Canadian Superior's bid expired at 3:00 pm MST Saturday November 17, 2007 and it has been formally withdrawn with Berkana and Murphy. Canadian Superior's bid was to be financed by cash, internal sources, conventional banking, high yield debt and institutional shareholder support. Canadian Superior's offer also included upside for Berkana's shareholders who had the option to acquire up to 25% of the value of the Transaction in the form of Canadian Superior common shares.
Murphy recently hired RBC Dominion Securities of Canada to sell Murphy's 80% interest in Berkana. Berkana claims to have 3,000 boe/d of production in Western Canada and approximately CDN $20 million per year of cash flow.
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