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NEWS RELEASE TRANSMITTED BY Marketwire
FOR:
Canadian Superior Energy Inc.
TSX SYMBOL:
SNG
NYSE Alternext US SYMBOL:
SNG
Canadian Superior Advises on Independent Committee
APR 3, 2009 - 08:48 ET
CALGARY, ALBERTA--(Marketwire - April 3, 2009) - Canadian Superior Energy Inc. ("Canadian Superior"), (TSX:SNG) (NYSE Alternext US:SNG) announces that Messrs Alex Squires and Charles Dallas have been added to its previously-established committee (the "Committee") of independent directors that was formed to assist the board of directors in fulfilling its oversight responsibilities.
The Committee, now comprised of Messrs. T. Jake Harp (Chair), Kaare Idland, Richard Watkins, Alex Squires and Charles Dallas, will review all matters pertaining to the solicitation and receipt by Canadian Superior of any proposals, bids and/or offers made in respect of any strategic alternative, including, without limitation, any plan of compromise or arrangement (a "Plan") between Canadian Superior and its secured and/or unsecured creditors arising under the Initial Order dated March 5, 2009 granted by the Court of Queen's Bench of Alberta pursuant to the Companies' Creditors Arrangement Act (Canada), as it may be modified from time to time, acquisitions of equity or debt in the Corporation, a sale of assets, or a combination, reorganization, merger, amalgamation, plan of arrangement or similar form of transaction involving Canadian Superior (each, a "Proposal") with a view to determining its fairness to Canadian Superior and Canadian Superior shareholders and consider and recommend to the board of directors of Canadian Superior its acceptance or rejection of any matter pertaining to a Plan or to a Proposal.
The Committee has retained Jennings Capital Inc. as its own financial advisor and is presently seeking its own legal counsel to assist it in discharging its duties.
FOR FURTHER INFORMATION PLEASE CONTACT:
Jennings Capital Inc.
Mr. David G. McGorman, Senior Managing Director
Investment Banking
(403) 262-0900
(403) 292-0979 (FAX)
david.mcgorman@jenningscapital.com
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