bdahl385
13 years ago
Sonde Resources Corp. Announces Test Results from Its Zarat North-1 Appraisal Well, Offshore Tunisia
CALGARY, ALBERTA--(Marketwire - Jan. 11, 2011) - Sonde Resources Corp. ("Sonde") (TSX:SOQ) (NYSE Amex:SOQ) announced today that it has completed drilling and production testing of its inaugural well on the 7th of November Block, offshore Tunisia / Libya, the Zarat North-1 appraisal (the "Well"), in which Sonde owns a 100% working interest.
Jack Schanck, Sonde's President and CEO, said "We are very pleased with the robust test results from this well, and the thickness of the hydrocarbon column, which was about twice that originally estimated for this location. Our near-term engineering studies will include reviewing the use of horizontal wells for developing the field, which may result in significantly higher production rates and recoverable reserves per well given the high quality of reservoir rock encountered."
Drilled vertically to a depth of 9,728 feet, the Well encountered 240 net feet of pay in the Eocene El Gueria limestone. The Well was cased to total depth and three production tests were performed through 2 ¼" diameter test string, from 42 feet above the water contact to 177 feet above the water contact.All three tests flowed substantial quantities of gas and condensate, with Test 2 observing sustained ratesapproximately750 barrels of condensate and8 million cubic feet of gas per day and peak condensate rates as high as 1,100 barrels per day. Tests 1 and 3 observed sustained rates of approximately 600 barrels of condensate per day and gas ranging from 8 - 11.5 million cubic feet of gas per day. All tests produced water ranging from 200-350 barrels per day, which included both drilling fluids and formation water; water was decreasing and oil increasing throughout the tests. Sonde is actively assessing test data to determine key reservoir characteristics including porosity, permeability, water saturation and gas composition.
Located 2 kilometers (1.25 miles) northeast of the Marathon Zarat-1 discovery and 3 km (1.9 miles) northeast of the Zarat-2 appraisal, the Well encountered gas / oil and oil / water contacts at the same structural elevation as the Marathon wells, confirms a significantextension to the previously-proven accumulation, and suggests that an economically-viable, near-term development may be possible. By comparison with Sonde's results, the Marathon Zarat-1 well observed rates of 457 barrels of condensate plus 5.3 million cubic feet of gas per day in a first test, and 1,181 barrels of condensate plus 15.1 million cubic feet of gas per day in a second test.
Management is reviewing recoverable reserve scenarios, development options and cost estimates for development of the Zarat field, andwill investigate unitization optionswith PA Resources, which holds a portion of the field immediately to the south of the 7th of November Block. In addition, Sonde is studying development financing and monetization options, including selling interests to one or more potential partners for the project.
Sonde will temporarily abandon the Well in a manner allowing it to be utilized for future development purposes.
Sonde Resources Corp. 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 in Western Canada, offshore Trinidad and Tobago and North Africa. See Sonde Resources' website at www.sonderesources.com to review further detail on Sonde Resources' operations.
califax
14 years ago
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
califax
14 years ago
Canadian Superior Energy Inc. Announces Departure of COO
Date : 05/04/2010 @ 6:35PM
Source : MarketWire
http://ih.advfn.com/p.php?pid=nmona&article=42660328&symbol=SNG
CALGARY, ALBERTA -- (Marketwire)
05/04/10
Canadian Superior Energy Inc. ("Canadian Superior" or the "Company") (TSX: SNG) (NYSE Amex: SNG) today announced that Leif Snethun, Chief Operating Officer, will be leaving the company effective May 4, 2010.
"On behalf of Canadian Superior's Board of Directors, I would like to thank Leif for his contributions to the company, and wish him well for the future," said Marvin Chronister, Chairman of the Board.
