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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
Looks like we can pop back to a dollar soon.
Look it that trading again. Thanks.
CCAA extention granted until 6/4. http://finance.yahoo.com/news/Canadian-Superior-Energy-Inc-iw-15131580.html
News today. COO appointed and reserve data filed with SEDAR.
http://finance.yahoo.com/news/Canadian-Superior-Announces-iw-15099979.html
Already have enough SNG, but bought some CHQ since it trades OTC.
Ty and have you added?
Check with your broker for costs to trade on the TSX, but most should be able to execute an order for you. Significant news this morning http://finance.yahoo.com/news/Canadian-Superior-Energy-Inc-iw-15039206.html that may have been needed for any deal to move forward. Other than that we'll just have to wait and see what happens. BTW, Challenger Energy trades on the US OTC as CHQGF in case you are interested. GL
Can we buy it there and have you added? What do you think we should expect near term?
I thought it was trading in Canada and for about .50 in US dollars. Did you hear the same?
New Oil company I like: PMG.TO - check out the board I started:
http://investorshub.advfn.com/boards/board.aspx?board_id=15306
I am looking at S.A. oil companies: GTE, BPZ, PRE, PMG. I like PMG the best.
Godspeed, Great Dane
Late news today that CHQ has been granted an extention of CCAA
until June 4th.
http://finance.yahoo.com/news/Challenger-Obtains-Court-iw-14977998.html
Yep, and sorry I didn't put that in my message. We may see another extention of the CCAA(s) since the sale of WI is critical to SNG and CHQ meeting their financial obligations.
symbol now chqgf.
None of them trading on US exchange anymore.
Might get new life very quickly and if not trading on any US markets may be hard to get back in. I've still got the .40-1.00 shares and will hold pending sale of the WI. Could be "dead money" for awhile, but a successful sale could put this up big
when its announced. What to do??? CHQ is trading on the OTC "Pinks" and if the sale is rolled into the SNG sale for the whole 70%, as I suspect might happen, it may be worth keeping an eye on too. I've picked up a small position "just in case". GL
Thanks. I am learning a lot on this one. Glad I sold when I did. This may get some new life once it all is worked out.
Everything is still in limbo. Just a guess, but its starting to look like the whole 70% might get sold with SNG/CHQ working out their issues after the sale...dunno. Selling the whole 70% seems like it would generate better bids since that conveys a majority interest to the buyer(s).
Anybody got anything to share on what the heck is going on here? We need some news and help here.
SNG Shareholder Activism
I am a shareholder in SNG and am very unhappy with SNG management. For a little over a week I have been compiling a list of shareholders and their opinion to support certain proposals to cause support change at SNG. I am not soliciting proxies, I am merely trying to help shareholders speak with one voice. To date I have been contacted by shareholders with >1.8 million shares and in response have contacted SNG, the Alberta Securites Commission, and the US Securities Exchange Commission. More actions are also in progress.
We as shareholders want change, I welcome you to join us. I am a discontented shareholder that happens to also be a Ph.D. in Finance and a CFA Charterholder (note that I must adhere to the CFA Code of Ethics and Professional Standards at http://www.cfainstitute.org/centre/codes/ethics/).
If you wish to be added to the list and speak with one voice email me at tibbss@ecu.edu, if you wish to discuss this with me leave me a phone number and I will call you back. Another option is to add you shares to an online stock counter a friend of mine set up for showing our discontent in real time. http://www.carpenterdev.com/bcapps/ShareCnt.jsp?sym=SNG
You can research me more at www.samtibbs.com (feel free to look at my vita) or just search the internet for Sam/Samuel Tibbs. Also, feel free to look at posts on the Yahoo and Investor Village board.
Lastly, I encourage you to also contact the appropriate parties on your own.
Best,
Sam Tibbs, Ph.D., CFA
tibbss@ecu.edu
I have a small position but I agree lets wait and see.
What a mess and I agree with you.
