Canadian Superior Announces $10MM Flow-Through Financing

Canadian Superior has entered into an agreement with Acumen Capital Finance Partners Limited, Calgary, Alberta to issue by way of a private placement 3,225,807 flow-through Canadian Superior shares in Canada on a firm "bought deal" basis, at a purchase price of $1.55 per Share, for an aggregate gross proceeds of approximately $5,000,000.

The Company has also granted Acumen an option, to place prior to close of business November 24, 2008, up to 3,225,807 additional Shares on a "best efforts" basis, at a price of $1.55 per share, for additional gross proceeds of approximately $5,000,000, which would increase the offering to approximately $10,000,000, if fully exercised. The private placement is expected to close on or about December 5, 2008 and is subject to receipt of all necessary regulatory approvals and other customary conditions. Canadian Superior plans to use the proceeds of the transaction for its drilling operations.


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