Mr. Snethun was appointed as the Chief Operating Officer on April 30, 2009. He initially joined the company in February 2008 as Vice President, Western Canada. Until a replacement is in place, Mr. Snethun's portfolio will be managed by Mr. Bill Dirks, who has been retained by Canadian Superior on a consulting basis, with the support of Canadian Superior's Board of Directors.
Bill Dirks has 29 years of E&P leadership experience, with an expertise in the North American onshore basins of the US and Canada. His recent background includes roles as Managing Partner of Tecton Energy, LLC, a privately-owned E&P company he co-founded, (2006-2009); President of Samson Canada Ltd., (2002-2005), and Vice President of Business Development for Samson Resources (2001-2002). From 1981-1999 he worked for the Royal Dutch / Shell Group of companies in a variety of roles, including President and Chief Executive Officer of Shell Technology Ventures Inc., Division Manager of Shell's Onshore U.S. Exploration Division, District Manager of the Deepwater Gulf of Mexico Division, and Manager and Budget Coordinator of Shell Oil Co. E&P Finance.
About Canadian Superior
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, offshore Eastern Canada, and offshore Eastern United States. See Canadian Superior's website at www.cansup.com to review further detail on Canadian Superior's operations.
This news release contains forward-looking information, including the expectation of successful future results. Actual results could differ materially due to changes in project schedules, commercial negotiations, changes in energy pricing, unforeseen technical 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 Company, 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 Company's annual reports on Form 40-F or Form 20-F on file with the U.S. Securities and Exchange Commission.
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
califax
14 years ago
Clayton H. Riddell: Acquisition of Common Shares of Canadian Superior Energy Inc.
May 03, 2010 17:15 ET
http://www.marketwire.com/press-release/Clayton-H-Riddell-Acquisition-of-Common-Shares-of-Canadian-Superior-Energy-Inc-1157941.htm
CALGARY, ALBERTA--(Marketwire - May 3, 2010) - Clayton H. Riddell (on his own behalf and on behalf of entities controlled by him) reports that on January 19, 2010, he acquired indirect ownership and control of 38,461,538 common shares of Canadian Superior Energy Inc. ("Canadian Superior"), representing approximately 12.35% of Canadian Superior's then outstanding common shares, through a non-brokered private placement (the "Offering"). As of April 30, 2010, Mr. Riddell, directly and indirectly, owns a total of 39,047,627 common shares of Canadian Superior, representing approximately 12.54% of Canadian Superior's current outstanding common shares. Mr. Riddell indirectly shares control (through the Riddell Family Charitable Foundation) of an additional 1,830,235 common shares of Canadian Superior representing approximately 0.59% of Canadian Superior's current outstanding common shares. In total, Mr. Riddell, directly or indirectly, owns or controls a total of 40,877,862 common shares of Canadian Superior representing approximately 13.12% of Canadian Superior's current outstanding common shares.
The 38,461,538 common shares of Canadian Superior were acquired by Mr. Riddell pursuant to the terms of the Offering. Pursuant to the Offering, Canadian Superior issued a total of 114,424,238 common shares at a price of $0.52 per common share. The common shares issued pursuant to the Offering are subject to a four month plus one day hold period from the date of closing of the Offering in accordance with applicable Canadian securities legislation. The total consideration paid by Mr. Riddell for the common shares acquired was $20,000,000.
Mr. Riddell acquired the common shares of Canadian Superior for investment purposes. The acquisition pursuant to the Offering was made in reliance on section 2.3 of NI 45- 106. Mr. Riddell may increase or decrease his ownership of, or control over, common shares of Canadian Superior depending on market conditions or any other relevant factor.
For more information, please contact
Clayton H. Riddell
4700 Bankers Hall West
888 - 3rd Street S.W.