Plenty of large shareholders in addition to the funds just sitting on their shares waiting. No use selling in the middle of CCAA, asset sales, etc. Today's news release is a long read but worth the effort. I'm tending to agree with PAI's call for at least a more independent and knowledgeable BOD.
http://finance.yahoo.com/news/Palo-Alto-Investors-bw-14814734.html
You would think we we see more volume with either big selling or buying. I am very surprised we are trading water with NO volume either way.
Canadian Superior Energy Inc. Announces CCAA Protection Extension
MAR 26, 2009 - 08:45 ET
http://cnrp.ccnmatthews.com/client/canadian_superior_energy/release.jsp?actionFor=966311
Share price adjusted A/H today for US market on volume of 20k. Don't know what to make of it but we'll see if there's anything new tomorrow. News is building up so just a matter of when it is/can be released.
A true long I see. I hope we do see turn around. I am still a green horn on this. Do not have feel of this board yet so do not know if we can talk about changes in this field but will post this. When I am interested in a stock I want to see the field as a whole and all the directions that effect it. Interesting article and on topic of fuels which effects this field we are in.
Valero wins bid to acquire VeraSun plants
By Bryan Sims
Web exclusive posted March 20, 2009, at 2:02 p.m. CST
http://www.ethanolproducer.com/article.jsp?article_id=5514
Thanks for the response and I did add so I also hope to see a move gighe and maybe we can see you 1 dollar. I did play GRZ with same crash and made a big chunk of cash. Good Luck
James...no pm and no happy hour! Anyway, I'm holding SNG pending outcome of 5c bidding, etc. I got into this around 2004 and now average about $1.37 USD after recent buys below $.40. SNG was selling for $1.68 range when I got in, and that was way before the T&T discoveries. I can't help but think the current deficiencies will be corrected and the sp "should" recover...to what I don't know, but IMO certainly well north of current sp. I would also look for re-listing in the USA once the CCAA and receivership issues are resolved. GLTY on your other picks.
Plenty for next week. Hope we get some pr news from SNG! Bids due 3/23 on the 5c WI sale and review of CCAA on the 25th, which, if need be, could be extended with court approval. Still waiting for final flow test results from Endeavour and results from the receivership appeal. SNG still not trading in the US, but CHQ (total speculative "gamble" on 5c WI sale results) is on the "pinks" symbol CHQGF.
Some good and bad news.
NYSE Alternext Halted Trading in Canadian Superior Energy Inc. Shares; Trading to Continue on TSX Exchange
MAR 11, 2009 - 08:28 ET
CALGARY, ALBERTA--(Marketwire - March 11, 2009) - Canadian Superior Energy Inc. ("Canadian Superior" or the "Company")(TSX:SNG)(NYSE Alternext US:SNG) confirms that NYSE Alternext US LLC (the "Exchange" or "NYSE Alternext US") has halted trading in its common shares on March 5, 2009. The NYSE Alternext US has advised the Company, in a letter dated March 6, 2009, that the Exchange intends to file a delisting application with the S.E.C. due to determinations by the Exchange staff that the Company has continuing listing deficiencies. Specifically, the events that led to the Company filing for protection under the Companies' Creditors Arrangement Act (Canada) ("CCAA") on March 5, 2009 have resulted in the determination that the Company is not in compliance with the Exchange's listing requirements. The Company has the right to appeal this determination. The Company's shares continue to trade on the TSX Exchange at this time.
As previously announced the Company's application to the Court of Queen's Bench of Alberta for an Order under the Companies' Creditors Arrangement Act (Canada) was successful, allowing the Company to prepare a plan of arrangement for its creditors, and staying all claims and actions against the Company and its assets. The Order was made under section 11 of the CCAA and it is in effect until March 25, 2009, at which time the matter will be reviewed by the court.
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 liquefied natural gas ("LNG") projects, 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. Canadian Superior has approximately 20,000 shareholders worldwide, including some of the top institutional shareholders in North America.
http://cnrp.ccnmatthews.com/client/canadian_superior_energy/release.jsp?actionFor=959824
This will be interesting. Seems like greed came into play. I am still learning so if I am off the wall please correct me.
