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Name change from "Canadian_Superior_Energy_Inc." to "Sonde_Resources

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califax   Saturday, 06/05/10 06:20:10 AM
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Name change from "Canadian_Superior_Energy_Inc." to "Sonde_Resources_Corp."

Sonde Resources Corp. Announces Results of Its Annual and Special Meeting of Shareholders, Implementation of Share Consolidation

Date : 06/04/2010 @ 8:25AM
Source : MarketWire
http://ih.advfn.com/p.php?pid=nmona&article=43098146&symbol=SNG


Sonde Resources Corp. Announces Results of Its Annual and Special Meeting of Shareholders, Implementation of Share Consolidation

CALGARY, ALBERTA -- (Marketwire)
06/04/10
Sonde Resources Corp. (the "Company") (TSX: SNG) (NYSE Amex: SNG) is pleased to announce that the following matters put before the annual and special meeting of holders ("Shareholders") of common shares ("Common Shares") of the Company held on June 3, 2010 were approved:

1. the election of Marvin M. Chronister, Dr. James Funk, Kerry R. Brittain, Dr. William J.F. Roach, Gregory G. Turnbull and James H.T. Riddell as directors of the Company for the ensuing year;

2. the appointment of Deloitte & Touche llp as auditors of the Company;

3. the name change from "Canadian Superior Energy Inc." to "Sonde Resources Corp.";

4. the consolidation (the "Consolidation") of the issued and outstanding Common Shares on the basis of one post-Consolidation Common Share for every five pre-Consolidation Common Shares;

5. the adoption of a new shareholder rights plan of the Company;

6. the confirmation of the new By-Law Number 1 of the Company.

Accordingly, the Company has filed articles of amendment to implement the Consolidation and to change the name of the Company to "Sonde Resources Corp."

The Company expects that the post-Consolidation Common Shares will begin trading on the Toronto Stock Exchange on or about June 8, 2010 and on the NYSE Amex on or about June 7, 2010. The post-Consolidation Common Shares will trade on each exchange under the new symbol "SOQ".

Letters of transmittal with respect to the Consolidation were mailed to all registered Shareholders on May 7, 2010, copies of which are available on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com and the Electronic Data Gathering, Analysis and Retrieval (EDGAR) system at www.sec.gov. To receive certificates representing post-Consolidation Common Shares, registered Shareholders should follow the instructions set out in the letter of transmittal and send their certificates representing pre-Consolidation Common Shares, together with a properly executed letter of transmittal, to Valiant Trust Company, the registrar and transfer agent of the Company. Beneficial Shareholders should contact their nominees with any questions regarding the procedures applicable to them.

Following the Annual and Special Meeting of Shareholders today the Company made a presentation which is available on our new website www.sonderesources.com.

2010 Operational Highlights

-- After declining to a Q1 average of 2,779 boe/d, Company production

increased to 3,127 boe/d for the week ending May 19, under-pinned by a

significant oil and gas discovery in the Eaglesham Wabamun trend, which

came online in May producing 2.4 mmcf/d and 100 bbls/d.

-- Highlighting management's expectation that production growth will

continue in Q3, in early May the Company began completion and/or tie-in

operations on 23 previously-suspended wells, including a new well at

Westerose testing from combined Mannville-Glauc-Ellerslie zones at a

combined rate exceeding 4 mmcf /d.

-- Particularly encouraging from the winter program is a nearly 25%

increase to the Company's daily liquids production, highlighting the

potential management sees for positive near-term growth in Company-wide

oil and condensate production.

-- In Tunisia, the Company signed a rig commitment agreement to take

operational possession of the ENSCO 105 jack-up rig during the fourth

quarter of 2010 for drilling the Zarat 1-North appraisal well on the 7th

of November Block.

-- In Trinidad, the Company began evaluation of 7 new offshore lease blocks

that will be offered for bid in August.

-- The Liberty LNG regassification project is on budget and moving forward

with submission of a construction permit planned for late August of this

year. The Company continues to pursue possible joint ventures related to

this project.