Calgary, Alberta T2P 5C5
403-290-3600
califax
14 years ago
Canadian Superior Commits to Rig for Drilling Offshore Tunisia
Apr 30, 2010 08:33 ET
http://www.marketwire.com/press-release/Canadian-Superior-Commits-to-Rig-for-Drilling-Offshore-Tunisia-TSX-SNG-1156641.htm
CALGARY, ALBERTA--(Marketwire - April 30, 2010) - Canadian Superior Energy Inc. ("Canadian Superior" or the "Company") (TSX:SNG)(NYSE Amex:SNG) announces today that it has signed an Assignment and Transfer Agreement with BG Tunisia Limited and ENSCO Offshore International Company related to the ENSCO 105 drilling rig. The ENSCO 105 is a 'jackup' rig (independent leg cantilever) built in 2002 and rated for water depths up to 375 feet and drilling depths down to 30,000 feet. This rig has been in the Mediterranean for the last few years on contract with BG. It is anticipated that Canadian Superior will take operational possession of the rig sometime in the 4th quarter of 2010 for the drilling of the Zarat North appraisal well on the 7th of November Block, offshore Tunisia / Libya.
The well will be drilled to approximately 3000 metres to test the El Gueria Formation. It is anticipated the well will take 45 days to drill and evaluate with a possible testing program to follow.
Canadian Superior is the operator of the 7th of November Block. Under a Participation Agreement, Canadian Superior holds a direct 50% interest in the Block and holds the remaining 50% interest in trust for a third party which is also obligated to pay 50% of project costs.
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 project. Its operations are located in Western Canada, offshore Trinidad and Tobago, North Africa, offshore Eastern Canada, and offshore Eastern United States.
See Canadian Superior's website at www.cansup.com to review further detail on Canadian Superior's operations.
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", "estimate", "propose", "project" or similar words suggesting future outcomes or statements regarding an outlook. Such statements include, among others, those relating to the proposed date upon which the Company anticipates taking operational possession of the rig, anticipating drilling results, and anticipated timing for drilling and evaluation of 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, availability of capital, and capital and other expenditures. Actual results could differ materially due to a number of factors, including, without limitation, risks of project delays and unsuccessful drilling results, environmental risks, risks associated with foreign operations and risks in relying on industry partners to comply with their obligations. These and other 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.
For more information, please contact
Canadian Superior Energy Inc.
Investor Relations
(403) 294-1411
(403) 216-2374 (FAX)
www.cansup.com
or
Canadian Superior Energy Inc.
Suite 3200, 500 - 4th Avenue S.W.
Calgary, Alberta, Canada
T2P 2V6
califax
14 years ago
Canadian Superior Energy Releases Details of Upcoming Annual General and Special Meeting of Shareholders
Apr 29, 2010 08:35 ET
http://www.marketwire.com/press-release/Canadian-Superior-Energy-Releases-Details-Upcoming-Annual-General-Special-Meeting-Shareholders-TSX-SNG-1155895.htm
CALGARY, ALBERTA--(Marketwire - April 29, 2010) - Canadian Superior Energy Inc. ("Canadian Superior" or the "Company") (TSX:SNG) (NYSE Alternext US:SNG) advises that its annual and special meeting (the "Meeting") of the holders ("Shareholders") of common shares ("Common Shares") will be held in the McMurray Room, at the Calgary Petroleum Club, 319 - 5th Avenue S.W., Calgary, Alberta, on Thursday, June 3, 2010, at 3:00 p.m. (Calgary time), for the following purposes:
1. to receive the audited financial statements of the Company for the year ended December 31, 2009 and the report of the auditors thereon;
2. to elect the directors of the Company for the ensuing year;
3. to appoint Deloitte & Touche llp as auditors of the Company;
4. to consider and, if thought advisable, pass, with or without variation, a special resolution to amend the articles of the Company to change the name of the Company from "Canadian Superior Energy Inc." to "Sonde Resources Corp.";
5. to consider and, if thought advisable, pass, with or without variation, a special resolution to amend the articles of the Company to consolidate (the "Consolidation") the issued and outstanding Common Shares on the basis of one post-Consolidation Common Share for every five pre-Consolidation Common Shares, or such lesser consolidation ratio as the board of directors (the "Board") of the Company may determine;
6. to consider and, if thought advisable, pass, with or without variation, an ordinary resolution to approve the adoption of a new shareholder rights plan of the Company;
7. to consider and, if thought advisable, pass, with or without variation, an ordinary resolution to confirm the new By-Law Number 1 of the Company; and
8. to transact such further and other business as may properly come before the Meeting or any adjournment or adjournments thereof.
