Canadian Superior Responds to Canadian 88's Decision to Postpone its Special Shareholders' Meeting.

Business Editors

CALGARY, Alberta--(BUSINESS WIRE)--June 8, 2001

Canadian Superior Energy Inc. (CDNX:SNG.) of Calgary, Alberta commented today on the decision of the Duke Energy (NYSE:DUK) controlled board of directors of Canadian 88 to arbitrarily postpone the special shareholders' meeting at which all shareholders of Canadian 88 will be able to vote on the plan of arrangement proposed by Canadian Superior.

While imposing this unnecessary delay on its own shareholders, Canadian 88 management continues to fail to provide shareholders with an alternative transaction, or even to indicate a going forward strategy for the company.

"We interpret this delay to mean that the Canadian 88 board and Duke continue to be unable to develop any proposal that can compete with Canadian Superior's offer, and have elected to buy still more time," said Richard Watkins, Canadian Superior's Vice President of Corporate Development. "Canadian Superior originally requested that consideration of our proposal be scheduled for Canadian 88's annual meeting on June 20th, to avoid imposing the cost of two meetings on the shareholders. The Canadian 88 board instead scheduled a meeting three weeks later, on July 12th, which they have now decided to further postpone. No matter how long Canadian 88 delays, we are confident that ultimately shareholders will see our proposal as the best option available."

The Canadian 88 press release states that not having received necessary information from Canadian Superior is the basis for having postponed the meeting.

"In our view, this explanation lacks credibility," said Mr. Watkins. "Canadian 88's own filings with securities commissions indicate that they did not plan to mail the circular for the special meeting before June 15th. No deadline for providing this information was communicated by Canadian 88 before the postponement, nor were we given any indication that the information would be required before the end of this week. The Canadian 88 board just hopes that if they continue to delay, some alternative to the Canadian Superior proposal will turn up. We intend to continue to vigorously pursue our merger proposal with Canadian 88, which we believe to be in the best interests of all shareholders, and to ensure that all shareholders have an opportunity to decide between our proposal and the lack of direction provided by the current board and Duke Energy."

Canadian 88 announced a sales process to maximize shareholder value on October 10, 2000 with the support of its largest shareholder, Duke Energy Corporation. Eight months later, the process has not produced any tangible proposal for the Canadian 88 shareholders other than Canadian Superior's proposal to exchange 2.75 shares of Canadian Superior for each share of Canadian 88 which, based on today's closing price, is equivalent to $4.65 per Canadian 88 share.

For several months Canadian 88 has been indicating that it expected the eminent conclusion to its value maximization process, most recently in its 2000 annual report, where it expected to be in a position to make a recommendation to its shareholders before the end of May. In its more recent first quarter report, Canadian 88 changed its story, stating that it expected that its strategic sales process would be resolved during the second quarter. This most recent announcement indicates the continuing inability of the board to maximize shareholder value.

Canadian Superior is a Calgary based oil and gas exploration and production company. The shares of Canadian Superior trade on the Canadian Venture Exchange (CDNX) under the stock symbol (SNG).

Certain information regarding the transaction outlined above may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results or estimates to differ materially from those anticipated or implied in the forward-looking statements.

The information contained herein has been neither approved nor disapproved by the Canadian Venture Exchange.