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Since you posted, mind if I ask if the position was "long or short"???
Interesting.
FOR: Canadian Superior Energy Inc.
TSX SYMBOL: SNG
NYSE Amex SYMBOL: SNG
Canadian Superior Energy Inc. Clarifies Status of Challenger Warrants
SEP 25, 2009 - 08:34 ET
CALGARY, ALBERTA--(Marketwire - Sept. 25, 2009) - Canadian Superior Energy Inc. ("Canadian Superior" or the "Company") (TSX:SNG)(NYSE Amex:SNG) announced today that, following its recent acquisition of Challenger Energy Corp. ("Challenger") through a plan of arrangement, two classes of warrants issued by Challenger remain outstanding and are now exercisable for common shares of Canadian Superior.
The first class of warrants (the "October Warrants") expires on October 2, 2009, and on exercise of October Warrants prior to expiry and payment of the exercise price of $3.50 per warrant, the holder would be entitled to receive 0.51 of a Canadian Superior common share for each warrant exercised. The second class of warrants (the "March Warrants") expires on March 6, 2010, and on exercise of March Warrants prior to expiry and payment of the exercise price of $4.40 per warrant, the holder would be entitled to receive 0.51 of a Canadian Superior common share for each warrant exercised. The October Warrants and the March Warrants remain listed on the TSX Venture Exchange.
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.
This news release contains forward-looking information, including the expectation of successful future results and the ability to meet future obligations. Actual results could differ materially due to changes in project schedules, commercial negotiations, changed in energy pricing, unforeseen technical difficulties or the inability to raise additional capital, therefore there can be no assurance that any of the foregoing actions by the Company will be completed as contemplated. Forward-looking information contained in this news release is as of the date of this news release. The Company assumes no obligation to update and/or revise this forward-looking information except as required by law.
Statements contained in this news release relating to future results, events and expectations are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements involve known and unknown risks, uncertainties, scheduling, re-scheduling and other factors which may cause the actual results, performance, estimates, projections, resource potential and/or reserves, interpretations, prognoses, schedules or achievements of the Corporation, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, those described in the Corporation's annual reports on Form 40-F or Form 20-F on file with the U.S. Securities and Exchange Commission.
FOR FURTHER INFORMATION PLEASE CONTACT:
Canadian Superior Energy Inc.
Investor Relations
(403) 294-1411
(403) 216-2374 (FAX)
Website: www.cansup.com
http://cnrp.ccnmatthews.com/client/canadian_superior_energy/release.jsp?actionFor=1050470
Good chance we are past the CHQ share conversion selling with a nice end to the week. Oil and (especially) NG prices have firmed a bit which can only help. Biggest question IMO is what form the "recapitalization" takes, and at what price. Aside from that it looks like we should see an improving sp, especially if there's some good news.
CHQ to SNG share exchange happening this week. Some have already but depends on the broker how fast it happens. IMO the exchange is main reason for slight pressure on the downside, since some of those will be wanting to sell. Looking for improving sp once the exchange is completed, and maybe some (more) good news?
http://www.canadianinsider.com/coReport/allTransactions.php?ticker=sng
A good sign that several of the new directors have
bought shares with their own money.
Hope you're right!
Well I know you follow this closer tha I and I will defer to your opinion but based on the chart and accumulation and resistance levels I expect 1 40 to 1.50 short term.
Just waiting for my CHQ to convert. Conservative asset valuation for SNG would be IMO about $1.10-$1.20 after the share conversion. Warrants are all basically worthless and at present it doesn't look like any immediate need to place shares...but who knows. Its encouraging to see one of the new directors buying 50k shares open market last week. My short-term target for this is $1.10-$1.25 barring exceptional news.
SNG seems poised to break out above the 1.00 level once and for all. I want to ADD BUT NO CASH.
I am not a seller and hope to add but did add TMR today.
Still have to absorb the 27 million new SNG shares that are being issued per the Challenger acquisition. Not sure how that will play out hold/sell so could present a buying opportunity.
I'm just going to sit tight and wait for the board to find a CEO and provide foreward looking guidance. We already know WC will be a priority, and they do have to spend about CAD 10 million to comply with Canadian flow through requirements. I'm hoping they will be able to get something going on the MG block in T&T, but will have to get around some "line of credit" limitations on non 5c developments outside of Canada, maybe another "partner" in exchange for carried interest? BG has already said they won't be able to get a rig for 5c until 2011, so a bit of breathing room there, and one would hope better ng prices.
Hope so and looking better.
The chart lks great and hopefully I can add tomorrow.