The specific details of the matters proposed to be put before the Meeting will be set forth in an Information Circular to be mailed to the Shareholders and will be made 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.
The proposed Consolidation is also subject to Toronto Stock Exchange and NYSE Amex Equities acceptance and the ultimate discretion of the Board to implement the Consolidation. Subject to these conditions and obtaining Shareholder approval at the Meeting, the 311,481,737 pre-consolidation Common Shares that are currently outstanding would be reduced to approximately 62,296,347 post-Consolidation Common Shares.
If the Consolidation is implemented, fractional post-Consolidation Common Shares will not be issued to Shareholders. Where the Consolidation would otherwise result in a Shareholder being entitled to a fractional Common Share, the number of Common Shares issued to such Shareholder shall be rounded up to the next greater whole number of Common Shares if the fractional entitlement is equal to or greater than 0.5 and shall be rounded down to the next lesser whole number of Common Shares if the fractional entitlement is less than 0.5.
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 project. Its operations are located in Western Canada, offshore Trinidad and Tobago, North Africa, offshore Eastern Canada, and offshore Eastern United States.
See Canadian Superior's website at www.cansup.com to review further details on Canadian Superior's operations.
This news release contains forward-looking information with respect to the timing of the Meeting, the implementation of the Consolidation and the treatment of fractional post-Consolidation Common Shares. Such forward-looking information is subject to the ability of Canadian Superior to obtain all requisite approvals and accordingly, there can be no assurance that any of the foregoing actions by the Company will be completed as contemplated. The Company assumes no obligation to update and/or revise this forward-looking information except as required by law.
This news release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 relating to the timing of the Meeting, the implementation of the Consolidation and the treatment of fractional post-Consolidation Common Shares. The words "will", "would" and "if" are intended to identify these forward-looking statements. Forward-looking statements are based on estimates and assumptions made by Canadian Superior in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that Canadian Superior believes are appropriate in the circumstances. Many factors could cause Canadian Superior's actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the ability of Canadian Superior to obtain all requisite approvals. These risk factors and others relating to Canadian Superior are discussed in greater detail in the "Risk Factors" section of Canadian Superior's Annual Information Form, which is included in its Annual Report on Form 40-F (copies of which filings may be obtained at www.sedar.com or www.sec.gov). These factors should be considered carefully, and readers should not place undue reliance on Canadian Superior's forward-looking statements. Canadian Superior has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For more information, please contact
Canadian Superior Energy Inc.
Investor Relations
(403) 294-1411
(403) 216-2374 (FAX)
Website: www.cansup.com
or
Canadian Superior Energy Inc.
Suite 3200, 500 - 4th Avenue S.W.
Calgary, Alberta, Canada
T2P 2V6
califax
14 years ago
Low natural gas prices, restructuring costs widen Q4 losses at Canadian Superior
By The Canadian Press
http://ca.news.yahoo.com/s/capress/100330/business/canadian_superior
CALGARY - Weak natural gas prices and costs associated with an extensive restructuring at Canadian Superior Energy Inc. (TSX:SNG) led to widened losses for both the fourth quarter and full year of fiscal 2009, the company said Tuesday.
The Calgary-based natural gas producer reported a net loss of $63.9 million for the quarter ended Dec. 31, more than doubling losses of $18.2 million cents per share booked in the corresponding quarter of 2008.
The loss per share amounted to 32 cents for the quarter, compared with a loss of 11 cents per share a year earlier.
