Canadian Superior Applies for Creditor Protection

Canadian Superior has filed an application with the Court of Queen's Bench of Alberta for an order allowing the Company to prepare a plan of arrangement for its creditors, and staying all claims and actions against the Company and its assets. The application for Companies' Creditors Arrangement Act (Canada) ("CCAA") protection is scheduled to be heard on March 5, 2009. A further press release will be issued by the Company on the conclusion of the application.

The issuance of a court order granting CCAA protection will not change the Company's previously announced decision to sell an undivided 25% or larger interest in its "Intrepid" Block 5(c) in Trinidad and Tobago. Scotia Waterous has been retained as the Company's advisor for this sale and the marketing process is well underway. There has been a high level of interest in this asset expressed by several of the most prominent oil and gas companies in the world. A successful sale of the Trinidad asset should allow the Company to re-structure in an organized manner and reemerge from CCAA in due course.