Canadian Superior Energy Inc.
TSX : SNG
NYSE Amex : SNG
June 02, 2009 08:36 ET
Canadian Superior Energy Inc. Announces Sale Agreement With Centrica Plc.
CALGARY, ALBERTA--(Marketwire - June 2, 2009) - Canadian Superior Energy Inc. ("Canadian Superior" or the "Company") (TSX:SNG)(NYSE Amex:SNG) announced today that as part of its restructuring pursuant to the Companies' Creditors Arrangement Act ("CCAA"), it has reached an agreement with Centrica plc. ("Centrica"), under which Centrica will acquire from Canadian Superior a 45 per cent interest in Block 5(c), located off the south east coast of Trinidad, for US$142.5 million in cash. The agreement is subject to the satisfaction of certain conditions including pre-emption rights from the existing field partners and to approvals from the Canadian courts and Trinidad and Tobago Government. The board of directors of Canadian Superior has approved of the sale and intends to recommend the sale to the court. Closing is expected in August 2009.
Centrica is a top 30 FTSE100 company with energy businesses in the UK, North America and Europe and is the UK's leading provider of energy and energy-related services. The company secures and supplies gas and electricity through its subsidiaries; British Gas, Centrica Energy, Centrica Storage and Direct Energy. In 2008, the company had revenues of Pounds Sterling 21.3 billion (USD$31.2 billion) and an operating profit of Pounds Sterling 1.9 billion (USD$2.8 billion).
A joint comment from the Board of Directors of Canadian Superior, reads "the sale of 45 per cent of Block 5(c) is a critical component of the Company's restructuring. Scotia Waterous, which was engaged by the Company to assist on the sale, undertook an extensive international marketing process in soliciting offers for up to 45 per cent working interest in Block 5(c)".
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 and/or projects offshore Trinidad and Tobago, Western Canada, offshore Nova Scotia, Canada, the United States and North Africa. See Canadian Superior's website at www.cansup.com to review Canadian Superior's operations and/or projects.
This news release contains forward-looking information, including the proposed sale of Block 5(c) to Centrica. 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. There can be no assurance that all of the conditions of the sale to Centrica will be satisfied and the sale will be completed. Actual results, estimates, projections, resource potential and/or reserves, interpretations, prognoses and/or estimated results could differ materially due to changes in schedules and commercial negotiations.
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 Corporation, 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 Corporations' annual reports on Form 40-F or Form 20-F on file with the U.S. Securities and Exchange Commission.