Apart from a 25 per cent decline in quarterly sales, which sagged to $9.9 million from year-earlier levels of $13.2 million, Canadian Superior said the increase in red ink could be attributed to low natural gas prices as well as costs associated with a sweeping restructuring effort.
Canadian Superior spent six months under creditor protection under the Companies' Creditors Arrangement Act, emerging in September.
The company reported $18.8 million in restructuring costs for the year as well as a $57.5 million writedown of petroleum and natural gas properties.
These costs took a toll on full-year financial results. Canadian Superior reported a full-year net loss of $53.3 million or 30 cents per share, widening year-earlier losses of $23.8 million or 16 cents per share.
Natural gas pricing dragged full-year sales down by 55 per cent to $33.8 million from $74.5 million posted in 2008.
"While the company has been through a very difficult period during 2009, we believe it has emerged and continues to evolve as a much stronger company than it has ever been," Canadian Superior chairman Marvin Chronister said in a statement.
"We are aggressively pursuing our growth strategy and development of our assets. Therefore, we believe the best is still to come for our shareholders."
Canadian Superior explores for and produces oil and natural gas and is developing a liquefied natural gas project.
The company is active in Western Canada, Trinidad and Tobago, North Africa, off Eastern Canada and the United States.
califax
14 years ago
Canadian Superior Energy Q4 Loss Widens
3/30/2010 10:39 AM ET
http://www.rttnews.com/ArticleView.aspx?Id=1255433
(RTTNews) - Diversified energy company Canadian Superior Energy Inc. (SNG.TO: News ,SNG: News ) reported Tuesday a wider loss for the fourth quarter, reflecting significant declines in commodity prices and production volumes.
For the fourth quarter, the Calgary, Alberta-based company's net loss widened to $63.9 million or $0.32 per share from $18.19 million or $0.11 per share in the previous year.
Petroleum and Natural Gas sales, net of transportation dropped 25% to $9.93 million from $13.21 million in the year-ago quarter.
The company noted that the decrease was mainly due to significant declines in commodity prices, natural declines in production volumes and the company's inability to tie-in the successful wells from the 2008 drilling program due to limited capital available during CCAA.
Average production of Natural Gas decreased to 14,428 mcf/d from 15,726 mcf/d in the previous year. Oil and NGL average production was 653 bbls/d, up from 599 bbls/d in the prior-year quarter.
Western Canada average daily production for the quarter averaged 3,058 boe/d.
Average selling price of Natural Gas declined to $4.82 per mcf from $7.22 per mcf in the previous year. Oil and NGL's average selling price increased to $56.73 per bbl from $50.25 per bbl reported a year ago.
Capital expenditures for the quarter were $19.36 million, down from $42.89 million reported in the preceding year. The company said capital expenditures planned for the balance of 2010 would be around $25 million with near-term focus on the Drumheller and Kaybob core areas.
For the full year, the company's net loss widened to $53.32 million or $0.30 per share from $23.76 million or $0.16 per share in the prior year. Petroleum and Natural Gas sales, net of transportation dropped 55% to $33.77 million from $74.46 million in the year 2008.
Marvin Chronister, chairman of the board said, "While the Company has been through a very difficult period during 2009, we believe it has emerged and continues to evolve as a much stronger company than it has ever been. We are aggressively pursuing our growth strategy and development of our assets. Therefore, we believe the best is still to come for our shareholders."
Further, the company said it is evaluating its entire acreage position in anticipation of an aggressive, multi-year drilling program beginning in the third quarter of 2010.
