Canadian Superior Energy Inc. Also Announces Settlement of Canadian Class Action Litigation Stemming from Drilling of the 'Mariner' I-85 Well Offshore Nova Scotia.CALGARY, Alberta -- Canadian Superior Energy Inc. ("Canadian Superior") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :SNG SNG abbr. 1. substitute natural gas 2. synthetic natural gas ) (AMEX AMEX See: American Stock Exchange :SNG) of Calgary, Alberta, Canada announced today that it and its insurers have reached an agreement with plaintiffs' legal counsel to settle all securities class action litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and actions pending in Canada against the Company and certain of its officers and directors resulting from the drilling last year of the "Mariner" I-85 exploration well drilled 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 . The CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $2.15 million settlement, which is covered by the Company's insurance, has been reached with no admission of liability by any party and has been entered into to avoid costly and time consuming litigation by all parties. All parties have agreed to seek the required Canadian court approvals of the settlement. Earlier this year Canadian Superior announced a similar United States class action settlement. Canadian Superior is a Calgary, Alberta based oil and gas exploration and production company with operations in Western Canada, offshore Trinidad and Tobago Trinidad and Tobago (trĭn`ĭdăd, təbā`gō), officially Republic of Trinidad and Tobago, republic (2005 est. pop. 1,088,000), 1,980 sq mi (5,129 sq km), West Indies. The capital is Port of Spain. and offshore Nova Scotia. See Canadian Superior's website at www.cansup.com to review Canadian Superior's Western Canadian Operations, Trinidad and Tobago holdings and the Company's offshore Nova Scotia interests. This press release contains forward-looking information regarding the expected outcome of the events described herein. Actual results or estimated results could differ materially due to a number of factors. Statements contained in this press 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 achievement of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such statements Canadian Superior Energy Inc. (TSX:SNG) (AMEX:SNG) |
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