LOL...appears so! We should have some guidance on specific plans soon.
Does this mean drillable hours and not just billable hours at last? Be still my beating heart
All the parts are in place for SNG to emerge from CCAA. The creditors voted 100% at last Friday's meeting to approve the plan for payment of claims against SNG. We may have news this week since the CCAA extension expires today. I'm looking for this to $1.25-$1.50 before any significant profit taking comes into play. There's still lots of shareholders/funds way under water on this.
I expect a good day and better week.
I am still here and maybe I will add. The chart looks great and hopefully more good news.
News out and more to come. CCAA extension expires tomorrow so assuming SNG has everything worked out there should be news that will lift this stock. I'm convinced this new management group intends on taking SNG to the next level as a corporation and will have the financial backing to do so. Wish them luck!
http://finance.yahoo.com/news/Canadian-Superior-Energy-Inc-iw-4247911989.html?x=0&.v=1
I agree and I am planning on adding too the energy stocks look better every day.
Nice find. I was thinking something must be up when looking at chart. Thanks.
The Canadian Press - ONLINE EDITION
Canadian Superior Energy caps off turbulent year by electing new board
By: Lauren Krugel, THE CANADIAN PRESS
9/09/2009 7:00 PM | Comments: 0
CALGARY - Canadian Superior Energy Inc. (TSX:SNG) shareholders elected a new board of directors Wednesday, capping off a turbulent year for the Calgary-based oil and gas explorer.
Shareholders also approved a merger agreement between Canadian Superior and Challenger Energy Inc. (TSXV:CHQ), which had been a minority partner in a natural gas development off the coast of Trinidad and Tobago.
The deal was approved by 95.4 per cent of the shares voted.
Palo Alto Investors LLC, which holds 9.3 per cent of Canadian Superior's stock, has been pushing for change at the board level for several months.
Under a settlement inked last month, Canadian Superior, which has been restructuring under creditor protection since March, and Palo Alto Investors agreed on six nominees for the board of directors.
Palo Alto picked Marvin Chronister, Kerry Brittain, James Funk, and William Roach, who is chief executive officer at oilsands firm UTS Energy Corp. (TSX:UTS)
Canadian Superior's management tapped Gregory Turnbull and Richard Watkins, who currently sits on the board of directors.
"These are the kind of people that I, as a shareholder, am happy to see run the company," said Palo Alto's David Anderson in an interview before the meeting.
"We think this can be a great company. It has the potential to be."
Aside from interim chairman Jake Harp, none of the outgoing directors were at the meeting Wednesday.
Chronister, a newly elected director from Houston with 35 years in the oil and gas industry, said the board will begin its work in earnest Thursday, when its first meeting is set to be held.
"I think we need to focus on getting a top rate management team in and filling in the management holes ... and then figuring out how to maximize the assets that we've got for the benefit of the stockholders," he said in an interview after the meeting.
It was just under a year ago that Palo Alto began flagging conflict of interest concerns at Canadian Superior.
Palo Alto's qualms centred around Canadian Superior's then-executive chairman Greg Noval, who had also been a director at Challenger.
Noval stepped down from his director position at Challenger in October of last year, but continued to be a shareholder in both companies.
In a separate battle in February, a third 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 Challenger's and Canadian Superior's financial problems.
A month later, Challenger and Canadian Superior both filed for protection from creditors under the Companies' Creditors Arrangement Act.
In late April, Noval and chief executive officer Mike Coolen were forced out by Canadian Superior's board of directors.
In May, Canadian Superior sold its 45 per cent stake in the Trinidad field, which is estimated to contain between three and five trillion cubic feet of natural gas, 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.
Following those transactions, Canadian Superior now holds a 25 per cent interest in the Trinidad block.
Palo Alto had questioned the previous management's decision to sell the Trinidad stake, and now Anderson said he's optimistic shareholders will be able to reap the benefits.
"If we didn't see that upside, we would have sold this stock long ago," he said.
"The only reason we've gone through the pain and suffering of the last year is to put in place a team that can actually create that value."
In addition to Trinidad, Canadian Superior also has operations in Western Canada and the East Coast.
Find this article at:
http://www.winnipegfreepress.com/business/breakingnews/Canadian-Superior-Energy-caps-off-turbulent-year-by-electing-new-board.html
Amended Statement of Beneficial Ownership (SC 13D/A)
http://ih.advfn.com/p.php?pid=nmona&cb=1252465999&article=39338825&symbol=A%5ESNG
Busy 1st half of September with shareholder meeting the 9th,
creditor meeting (vote on "plan of arrangement") the 11th, end of current CCAA extension the 15th, and completion of the merger
with CHQ by late September. I'm assuming (hopeful) that SNG will be out of CCAA by that time.
