Canadian Superior Energy of Calgary, Alberta, Canada reports that it and its insurers have reached an agreement with plaintiffs' legal counsel to settle all securities class action 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.
The CDN $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