Canadian Superior shareholders OK acquisition, elect new directors

By Lisa Kerner

Charlotte, N.C., Sept. 10 - Canadian Superior Energy Inc. shareholders approved the company's acquisition of Challenger Energy Corp. at Canadian Superior's annual and general meeting on Wednesday.

In June Canadian Superior announced it would acquire all of the outstanding common shares of Challenger in exchange for the issuance of 0.51 of a common share of Canadian Superior for each outstanding Challenger share.

The total transaction value, including the assumption of about C$54.4 million in Challenger's net debt, is approximately C$77.8 million, a Canadian Superior news release said.

Also at the Sept. 9 meeting, Canadian Superior shareholders voted in favor of the company's new board of directors, including Kerry R. Brittain, Marvin M. Chronister, James Funk, William Roach, Gregory G. Turnbull and Richard Watkins.

Shareholder Palo Alto Investors, LLC said it supports the new "strengthened" board.

Brittain, Chronister, Funk and Roach were originally Palo Alto nominees prior to the shareholder's settlement agreement with Canadian Superior in August.

According to Palo Alto, it has been encouraging changes for a year and played a key role in helping to reconstitute the Canadian Superior board.

Based in Calgary, Alta., Canadian Superior is a crude oil and natural gas exploration and production company with an emphasis on exploring for and producing crude oil and natural gas in western Canada, Nova Scotia and Trinidad and Tobago.

Challenger Energy is a vehicle formed to secure financing for Canadian Superior's Block 5(C) project in Trinidad.

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