Canadian Superior Energy Inc. and Seeker Petroleum Ltd. announced that on March 26, 2008 they closed the plan of arrangement. Under the $51.2 million Acquisition and Plan of Arrangement, approximately 7,651,866 Canadian Superior common shares were issued at $3.72 a piece and $14.2 million cash was paid for the acquisition of all of the issued and outstanding shares of Seeker.
As a result of the Arrangement, Canadian Superior has acquired approximately 1,035 BOE/d (72.5% natural gas, 27.5% oil & liquids), approximately 2,073 MBOE of proven plus probable reserves and approximately 1,297 MBOE additional possible reserves, 55,385 net acres of undeveloped land and 102 sq. km of proprietary 3D seismic.
With the closing of the Arrangement, Canadian Superior confirms its previous guidance with current production at 4,350 BOE/d (approximately 22% percent liquids) with over 160,000 acres of undeveloped land (68% average working interest) in Western Canada. Canadian Superior also has a very strategic land position offshore Trinidad and Tobago with 135,055 acres of undeveloped offshore holdings and holds 1.23 million acres (100%) of exploration acreage offshore Nova Scotia, with Canadian Superior holding the largest offshore exploration acreage position in that basin.
Mr. Craig McKenzie, Canadian Superior's CEO, said in Calgary, "Canadian Superior's strategy is to grow our international business, as evidenced by our recent natural gas discovery and ongoing drilling programme of exploration wells offshore Trinidad, and to grow our Western Canadian production and cash from operations through the 'drill bit' and by selective, accretive acquisitions. Our objective is to increase shareholder value through a combination of grassroots exploration, strategic acquisitions and subsequent exploitation - both internationally and domestically."
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