SNG's appeal of the receivership ruling is to be heard tomorrow.
Initial findings by the judge granting the appeal/setting date were promising. http://www2.albertacourts.ab.ca/jdb/2003-/ca/civil/2009/2009abca0073.cor1.pdf
Wish I had some extra cash right now. Maybe soon.
Yes, this result is very good. Ties the sands tested at Bounty and located by a previous well (Turtle) to both sides of the fault line and helps define the areal extent. Should add significantly to the estimated reserves and price SNG might receive for the sale of a % of their WI. Still buying.
That sure sounds great. I hope they release a video of testing. Sounds like a winner to me. Maybe now we will get a recovery of this stock. Wild markets.
Canadian Superior Announces Initial Flow Test Results From "Endeavour" Well Offshore Trinidad,
CALGARY, ALBERTA -- (MARKET WIRE) -- 03/03/09 -- Canadian Superior Energy Inc. ("Canadian Superior", the "Company") (TSX: SNG)(NYSE Alternext US: SNG) is pleased to announce today that after extensive preparations flow testing of the "Endeavour" well offshore Trinidad on the "Intrepid" Block 5(c) commenced on March 1, 2009. During the initial flowing period of approximately 16 hours, a peak flow rate of 60.1 MMscf/d was obtained, which is the maximum rate allowed under the testing equipment specifications. A final flow rate of 56.4 MMscf/d was measured with a 48/64 inch choke with a FWHP of 4122psi. Multiple flow rate testing will be conducted over the next few days. The well has flowed "dry" natural gas with a gas gravity of approximately 0.584, approximately 0.3% CO2 with no production of water, condensate or solids, during this initial flow period.
The "Endeavour" discovery well was spudded on August 28, 2008 and was drilled by the Kan Tan IV semi-submersible drilling rig in about 1,000 feet of water, which also drilled the "Victory" and "Bounty" natural gas discovery wells on Block 5(c); and is the 3rd well, in an initial 3 well program, being drilled by Canadian Superior and its partners on the "Intrepid" Block, located approximately 60 miles offshore, off the east coast of Trinidad. In 2008, Canadian Superior announced two separate natural gas discoveries on Block 5(c); in the "Victory" well, announced on January 14, 2008; and, in the "Bounty" well, announced on August 13, 2008. "Endeavour" now is a confirmed natural gas discovery; making this program, 3 out of 3.
http://www.streetinsider.com/Press+Releases/Canadian+Superior+Announces+Initial+Flow+Test+Results+From+"%3BEndeavour"%3B+Well+Offshore+Trinidad/4452045.html
I hope so. Just ugly out here. I have one I am holding the rest playing the charts.
Update this morning. Also, well is being tested and results should be soon. It appears to be past the "crisis" phase and entering the how big and what's it worth. http://finance.yahoo.com/news/Canadian-Superior-Updates-iw-14508937.html
Maybe the tide is turning on SNG and the oils.
Getting some bounce here today. Wonder if we see some more news soon? Chart seems to be setting up.
Canadian Superior Updates Shareholders on Demand Extension
3/2/2009 8:00:00 AM (Marketwire)
http://www.investorvillage.com/mbnews.asp?mb=4338&pt=qn&xid=918471
Markets still unsettled. Great bottoms on great companies. Just crazy IMO.
Thanks for the info...it is good to have someone who actually knows what goes on sharing! With the limited amount of info released the well could be anywhere from 1-4 tcf...LOL. I've gone way out on a limb now with SNG by clearing out all the other "crap" from my accounts and bought as much SNG as possible...more yesterday @.30...who would have thought. I guess the "market" knew and that's what had us around $1 for so long. Just got to believe this will work out given the "value" of 5c. And assuming CHQ actually does something besides being along for the ride and actually pays what they owe in cash or WI (and IMHO that's one big part of the reason SNG is in this fix), and/or SNG is able to negotiate a partial WI sale...where's T Boone when you need him?...this mess could be cleaned up quickly and we'd still be looking at a huge resource on 5c. GLTA...all this "excitement" is giving me indigestion!!!
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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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