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.