Canadian Superior Energy Completes US $15 Million Private Placement

Canadian Superior Energy has completed the private placement of US$15 million of Preferred Share Purchase Units to West Coast Asset Management's West Coast Opportunity Fund, LLC on the same basic terms and conditions as the Preferred Share Purchase Unit Offering announced December 8, 2005. The term for exercising the previously announced Preferred Share Purchase Units' Warrants has been increased from thirty (30) months to thirty-six (36) months; however, Canadian Superior's option to pay the quarterly dividend by way of issuance of Common Shares at market has been reduced from an annualized dividend rate, in lieu of the 5% cash dividend rate, to 5.75 from 6%.

The proceeds from the Offering will be used by Canadian Superior for drilling and development of its holdings offshore Trinidad and Tobago. Canadian Superior is currently in the process of finalizing drilling rig negotiations for drilling offshore Trinidad and Tobago later this year.


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