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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Canadian Superior Energy, | AMEX:SNG | AMEX | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
For the month of,
|
May
|
2010
|
|
Commission File Number
|
001-31395
|
||
Canadian Superior Energy Inc.
|
|||
(Translation of registrant’s name into English)
|
|||
Suite 3200, 500 - 4th Avenue SW, Calgary, Alberta, Canada T2P 2V6
|
|||
(Address of principal executive offices)
|
Form 20-F
|
Form 40-F
|
X
|
Yes
|
No
|
X
|
Document
|
Description
|
|
1.
|
News release, dated May 13, 2010.
|
For Immediate Release
|
May 13, 2010
|
·
|
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.
|
|
·
|
On February 3, 2010, 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.
|
|
·
|
Western Canada average daily production for the first quarter averaged 2,779 boe/d compared to 3,367 boe/d for the comparable quarter in 2009. The decrease in volumes is primarily due to natural declines combined with minimal capital expenditures in 2009.
|
|
·
|
Petroleum and natural gas sales increased from $9.8 million in 2009 to $10.1 million in 2010. The increase is mainly due to increases in commodity prices offset by natural declines in production volumes from 2009 to 2010.
|
|
·
|
Beginning in Q4 2009 the Company added new wells currently producing approximately 800 BOE / d, including a significant discovery at Eaglesham currently making 2.4 MMcf / d and 100 BO / d. Particularly encouraging from the winter program is a nearly 25% increase to the Company’s daily liquids production, highlighting the potential we believe exists for significant near-term growth in Company-wide oil and condensate production.
|
|
·
|
Cash Flow from operations was $2.9 million in 2010 compared to cash flow used from operations of $(1.4) million for the same period in 2009. In 2010, the Company realized a higher operating net back from increased commodity prices and lower operating costs.
|
·
|
The net loss in 2010 of $(2.2) million compared to the net loss of $(9.0) million decreased primarily due to higher commodity prices, and lower operating and general administration costs.
|
|
·
|
The Company signed a rig commitment agreement to take operational possession of the rig sometime in the fourth quarter of 2010 for drilling the Zarat North appraisal well on the 7
th
of November Block, offshore Tunisia/Libya.
|
|
·
|
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.
|
·
|
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.
|
|
·
|
The Company is finalizing a 2010 drilling and re-completions program and intends to spend a minimum of $25 million in Alberta, making a strong re-commitment to growth in Western Canada and signifying a belief that our Canadian holdings contain significant un-tapped value for shareholders. The program is highlighted by a series of high-quality infill and step-out targets in our core Drumheller and Kaybob areas, where the Company holds mineral rights on over 180,000 gross acres of proven and prospective land.
|
|
·
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Evaluating synergistic growth opportunities in North America focusing on both conventional and unconventional oil projects.
|
|
·
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Re-imaging the Company and continue to building an ethical and transparent business culture.
|
March 31
|
Three Months
|
||
2010
|
2009
|
% Change
|
|
Financial
|
|||
($000’s except per share amounts)
|
|||
Petroleum and Natural Gas Sales, net of transportation
|
10,107
|
9,792
|
3
|
Cash Flow from (used for) Operations
|
2,896
|
(1,411)
|
305
|
Per Share
|
0.01
|
(0.01)
|
200
|
Net Income (Loss)
|
(2,164)
|
(8,986)
|
(76)
|
Basic & Fully Diluted Earnings Per Share
|
(0.01)
|
(0.05)
|
80
|
Capital Expenditures
|
8,730
|
21,924
|
(60)
|
Nova Scotia Offshore Deposits
|
-
|
15,167
|
(100)
|
Net Surplus (Debt)
|
45,766
|
(55,338)
|
183
|
Shares Outstanding at Period End
|
311,481,738
|
168,644,716
|
85
|
Operating
|
|||
Average Production
|
|||
Natural Gas (mcf/d)
|
13,104
|
17,016
|
(23)
|
Oil and NGL’s (bbls/d)
|
595
|
531
|
12
|
Boe/d
|
2,779
|
3,367
|
(17)
|
Average Selling Price
|
|||
Natural Gas ($/mcf)
|
5.41
|
4.94
|
10
|
Oil and NGL’s ($/bbl)
|
69.64
|
46.44
|
50
|
Total ($/boe)
|
40.41
|
32.32
|
25
|
Gross Undeveloped Land (Acres)
|
|||
Western Canada
|
226,119
|
241,749
|
(7)
|
Offshore Trinidad and Tobago
|
80,890
|
135,060
|
(40)
|
Offshore Nova Scotia
|
27,790
|
1,234,546
|
(98)
|
Offshore Tunisia/Libya
|
768,000
|
768,000
|
-
|
Wells Drilled Western Canada
|
|||
Gross
|
-
|
-
|
-
|
Net
|
-
|
-
|
-
|
CANADIAN SUPERIOR ENERGY INC.
|
||||||
(Registrant)
|
||||||
Date:
|
May 13, 2010
|
By:
|
/s/ Robb Thompson | |||
Name:
|
Robb Thompson
|
|||||
Title:
|
Chief Financial Officer
|
1 Year Canadian Superior Chart |
1 Month Canadian Superior Chart |
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