week, Canadian Superior extended its previous offer for Canada Southern and is in the process of amending its bid for the takeover of Canada Southern. The filing of the amended bid is expected to be completed by Friday August 4, 2006 with all applicable regulatory authorities. As announced on July 26, 2006, Canadian Superior is amending its offer for Canada Southern with a new bid that is estimated to be worth Cdn $17.10 per share (US $14.97) for Canada Southern. The revised bid is comprised of 2.0 shares of Canadian Superior, Cdn $2.50 cash and a 25% net profit interest, in the form of Arctic Royalty Trust Security Units, in approximately up to 927 bcfe of natural gas, being the estimated net amount of natural gas Canada Southern attributes to its interest in the Canadian Arctic Islands.
Canadian Oil Sands Limited's ("Canadian Oil Sands'") (TSX:COS-UN.TO - News) is currently offering Canada Southern shareholders US $13.10 (approximately Cdn $14.81) and their bids expires 8:00 a.m. (MST) on August 1, 2006.
Canadian Superior is a Calgary, Alberta, Canada based oil and gas exploration and production company with operations in Western Canada, offshore Trinidad and Tobago and offshore Nova Scotia. See Canadian Superior's website at www.cansup.com to review Canadian Superior's Western Canadian Operations, Trinidad and Tobago holdings and Canadian Superior's offshore Nova Scotia interests.
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This news release may be deemed to be solicitation material in respect of Canadian Superior's tender offer for the outstanding common shares of Canada Southern. On June 19, 2006, Canadian Superior filed the following documents with the United States Securities and Exchange Commission (the "SEC") in connection with its offer to purchase the outstanding common shares of Canada Southern: (1) a Registration Statement on Form F-10 (containing an offer to purchase and take-over bid circular), and (2) a tender offer statement on Schedule T-O.
Investors and shareholders are urged to read the Registration Statement, the Schedule T-O and any other relevant documents that have been filed or that will be filed with the SEC. These documents contain important information and are available without charge on the SEC's website at www.sec.gov and may be obtained from the SEC by telephoning 1-800-SEC-0330. Free copies of these documents may be also obtained by directing a request to Canadian Superior at the address and telephone number below, attention Corporate Secretary.
This news release contains forward-looking information on future production, project start-ups and future capital spending. Actual results or estimated results could differ materially due to changes in project schedules, operating performance, demand for oil and gas, commercial negotiations or other technical and economic factors or services.
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 and other factors which may cause the actual results, performance or achievements of Canadian Superior, 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 Canadian Superior's annual report on Form 40-F on file with the SEC and Canadian Superior's Offer to Purchase and Circular, which has been filed as part of a Schedule T-O on file with the SEC.
Contact:
Contacts:
Canadian Superior Energy Inc.
Investor Relations
(403) 294-1411
(403) 216-2374 (FAX)
Website: http://www.cansup.com
Canadian Superior Energy Inc.
Suite 3300, 400 - 3rd Avenue S.W.
Calgary, Alberta
Canada T2P 4H2
Canadian Superior Responds to Canada Southern's Revised Shareholder Circular Allegation of Canadian Superior's Failure to Meet
Tuesday July 11, 8:00 am ET
CALGARY, ALBERTA--(MARKET WIRE)--Jul 11, 2006 -- Canadian Superior Energy Inc. ("Canadian Superior") (TSX:SNG.TO - News) (AMEX:SNG - News) of Calgary, Alberta, Canada announced today that Canada Southern Petroleum Ltd. ("Canada Southern") (NASDAQ:CSPLF/TSX:CSW) in its revised July 5, 2006 directors circular states that Canadian Superior has declined to make a presentation to Canada Southern and it's financial advisors with respect to its properties and the value of Canadian Superior's offer to take over Canada Southern and the Director's of Canada Southern have previously stated that they have carefully reviewed and considered Canadian Superior's offer to take over Canada Southern. In Canadian Superior's opinion these statements are completely untrue.
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On June 2, 2006 and on June 22, 2006 Canadian Superior offered to make a technical presentation to Canada Southern's Board and the Company's geological and geophysical staff, and on June 22, 2006 by writing Canadian Superior advised Canada Southern that such presentation could be attended by one of Canada Southern's financial advisors. This proposal was made in response to the President of Canada Southern indicating to Canadian Superior at a technical overview provided to him and Canada Southern's legal counsel on June 2, 2006 by Canadian Superior at Canadian Superior's office that Canada Southern would require Canada Southern's in-house technical staff to review Canadian Superior's inventory of projects and assets to properly place a value on Canadian Superior's offer, when Canadian Superior indicated it was going to make a cash and share bid for Canada Southern. Canada Southern's President and legal counsel asked Canadian Superior to put Canadian Superior's offer in writing to Canada Southern which was done within 48 hours of the meeting.
