Canadian Superior launches rebranding

Sonde Resources Corp

Exploration and production of oil and natural gas.

Dear Agoracom Family,

I want to thank all of you for your patience with us over the past 48 hours and apologize for what was admittedly a botched launch of our new site.

As you can see, we have reverted back to the previous version of the site while we address multiple forum functionality flaws that inexplicably made their way into the launch.

To this end:

1.We have identified 8 fundamental but easily fixable flaws that will be corrected in the coming week, so that you can continue to use the forums exactly as you've been accustomed to.

2.Additionally we will also be implementing a couple of design improvements to "tighten up" the look and feel of the forums.

Sincerely,

George et al

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Canadian Superior launches rebranding

posted on Mar 31, 2010 02:01PM

Canadian Superior launches rebranding

By Dan Healing, Calgary Herald March 31, 2010 6:53 AM

Calgary-based Canadian Superior Energy Inc. will change its name this year as it further distances itself from the debt-challenged entity that spent six months of 2009 in court protection from creditors.

The company is also working to hire a chief executive, will spend $25 million to bring its western Canadian operations up to speed and is trying to move forward on projects in Trinidad, Tunisia and New Jersey.

"The company is focused now on maximization of long-term sustainable value to stockholders," said chairman Marvin Chronister during a conference call to discuss year-end financial results with analysts and investors Tuesday.

Canadian Superior reported a net loss of $64 million in the fourth quarter, compared with a negative $18 million in the same period of 2009, while average production fell to 3,000 barrels of oil equivalent per day from over 3,400 as the 2009 average.

Leif Snethun, chief operating officer, blamed the Companies' Creditors Arrangement Act filing for preventing Canadian Superior from spending money on the exploration and development work needed to maintain production.

In the fourth quarter, it spent about $10 million to drill 13 wells (12 operated) in November and December, in part to meet obligations from a late 2008 sale of flow-through shares.

The company has about 800 boe/d waiting to be connected, he said, mainly at Drumheller in southern Alberta and at Kaybob in west-central Alberta. When construction is completed, it will quickly boost production from the current 2,700 boe/d.

Canadian Superior is obligated to spend about $8 million US on its off -shore block in Trinidad and Tobago this year and plans to spend about $35 million US on a well in Tunisia, although rig availability could push that project back from August to the fourth quarter, investors heard.

Chronister hinted the company could do more this year.

"We are considering various different financial structures and arrangements currently, which could substantially increase the availability for both our western Canadian drilling as well as potential acquisitions or participations, what have you," he said, without being specific.

He said a CEO may be hired in time for the June 3 annual general meeting at which shareholders will vote on the company's rebranding and added the company is looking at doing a stock consolidation later this year.

Canadian Superior stock closed unchanged Tuesday at 58 cents per share, off nine per cent this year. Its 52-week high is $1.19 last July.

The company said it will apply for a construction permit this year for its proposed New Jersey offshore liquid natural gas regasification project. The permit delay is expected to be at least a year.

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This is a very interesting development. Management proposes to change the name of Canadian Superior in order to distance itself from Canadian Superior Energy's sordid past. Management also proposes to do a "stock consolidation later this year" . By this I am assuming that they want to do a reverse split whereby say 5 old SNG shares will be worth one new SNG share. Reverse splits have a history of not being successful in the long run. Look at Nortel. Nortel did a reverse split when its shares were around a dollar, I think it was 12 shares to get one new one worth $12.00. Within a year the share price dropped from $12.00 to 0.30 cents. The question is would a reverse split work for Canadian Superior Energy? SNG has a lot of proven valuable assets in Western Canada, Block 5(C) in Trinidad and a good prospect in Tunisia/Morocco. Getting the share price immediately higher with a reverse split would insure that SNG shares would be picked up by Mutual Fund Companies and Index Funds (if it's share price is over $2.00) so it may be a good idea. Anyway, we all get to vote on this at the Annual General Meeting. The hedge fund companies have a lot to lose with a reverse split as they all bought most of their shares over the years for over $2.00 / share. It will take a lot of convincing to get them to go along with this. In terms of names something better than West Coast Energy (after West Coast Management) or Palo Alto Resources (after Palo Alto Investors) or American Superior Energy Resources had better be proposed by management if they hope to attract a lot of future retail investors. They need a name with cachet. Also, a lot will depend on who they select for their new CEO. I'm glad that they are waiting to find the right person. I needs to be someone who is well respected with a hugely successful past record in the Canadian oil/gas business with international experience and success..........someone like Gwen Morgan ex chairman of Encana, not Arthur Milholland or Craig Mackenzie, please!