Canadian Superior Energy Settles Canadian Class Action Lawsuit

Mariner Block, Nova Scotia
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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 settlement.

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