Canadian Superior continues and remains ready and willing at any time to provide Canada Southern with the technical presentation as previously requested by Canada Southern. Canadian Superior is also of the opinion that the Board of Directors of Canada Southern have a legal and fiduciary obligation to properly, carefully and fully evaluate Canadian Superior's offer to purchase Canada Southern.
Canadian Superior is a Calgary, Alberta, Canada based oil and gas exploration and production company with operations in Western Canada, offshore Trinidad and Tobago and offshore Nova Scotia. See Canadian Superior's website at www.cansup.com to review Canadian Superior's Western Canadian Operations, Trinidad and Tobago holdings and the Company's offshore Nova Scotia interests.
This news release contains forward-looking information on future production, project start-ups and future capital spending. Actual results or estimated results could differ materially due to changes in project schedules, operating performance, demand for oil and gas, commercial negotiations or other technical and economic factors or services.
Canadian Superior Announces Mailing of Takeover Circular for Canada Southern Petroleum Ltd.
Friday June 16, 7:42 pm ET
CALGARY, ALBERTA--(MARKET WIRE)--Jun 16, 2006 -- Canadian Superior Energy Inc. (TSX:SNG.TO - News) (AMEX:SNG - News) ("Canadian Superior") announced today that its takeover bid for any and all of the issued and outstanding shares of Canada Southern Petroleum Ltd. ("Canada Southern") (NASDAQ:CSPLF / TSX:CSW) will be mailed by Canadian Superior to all the shareholders of Canada Southern on Monday, June 19, 2006.
Canada Southern is a Calgary based oil and gas company with production in Northeastern British Columbia and the Yukon, and land holdings in the Artic Islands of Canada.
Canadian Superior is a Calgary, Alberta, Canada based oil and gas exploration and production company with operations in Western Canada and offshore Trinidad and offshore Nova Scotia.
Canadian Superior holds a large strategic land position in Trinidad and Tobago where some of the most prolific natural gas wells in the world are located in proximity to Canadian Superior's acreage. Canadian Superior will be commencing the drilling of two back-to-back wells on its "Intrepid" Block 5© in the fourth quarter of this year. Canadian Superior has contracted the Kan Tan IV Semi-Submersible Drilling Rig, managed by A. P. Moller - Maersk A/S ("Maersk"), one of the world's largest offshore drilling and shipping companies. Wells offsetting Canadian Superior's "Intrepid" Block 5© are currently producing over 400 mmcf/day and British Petroleum ("BP") has recently started producing 800 mmcf/day of natural gas in the area from four of its wells. 15 of BP's top 25 producing wells in the world are producing in the area of Canadian Superior acreage. Petro-Canada and several other multi-national oil and gas companies, including Total, British Gas, Husky and Apache have expressed interest in participating in the drilling with Canadian Superior on its offshore Trinidad holdings; however, Canadian Superior and its financial partner Challenger Energy Corp. (TSXV: CHA) have elected to drill this prospect solely on their own.
Furthermore, Canadian Superior has 1,293,946 net acres of land holdings offshore Nova Scotia, Canada where it is the largest public company holder of exploration land with six 100% owned exploration licenses.
In addition to its conventional oil and gas operations in Canada, Canadian Superior holds acreage in the heart of Alberta's Coal Bed Methane ("CBM") play in the Drumheller, Alberta area where EnCana Corporation has been paying up to $2 million per section of CBM natural gas rights in the area.
Canadian Superior's Chairman and Chief Executive Officer Greg Noval said today, "I believe the Canadian Superior offer provides Canada Southern shareholders with a superior offer with immediate upside given Canadian Superior's production base and acreage position in Western Canada and our holdings offshore Nova Scotia and offshore Trinidad. Both Canadian Superior's and Canada Southern's shareholders will also be provided with excellent long term value and growth through Canada Southern's acreage position in the Canadian Arctic."
