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Canadian Superior Announced U.S. and Canadian Legal Counsel.


Business Editors

CALGARY, Alberta--(BUSINESS WIRE)--June 9, 2004

Noval Sues National Post for $75 Million for Damages Relating to relating to relate prepconcernant

relating to relate prepbezüglich +gen, mit Bezug auf +acc 
 

Misleading Reporting on "Mariner Well" and "Class Actions"

Canadian Superior Energy Inc. ("Canadian Superior") (AMEX AMEX

See: American Stock Exchange
: SNG SNG
abbr.
1. substitute natural gas

2. synthetic natural gas
) (TSX TSX Toronto Stock Exchange (TSE before April, 2002)
TSX Transfer from Stack Pointer to Index
TSX True Space Extension
: SNG) of Calgary, Alberta, announced today that it has retained the law firms This list of the world's largest law firms by revenue is taken from The Lawyer and The American Lawyer and is ordered by 2006 revenue:[1]
  1. Clifford Chance, £1,030.2m – International law firm (headquartered in the UK);
  2. Linklaters, £935.
 of Morrison & Foerster LLP LLP - Lower Layer Protocol  of New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of
, NY and Borden Ladner Gervais Borden Ladner Gervais LLP (BLG for short) is a full service Canadian corporate law firm based in Toronto. The firm has over 700 lawyers and intellectual property agents, practising in offices in Toronto, Calgary, Vancouver, Ottawa, Montreal, and the Waterloo region.  LLP of Calgary, Alberta to aggressively deal with a number of "class actions" proceedings threatened or pending against the Company.

In a press release from Calgary today citing a detailed excerpt of its first quarter 2004 report to shareholders, where Canadian Superior recently announced record 2004 operating results, Canadian Superior said it would be remiss re·miss  
adj.
1. Lax in attending to duty; negligent.

2. Exhibiting carelessness or slackness. See Synonyms at negligent.
 if it did not comment briefly on the US class action proceedings that pertain to pertain to
verb relate to, concern, refer to, regard, be part of, belong to, apply to, bear on, befit, be relevant to, be appropriate to, appertain to
 the "Mariner" exploration well threatened or initiated against it and certain of its officers and directors recently since the drilling of the "Mariner" exploration well, in the United States District Court United States District Court

In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court.
, Southern District of New York. Specifically, the allegations are that Canadian Superior and certain of its officers and directors, amongst other things, made materially false and misleading statements to the public with regard to the costs and results of the Company's exploration drilling operations offshore Nova Scotia Nova Scotia (nō`və skō`shə) [Lat.,=new Scotland], province (2001 pop. 908,007), 21,425 sq mi (55,491 sq km), E Canada. Geography
 causing investors to suffer damages. Canadian Superior and the individuals involved categorically deny these allegations. Canadian Superior said that it is of the opinion that these allegations are being made by ill-informed US plaintiff lawyers and are groundless, frivolous and a misuse of the United States legal system. As of the date of its first quarter 2004 quarterly report, Canadian Superior said it has been informed of thirteen proceedings that have been threatened or initiated against Canadian Superior and certain of its officers and directors in the United States District Court, Southern District of New York. The Company said, "In the opinion of Canadian Superior these self-serving actions and allegations are contrary to the interests of our shareholders. The media may have you believe that these proceedings are broad-based and constitute a large segment of our shareholders, when in fact, as best we can determine, of the thirteen class action proceedings announced, the thirteen individual plaintiffs involved have total shareholdings of Canadian Superior estimated at less than 90,000 shares, out of the total shareholdings of our Company of 107.9 million common shares issued and outstanding as of March 31, 2004. One of these alleged plaintiffs even bought and sold shares of Canadian Superior for a profit during the drilling of the 'Mariner' exploration well as per Statements of Claim."

Canadian Superior said furthermore, "Not only do we find these actions and allegations offensive, but in our opinion, they are intended to disrupt our business. This will not be the case! Our legal counsel advises us that these various proceedings and actions will undoubtedly be consolidated into one action and we wish to assure you that this action and the allegations and/or any other 'copy cat' actions and those responsible for them shall be dealt with aggressively in court by our legal counsel, if necessary. In our opinion, as a number of our supporters have said, these actions and allegations are the conduct of self-serving plaintiff lawyers who are nothing more than 'shakedown artists' who are trying to intimidate our Company. Again, we do not intend to allow this to be the case! They will be dealt with appropriately by Canadian Superior and our legal counsel in due course. In the interim, these actions and allegations are regrettable, and we will keep you up to date on further developments in this regard, and we look forward to proceeding with further work on our 'Mariner' exploration project."

As announced on March 11, 2004, Canadian Superior, reiterates today, that it remains confident that results from the "Mariner" I-85 exploration well prove that a substantial gas pool exists between the "Mariner" I-85 well and the Arcadia J-16 well and that the Company plans to move forward with drilling on the "Mariner" block in the near future. The factual accuracy of Canadian Superior's March 11, 2004, Press Release has been confirmed publicly on numerous occasions by El Paso.

Canadian Superior also confirmed today that its President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board.  Greg Noval has commenced an action against the National Post, its owners and certain of its reporters for $75 million for damages relating to misleading reporting on Canadian Superior's "Mariner Well" and the "class actions." A copy of the Noval Statement of Claim filed May 27, 2004, in the Court of Queen's Bench of Alberta The Court of Queen's Bench of Alberta is the superior court of the Canadian province of Alberta. Structure
  • The Court of Queen's Bench of Alberta consists of a Chief Justice and several judges plus those judges who have elected supernumerary status after many years
 may be viewed on Canadian Superior's website at www.cansup.com under the title "President Launches First Offensive against National Post."

Canadian Superior is a Calgary, Alberta based oil and gas exploration and production company with operations in western Canada, offshore Nova Scotia and offshore Trinidad. The Company is one of the largest acreage holders offshore Nova Scotia, with interests in 1,293,946 acres offshore Nova Scotia (See: Canadian Superior's website at www.cansup.com to review Canadian Superior's "Marquis, Mariner, Mayflower Mayflower, ship
Mayflower, ship that in 1620 brought the Pilgrims from England to New England. She set out from Southampton in company with the Speedwell,
, Marauder MARAUDER. One who, while employed in the army as a soldier, commits a larceny or robbery in the neighborhood of the camp, or while wandering away from the army. Merl. Repert. h.t.  and Marconi Offshore Projects" and to view the "Table of Major Offshore Nova Scotia Acreage Holders" and "Offshore Nova Scotia Maps," to review information on the Company's Western Canadian operations and for information and detailed maps regarding Canadian Superior's Trinidad "Tradewinds" Offshore Project).

Statements contained in this news release relating to future results, events and expectations are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, those described in the Corporation's annual report on Form 40-F on file with the U.S. Securities and Exchange Commission.
COPYRIGHT 2004 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2004, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Geographic Code:1CANA
Date:Jun 9, 2004
Words:998
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