SNG closed Monday's regular trading at $0.56 on the AMEX, while SNG.TO ended at $0.59.
califax
14 years ago
Canadian Superior Energy Reports Its Financial and Operating Results for the Quarter and Year Ended December 31, 2009
Date : 03/30/2010 @ 8:28AM
Source : MarketWire
Stock : Canadian Superior Energy Inc. (SNG)
http://ih.advfn.com/p.php?pid=nmona&cb=1269952574&article=42183803&symbol=T^SNG
Canadian Superior Energy Inc. ("Canadian Superior" or the "Company") (TSX: SNG) (NYSE Alternext US: SNG) announced today the release of its fourth quarter and year-end financial results for 2009. The "Management's Discussion and Analysis" and audited consolidated financial statements for the year ended December 31, 2009, can be viewed on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.
In addition Canadian Superior announced it has filed its statements of reserves data and other oil and gas information for the year ended December 31, 2009 (the "Statement of Reserves Data"), as mandated by National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities. The Statement of Reserves Data is included in the annual information form of Canadian Superior for the year ended December 31, 2009 (the "AIF"). Copies of Canadian Superior's AIF may be obtained on SEDAR.
Financial and Operating Highlights
- In September, 2009, the Company emerged from protection under the Companies' Creditors Arrangement Act (Canada) ("CCAA"). A new board of directors was appointed and the Company obtained a new $25 million line of credit which has since been increased to $40 million.
- In January 2010, the Company completed a private placement for gross proceeds of approximately $59.5 million and named James H.T. Riddell to the board of directors.
- Converted all the issued and outstanding Series A Preferred Shares for an equal number of Series B Preferred Shares and extended the redemption date from December 31, 2010 to December 31, 2011.
- In consideration of the current industry environment and market conditions, the Company announced in December 2009 that it relinquished its Mayflower and Marauder (Nova Scotia offshore exploration licenses 2406 and 2415). The Company did extend the Mariner Block (2409) until at least December 31, 2010.
- Effective January 1, 2010, the Company entered into a financial hedge whereby a Canadian chartered bank will cover 5500 GJ/day for a period January 1, 2010 to December 31, 2010at $5.50 CAD/GJ against AECO monthly average index.
- Western Canada average daily production for the fourth quarter averaged 3,058 boe/d compared to 2,548 boe/d for the previous quarter. On a full year basis, average daily production was 3,020 boe/d in 2009 compared to 3,442 boe/d in 2008. The year-over-year decrease in volumes is primarily due to natural declines combined with minimal capital expenditures in 2009 imposed during the period the Company was under CCAA protection.
- The Company's proved plus probable reserves were 9,907 MBOE at December 31, 2009 compared to 10,585 MBOE for the previous year. The reduction was due to lack of reserve replacement related to the lower capital expenditures in 2009.
- Petroleum and natural gas sales decreased from $74.5 million in 2008 to $33.7 million in 2009. The decrease is mainly due to significant declines in commodity prices , natural declines in production volumes in 2009 compared to 2008 and the Company's inability to tie-in the successful wells from the 2008 drilling program due to limited capital available during CCAA.
- The Company was forced to postpone the 2009 drilling program until the Company exited from CCAA protection. The Company drilled 13 gross exploration wells (11.4 net) during November and December 2009 which satisfied the flow through commitment. The Company has approximately 800 boe/d awaiting tie-in.
- The increased loss in 2009 of $(53.3) million compared to the loss of $(23.8) million in 2008 is primarily due to decline in natural gas prices, $18.8 million in restructuring costs related to the receivership of the Trinidad Block 5 (c) asset and CCAA proceedings, and the write-down of the Canadian petroleum and natural gas properties of $57.5 million. The write down was primarily related primarily to pricing and slightly lower proved reserves in 2009 compared to 2008. In addition, approximately $40 million of unproved properties were added to the full cost pool, including $20 million related to East Coast Canada.
- The Company is planning the Zarat North appraisal well to be drilled in Tunisia. The rig selection process is well underway and the Company expects to have a contract in place soon. It is currently anticipated the well will be completed by year end.
