2009-08-10-2008-02-01-2008-05-01

Bought co. with AB assets in Puskwaskau, Kayob/Windfall, Mulligan, Red Earth, BC in Cabin Petitot, Parkland, gaining 2 MMBOE 2P, 1,035 BOE/d.

Canadian Superior Energy Inc., Calgary, (Amex, Toronto: SNG) has closed its acquisition of Seeker Petroleum Ltd., Calgary, for a total price of C$51.2 million. Seeker operated in Alberta in Puskwaskau, Kayob/Windfall, Mulligan and Red Earth, and in British Columbia in Cabin Petitot and Parkland. Canadian Superior holds assets in British Columbia and Alberta. Seeker's proved plus probable reserves were approximately 2.07 million barrels of oil equivalent with an additional 1.3 million barrels equivalent possible. Production was approximately 1,035 barrels of oil equivalent per day (72.5% gas). Also included were more than 55,000 net acres of undeveloped land. An additional 240 barrels of oil equivalent (67% oil) were expected to come onstream in February. Canadian Superior paid 0.2285 share or C$0.85 per Seeker share up to C$14.2 million and 7.65 million shares. It assumed C$8.5 million in debt. Based on current production, Canadian Superior reports it paid C$39,972 per flowing barrel, and C$19.96 per proven plus probable barrel when excluding C$10.4 million assigned to land and seismic assets. Superior now has production of 4,350 barrels per day and 160,000 acres of undeveloped land with an average 68% working interest in Western Canada. Canadian Superior chief executive Craig McKenzie says, "Canadian Superior's strategy is to grow our international business, as evidenced by our recent gas discovery and ongoing drilling program of exploration wells offshore Trinidad, and to grow our Western Canadian production and cash from operations through the drill bit and by selective, accretive acquisitions." Jennings Capital Inc. was advisor to Canadian Superior. Canadian Superior also operates offshore Nova Scotia and offshore Trinidad and Tobago.