Bank Extends Canadian Superior's Repayment Date

Canadian Superior and the Canadian Western Bank have reached an accommodation whereby the demand for repayment of all amounts outstanding under Canadian Superior's $37.5 million credit facility with the Bank by February 23, 2009 has been extended to February 27, 2009.

The credit facility was reduced last week with a payment of approximately $9 million made to the Bank by the Company. Negotiations are continuing between the parties concerning the orderly repayment of the credit facility.