- Geotechnical work continues on the 5c Block offshore Trinidad. The Company, together with its' partner and operator BG, are working to determine the optimal appraisal and commercialization strategy for the block. It is currently anticipated that an appraisal well will be drilled later this year or early next year. With the respect to the MG Block, the Company has met with Petrotrin and the Ministry of Energy and has formally requested that our obligations be transferred to a less environmentally sensitive and more prospective area. While we are hopeful that our request will be granted, it is possible that in order to relinquish the block we will be required to pay some portion of the performance security referenced in the MG Block Farm-in agreement.
- The Liberty LNG regassification project is on budget and moving forward with submission of a construction permit planned for July of this year. The Company continues to review joint venture opportunities related to this project.
- Canadian Superior has engaged Parkman Whaling, Alpha Petroleum Services and Ryder Scott for specific support services in Trinidad and Tunisia.
Business Overview and Future Strategy
With the Company exiting CCAA in September 2009, constituting a new board, negotiating a new banking arrangement and completing the Private Placement in January 2010, the Company is focused on the maximization of long-term sustainable value to the shareholders by:
- Hiring a Chief Executive Officer with the skills and strategic vision to extract value from the Company's assets while pursuing new areas of growth.
- Increasing the value of the Company's interests in Trinidad and Tobago, including a realistic and timely development plan for Block 5(c) with the Company's partner BG;.
- Appraisal, development and production of crude oil and natural gas from the 7th of November Block. Further, refining the various exploration prospects identified on the Block and seeking additional exploration and exploitation opportunities elsewhere in Tunisia and Libya.
- Developing the Western Canada asset base to increase average daily production along with replacement of producing reserves on an economic and cost effective basis by exploitation, full-cycle exploration and strategic acquisition. The Company is currently evaluating its entire acreage position in anticipation of an aggressive, multi-year drilling program commencing in the third quarter of 2010. Capital expenditures planned for the balance of 2010 will be approximately $25 million with near-term focus on the Drumheller and Kaybob core areas.
- Evaluating synergistic growth opportunities in North America focusing on both conventional and unconventional oil projects.
- Re-imaging the Company and continuing to build an ethical and transparent business culture.
Speaking today, Marvin M. Chronister, Canadian Superior's Chairman of the Board, said, "While the Company has been through a very difficult period during 2009, we believe it has emerged and continues to evolve as a much stronger company than it has ever been. We are aggressively pursuing our growth strategy and development of our assets. Therefore, we believe the best is still to come for our shareholders."
...
califax
14 years ago
Canadian Superior Energy Inc. Announces Shareholder Conference Call
Mar 24, 2010 11:16 ET
http://www.marketwire.com/press-release/Canadian-Superior-Energy-Inc-Announces-Shareholder-Conference-Call-TSX-SNG-1137243.htm
CALGARY, ALBERTA--(Marketwire - March 24, 2010) - Canadian Superior Energy Inc. ("Canadian Superior" or the "Company") (TSX:SNG) (NYSE Amex:SNG) will host a conference call on Tuesday, March 30 at 2:00 p.m. MST to provide an update on exploration and corporate activities. Mr. Marvin Chronister, Chairman of the Board, Robb Thompson, Chief Financial Officer and Leif Snethun, Chief Operating Officer will jointly host the call.
All interested parties can join the call by dialing (416) 340-8527 or (877) 240-9772. Please dial-in 15 minutes prior to the call to secure a line. The conference call will be archived for replay on our website within 48 hours of this conference call.
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 in Western Canada, offshore Trinidad and Tobago, North Africa, offshore Eastern Canada, and offshore Eastern United States. See Canadian Superior's website at www.cansup.com to review further detail on Canadian Superior's operations.
For more information, please contact
Canadian Superior Energy Inc.
Investor Relations
(403) 294-1411
(403) 216-2374 (FAX)
or
Canadian Superior Energy Inc.
Suite 3200, 500 - 4th Avenue S.W.
Calgary, Alberta, Canada
T2P 2V6
www.cansup.com
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hillzman
14 years ago
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