This announcement is neither an offer to purchase nor a solicitation of an offer to sell securities. The tender offer for the outstanding Canada Southern Petroleum Ltd. common shares described in this announcement has not commenced. At the time the offer is commenced, Canadian Superior's wholly owned subsidiary will file a tender offer statement with the U.S. Securities and Exchange Commission ("SEC"). The tender offer statement (including an offer to purchase and circular, a related letter of transmittal and other offer documents) will contain important information that should be read carefully before any decision is made with respect to the tender offer. Those materials will be made available to Canada Southern Petroleum Ltd. security holders at no expense to them. In addition, all of those materials (and all other documents filed with the SEC) will be available at no charge on the SEC's web site (www.sec.gov.)
Contact:
Contacts:
Canadian Superior Energy Inc.
Richard Watkins
Director
(403) 294-1411
(403) 216-2374 (FAX)
Website: http://www.cansup.com
Canadian Superior Energy Inc.
Suite 3300, 400 - 3rd Avenue S.W.
Calgary, Alberta
Canada T2P 4H2
Canadian Superior Presenting at Major Energy Conference this Week in London, England and at Canada's Largest Energy Conference, The Canadian Association of Petroleum Producers 'Capp'...
Tuesday June 13, 6:13 pm ET
CALGARY, ALBERTA--(MARKET WIRE)--Jun 13, 2006 -- 2006 Oil & Gas Investment Symposium in Calgary, Alberta
Canadian Superior Energy Inc. (TSX:SNG.TO - News) (AMEX:SNG - News) ("Canadian Superior") reports that the Company's Chairman and Chief Executive Officer will be speaking in London, England later this week at a large international energy conference where companies including British Petroleum, ConocoPhilips, ENI, Statoil and Shell International will also be speaking. The presentation by Canadian Superior's Chairman may be viewed on Canadian Superior's website www.cansup.com.
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This week, Mr. Noval and Canadian Superior's President and Chief Operating Officer, Mike Coolen, will also be in Copenhagen, Denmark meeting with A. P. Moller - Maersk A/S ("Maersk"), (OMX: MAERSK B), regarding the refurbishment of the Kan Tan VI semi-submersible drilling rig which is well underway at the Keppel AmFELS's shipyard in the Gulf of Mexico, near Brownsville, Texas. Canadian Superior has contracted the Kan Tan IV Semi-Submersible Drilling Rig, managed by A. P. Moller - Maersk A/S ("Maersk"), one of the world's largest offshore drilling and shipping companies, and owned by Beijing Zhiyuan Industries Company Limited ("Beijing Zhiyuan"), of Beijing, China, a member of the SINOPEC Group of Companies (NYSE:SNP - News), the 3rd largest company in China. Canadian Superior and its financial partner, Challenger Energy Corp. (TSXV: CHA) will be drilling two (2) back-to-back wells on Canadian Superior's "Intrepid" Block 5© offshore Trinidad starting in Q4 of this year. Mr. Noval and Mr. Coolen are being hosted in Copenhagen by Maersk and Canadian Superior is preparing to drill the two wells.
Also, Mr. Noval and Canadian Superior presented at Canada's largest energy investment conference, the Canadian Association of Petroleum Producers (CAPP) 2006 Oil & Gas Investment Symposium. At Canadian Superior's CAPP presentation on June 12th, Mr. Noval outlined the Canadian Superior strategy for making its bid to take-over Canada Southern Petroleum Ltd. (NASDAQ: CSPLF/TSX:CSW). Canada Southern has various holdings in several significant oil and gas discoveries in the Canadian Arctic. Mr. Noval said, "Our take-over of Canada Southern offers Canada Southern shareholders immediate upside through our 'World Class' opportunities offshore Trinidad and our stable Western Canadian operations and Canadian Superior shareholders with longer term upside through Canada Southern's interest in the Arctic". Canadian Superior's June 12th CAPP presentation was webcasted and can be found on Canadian Superior's website www.cansup.com.
Canadian Superior is a Calgary, Alberta, Canada based oil and gas exploration, development and production Company with offshore drilling operations and offices in Halifax, Nova Scotia, Canada and Port of Spain, Trinidad and Tobago. The Company's shares trade on both the American Stock Exchange ("AMEX") and the Toronto Stock Exchange ("TSX") under the stock symbol ("SNG").
Canadian Superior Energy Inc. Announces Intention to Acquire Canada Southern Petroleum Ltd.
