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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
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."
Nice job and should be fun to watch this the next few weeks.
Lets see how this plays out but I agree and hopefully the market does too and we continue Fridays action.
Great JOB and looks like we have nice break out here should be a nice ride.
Thanks hillzman..its big =)
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.
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.
This private placement ..explains the sell off to drive the price down.
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
Agree Clay Riddell investment Huge News for SNG.
SNG sure looks different now.
GL
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
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
Ty looks interesting.
James444ct check out BNXR
Let me know what you are buying and why and are you still holding SNG?
No I am invested heavy in a penny stock I like right now still watching this. Amazing how low this went again.
Are you adding here? I am thinking of adding this week.
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
Looks like we should be buying here.
I added today and plan on adding more this week.
That's what you've been saying about PMU and CALVF....
Good Luck I just added at .63
I've got enough thank you. Want to buy some MXMSF?
Are you guys adding? The chart sure looks ready.
At least it seems to have a B/V of C$1.38 and a chance at life, however tenuous.
Nice to see. Long wait here.
out @.68. get back in when it settles again
all you can do at moment :0)
IMO BUY and sit and wait.
I sit, I wait :0)
Well IMO our day is coming and maybe many days
Not the day I expected today but, time is on my side!! Hey, betca that would make a good line for a song!!
I do like the sound of that!! 3$
OK and maybe at 2 and 3 too
see you at a buck :0)
IMMO we are headed much higher and today sounds great to continue from yesterday Good luck
Hi James, looking for a nice open today
I agree and hope to add soon because IMO we are headed through 1 and hlpefully much higher. Good Luck.
wow, you've had a rough time of it here. I'm just looking for a quick flip but am flexible if it become something more. Or something less :0) Luck to us both!!
Well, I like your odds better than mine, good luck to you. I have an avg. cost of about $2.25 a share in this stock. Bought some in the 80 cent range after Mariner, bought some in the high $4's while drilling the 3rd TnT well, bought some in the high 20 cent range after CCAA announcement and everything in between. I just didn't buy enough when it was really low to pull my avg. down.
long, I'm to much a whus to short anything yet :0)
Since you posted, mind if I ask if the position was "long or short"???
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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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