Looks like we are about to pop big. Good Luck
Thanks for update I have been checking every so often.
Merger approved. SNG pays for CHQ debt and issues shares, but has 25% of 5c and cost recovery assuming they can hold onto it.
Next up would be capitalization plan and emerging from CCAA. Looking like there should be plenty of news come September.
http://finance.yahoo.com/news/Challenger-Energy-Corp-iw-1459269806.html?x=0&.v=1
Merger vote by CHQ shareholders coming this Friday. CHQGF is again selling at a discount to announced merger ratio of .51 SNG shares for each CHQ share. IMO the merger will happen.
ty I will check it out
No. Got all I need of this, but did pick up some CHQGF since it has been at a discount to the proposed merger ratio. CHQ shareholder vote on proposed merger will be on 8/7.
Are you adding here? Looks interesting.
Plenty going on and several things happening this week. Claims deadline has passed and being ruled on. Also CCAA on Friday with probably another extension. Market seems to think the merger will happen, already approved by the court and awaiting CHQ shareholder approval. Speculation and what ifs out there, but market isn't supporting anything other than the merger terms.
Much awaited news just out! Assuming that when this comes to fruition we will have a stronger company with "better" management, a stronger BOD, essentially all assets excepting the 45% 5c being sold, and recapitalization through a new (I'm assuming again)and more substantial financing arrangement.
http://finance.yahoo.com/news/Canadian-Superior-and-iw-3087251790.html?x=0&.v=1
CCAA has been extended to 7/24. There is also a plan being finalized that will merge (if approved) CHQ and SNG. The market seems to think the ratio will be about 2.5 CHQ shares for 1 SNG share. "Should" have news about this soon.
http://finance.yahoo.com/news/Canadian-Superior-Energy-Inc-iw-15448818.html
I didnt see this pullback coming but IMO makes it stronger.
TY Maybe I should add bought it all over 1 a dn.80 and .55
Bought my first SNG position today after she pinged the scanner hard. Chart looks great and is picking up steam~ :)
Better to say that no one was calling for his head on a platter until the financial meltdown. He did plenty that is suspect, that's for sure, and we may not have seen the last regarding him from those deals. But to give him some credit, he was the force behind the effort in T&T, and was/is not alone getting caught in the downdraft. My cost average is about $1.40 after picking up some while it was below $.50, so IMO not too hard to break even once they are out of CCAA. But we sure could have done better if, as you say, the focus had remained on 5c and making Challenger come up with their share of costs (w/o the freaking bridge loan) or forfeit their right to earn 25%. All that crap IMO is on GN and I wouldn't be surprised if there were more to come due to that conflict of interest.
You give more credit to GN than I will... Sure he can find oil / gas but his mingling of personal and business finances leaves a lot to be desired. Let him find the oil but keep tight reins on him when it comes to finances is how you have to handle him. Overextended SNG's limited finances on the bet of stable / higher commodity prices. Without Liberty / buddy loan to Challenger / Libya concession / private aircraft leasing company, etc. I believe SNG would have had just enough to see the 3 wells through w/o going into default.
Just hope we come out above a buck. I will lose plenty but sure is better than the 30 cents we had a couple months ago. Sheesh!
GN was just fine until the double whammy of collapsing financial markets and commodity prices. If the 3 well 5c program had been completed as planned prior to the end of 2008 we would be looking at a completely different situation and GN would still be running the show. Now KA, I don't know for sure, but there's plenty of Pinkie CEO's that fit the bill.
"watching the show"... The Rocky Horror Picture Show that is, LOL... Wonder if Greg Noval and Keith A are distant cousins???
Just sitting tight and watching the show!
So are you adding selling or holding?
I sure hope so. The announced deal doesn't specify quite a few things regarding the sale. If the $145+ million is all they are getting for the 45% 5c interest, we're not getting much for it. The 25% "held" by CHQ also needs to be resolved through sale or merger with SNG. I'd actually like to see a merger with SNG coming out of CCAA and a sale of part or all of the remaining 25% as energy prices improve, the CCAA cloud is lifted, 5c expenses are paid out, and JOA issues settled with BGTT and T&T. Still a ways to go, but assuming it works out, we could see the sp approximate what it was prior to the 5c project ($1.50-2.00)but that's just my guess fwiw!
http://finance.yahoo.com/news/Canadian-Superior-Energy-Inc-iw-15410633.html
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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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