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.
