Canadian Superior Energy Inc. Completes $10,500,000 Private Placement.

Business Editors

CALGARY, Alberta--(BUSINESS WIRE)--Nov. 22, 2002

Canadian Superior Energy Inc. (TSX:SNG) (AMEX:SNG) of Calgary, Alberta announced today that it has completed a private placement financing for gross proceeds totalling $10.5 million. Octagon Capital Corporation acted as agent for the majority of the financing. The total financing provides for the issuance of 7 million flow-through common shares at a price of $1.50 per share.

Proceeds of the issue will be used to fund the company's projects Offshore Nova Scotia and to fund new exploration prospects in Western Canada, including its recently announced multi-well program updip from the Ladyfern gas field in Northwestern Alberta.

This news release shall not constitute an offer to sell or the solicitation of any offer to buy securities in any jurisdiction. The common shares offered will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

Canadian Superior is a Calgary, Alberta based oil and gas exploration and production company. The Company is also one of the largest acreage holders offshore Nova Scotia (See: Canadian Superior's website at www.cansup.com to review Canadian Superior's new 2002 Corporate Presentation and Detailed Maps of Canadian Superior's High Impact 2002 to 2003 Exploration Program.

Also: See Canadian Superior's website at www.cansup.com to review Canadian Superior's "Marquis, Mariner and Mayflower Offshore Nova Scotia Projects" and to review the "Table of Major Offshore Nova Scotia Acreage Holders" and detailed "Offshore Nova Scotia Maps". The shares of Canadian Superior trade on the Toronto Stock Exchange (TSX) and the American Stock Exchange (AMEX) under the stock symbol (SNG).