Second Half 2010 Plans and Strategy

Western Canada

The Company is committed to increasing shareholder value on its nearly 400,000 gross acres of Western Canada holdings, with strong emphasis on growing high-value oil and condensate production. After a thorough review of these assets, management has identified an extensive list of behind-pipe, infill and step-out locations capable of supporting a multi-year development and growth program. The latter half of 2010 is expected to mark the beginning of a substantial increase in Western Canada development and exploration activity, with a three-part strategy focused on core properties at Drumheller, Kaybob-Windfall and Boundary Lake-Eaglesham:

-- Development of high value, low-risk/low-finding and development costs

behind-pipe and infill reserves to increase cash flow in support of our

Canada and international growth programs, and to increase the value of

proved and probable reserves (gas-oriented). Management has identified

approximately 60 locations that will be targeted in 2010 and during the

first half of 2011, with potential for adding 1,600 boe/d in new

production.

-- Growth in liquids production through re-development of existing oil

pools, with a focus on the Mannville "I" pool at Drumheller. Included in

this program are plans for re-stimulating low-rate or suspended wells,

infill drilling using horizontal wells and multi-stage frac technology,

and initiation of a waterflood program.

-- Growth in liquids production through exploration for and exploitation of

oil resource plays on existing lands. Included in this program are

"proof-of-concept" re-entry's of suspended wells owned by the Company,

followed by infill and step-out drilling where successful.

International

The Company is committed to capturing the high-impact growth potential of its Tunisia/Libya and Trinidad/Tobago offshore oil and gas assets, and its Liberty Natural Gas LNG project on the US East Coast. Proposed plans for 2010 and the first half of 2011 include:

-- Drilling of the Zarat 1-North appraisal well (offshore Tunisia) in late

Q4, with potential for significant value and reserve additions given

success.

-- Participation in development plans for our offshore Trinidad assets as

commissioned by our Operator partner for the block.

-- Submission of construction permits by Liberty Natural Gas with respect

to the Liberty LNG regassification project expected by late August,

2010.

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 the development of a liquefied natural gas ("LNG") project. Its operations are located offshore Trinidad and Tobago, Western Canada, North Africa, and offshore Eastern United States. See Canadian Superior's website at www.cansup.com to review further detail on Canadian Superior's operations.

Boe Presentation - Production information is commonly reported in units of barrel of oil equivalent ("boe"). For purposes of computing such units, natural gas is converted to equivalent barrels of oil using a conversion factor of six thousand cubic feet to one barrel of oil. This conversion ratio of 6:1 is based on an energy equivalent conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Such disclosure of boes may be misleading, particularly if used in isolation. Readers should be aware that historical results are not necessarily indicative of future performance.

This news release contains "forward-looking information" (within the meaning of applicable Canadian securities laws) and "forward -looking statements" (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as "anticipate", "believe", "expect", "plan", "intend", "potential", "estimate", "propose", "project" or similar words suggesting future outcomes or statements regarding an outlook. Such statements include, among others, those concerning the Company's anticipated operational plans and activities including our development and exploration program in Western Canada, the exploration, development and drilling programs in Trinidad and in Tunisia and Libya, future construction plans and the submission of construction permits at the Liberty LNG regassification project, the expected continued production growth and strategy of the Company, and the expectation of successful future results.

Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, operating conditions, management's expectations regarding future growth, plans for and result of drilling activity, availability of capital, and capital and other expenditures. Actual results could differ materially due to a number of factors, including, without limitation, operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve and resource estimates, the uncertainty of estimates and projections in relation to production, risks affecting the Company's ability to execute projects and market oil and natural gas, risks inherent in operating in foreign jurisdictions, the ability to attract key personnel, including the hiring of a Chief Executive Officer, and the inability to raise additional capital. Additional assumptions and risks are set out in detail in the Company's Annual Information Form, available on SEDAR at www.sedar.com., and the Company's annual reports on Form 40-F or Form 20-F on file with the U.S. Securities and Exchange Commission.

Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company's securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release is as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information except as required by law.

Contacts:

Canadian Superior Energy Inc.

Investor Relations

(403) 294-1411

(403) 216-2374 (FAX)

www.cansup.com

Canadian Superior Energy Inc.

Suite 3200, 500 - 4th Avenue S.W.

Calgary, Alberta, Canada

T2P 2V6

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