Monday June 5, 8:24 am ET
CALGARY, ALBERTA--(MARKET WIRE)--Jun 5, 2006 -- Canadian Superior Energy Inc. ("Canadian Superior") (TSX:SNG.TO - News) (AMEX:SNG - News) of Calgary, Alberta, Canada announced today it intends to make an offer for all outstanding shares of Canada Southern Petroleum Ltd. (NASDAQ: CSPLF/TSX:CSW) on the basis of 2.75 shares of Canadian Superior and Cdn $2.50 cash for each outstanding share of Canada Southern Petroleum Ltd. ("Canada Southern"). Canadian Superior values its offer at approximately Cdn $9.35 per Canada Southern share compared to the approximate Cdn $8.25 cash offer per Canada Southern share made recently by Petro-Canada.
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Canada Southern is a Calgary-based oil and gas company with 1,100 boes/day of natural gas production in Northeastern British Columbia, the Yukon and landholdings in Northern Canada.
Canadian Superior holds a large strategic land position in Trinidad and Tobago where some of the most prolific natural gas wells in the world are located in proximity to Canadian Superior's acreage. Canadian Superior will be commencing the drilling of 2 back-to-back wells on its "Intrepid" Block 5(c) in Q4 of this year. Wells offsetting Canadian Superior's "Intrepid" Block 5(c) are currently producing over 400 mmcf/day and British Petroleum ("BP") has just recently started producing 800 mmcf/day of natural gas in the area from 4 wells. 15 of BP's top 25 producing wells in the world are producing in the area of Canadian Superior acreage. Petro-Canada and several other multi-national oil and gas companies including Petro-Canada, Total, British Gas, Husky Energy Inc. and Apache have expressed interest in participating in the drilling of Canadian Superior "Intrepid" offshore Trinidad block, however Canadian Superior and its financial partner Challenger Energy Corp. (stock symbol "CHA") on the Toronto Venture Exchange ("TSXV") have elected to drill this prospect solely on their own.
Furthermore, Canadian Superior has 1,293,946 net acres of land holdings offshore Nova Scotia, Canada where it is the largest public company holder of exploration land with six 100% owned exploration licenses.
In addition to its conventional oil and gas operations in Canada, Canadian Superior holds acreage in the heart of Alberta's Coal Bed Methane ("CBM") play where EnCana Corporation has been paying up to $2 million per section of CBM natural gas rights. Canadian Superior also has approximately 3,000 boes/day of conventional oil and gas production in the Drumheller area as well as CBM production in the area.
Canadian Superior's Chairman and Chief Executive Officer Greg Noval said today, "I believe the Canadian Superior offer provides Canada Southern shareholders tremendous immediate opportunity through participation in the development of Canadian Superior's Trinidad "Intrepid" Block 5(c) where Canadian Superior will be drilling later this year, and both Canada Southern and Canadian Superior shareholders will have long term upside through Canada Southern's interests in Northern Canada."
Canadian Superior's offer for Canada Southern will be made through a wholly-owned subsidiary of Canadian Superior. Arrangements necessary to finance the offer have been made. The offer will not have a minimum tender condition and will otherwise be subject to conditions customary for transactions of this type including regulatory approval. The take-over bid materials are being prepared and will be mailed to Canada Southern shareholders on a timely basis.
Maison Placements Canada Inc. is acting as financial advisor to Canadian Superior on the transaction.
This announcement is neither an offer to purchase nor a solicitation of an offer to sell securities. The tender offer for the outstanding Canada Southern Petroleum Ltd. common shares described in this announcement has not commenced. At the time the offer is commenced, Canadian Superior's wholly owned subsidiary will file a tender offer statement with the U.S. Securities and Exchange Commission (SEC). The tender offer statement (including an offer to purchase and circular, a related letter of transmittal and other offer documents) will contain important information that should be read carefully before any decision is made with respect to the tender offer. Those materials will be made available to Canada Southern Petroleum Ltd.'s security holders at no expense to them. In addition, all of those materials (and all other documents filed with the SEC) will be available at no charge on the SEC's web site (www.sec.gov).
Contact:
Contacts:
Canadian Superior Energy Inc.
Richard Watkins
Director of Canadian Superior
(403) 294-1411
(403) 216-2374 (FAX)
Website: http://www.cansup.com
Canadian Superior Energy Inc.
Suite 3300, 400 - 3rd Avenue S.W.
Calgary, Alberta
Canada T2P 4H2
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Canadian Superior Energy Inc.
Investor Relations
(403) 294-1411
(403) 216-2374 (FAX)
Website: http://www.cansup.com
Canadian Superior Energy Inc.
Suite 2700, 605 - 5th Avenue S.W.
Calgary, Alberta
Canada T2P 3H5
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#ixzz0aCZmzsQU
Link - http://www.docstoc.com/docs/document-preview.aspx?doc_id=19896609
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