Canadian Superior Energy Inc.,
Seeker Petroleum Ltd.
and Canadian Superior
Trinidad and Tobago Limited

Distributions to Creditors

Canadian Superior Energy Inc. (“CSEI”), Seeker Petroleum Ltd. (“Seeker”) and Canadian Superior Trinidad and Tobago Limited (“CSTT”) (collectively referred to as the “Companies”) have successfully completed their restructuring proceedings and have emerged from protection under the Companies’ Creditors Arrangement Act (the “CCAA”).  On Monday, September 14, 2009, the Court of Queen’s Bench of Alberta (the “Court”) issued its final order approving the implementation of CSEI’s Plan of Arrangement (the “Plan”).

The Monitor has begun to process the payments contemplated under the Plan and anticipates the mailing of cheques to creditors will be completed the week of September 21, 2009.

CCAA Proceedings

On March 5, 2009, CSEI, Seeker Petroleum Ltd. and CSTT made an application for protection under the CCAA and an Initial Order was granted by the Court.  The Court appointed Hardie & Kelly Inc. as Monitor of the Companies.

The Initial Order granted the Companies certain relief including the imposition of an initial Stay of Proceedings (the “Stay”) against the Companies and their assets through to March 25, 2009.  Several extensions of the Stay have been granted since that time, the most recent of which was granted on July 23, 2009 wherein the Court further extended the Stay through to September 15, 2009.

The CCAA Proceedings and respective Stay of Proceedings do not affect the February 11, 2009 order of the Court appointing Deloitte & Touche Inc. as Interim Receiver of CSEI’s Participating Interest in Block 5(c) Trinidad & Tobago.

Contact for the Monitor – Marc Kelly @ 403-252-1766

Meeting of Creditors

A meeting of the creditors (the “Creditors’ Meeting”) of CSEI will be held on Friday, September 11, 2009 at 10:00 a.m. MDT at the offices of Borden Ladner Gervais LLP (1000, 400 Third Avenue SW, Calgary, Alberta) to consider CSEI’s Plan of Arrangement (the “Plan”) filed with the Court on August 14, 2009.

Creditors may cast their vote with respect to the Plan by:

  • Attending the Creditors’ Meeting; or
  • By completing the Instrument of Proxy and returning to the Monitor by mail or by facsimile to 403-640-0591 by 5:00 p.m. MDT on September 10, 2009

The necessary instructions and materials with respect to the Creditors’ Meeting are as follows:

Claims Process

The Court imposed deadline for filing a claim with the Monitor was June 23, 2009.  Procedural matters in regard to the claims process and objections to Notices of Dispute issued by the Companies are set out in the May 22, 2009 Order of the Court (the “Claims Order”) found below.

Court Filings

Monitor's Reports

Court Orders

Notices to Creditors