CALGARY, ALBERTA--(Marketwire - 09/17/09) - Canadian Superior Energy Inc. ("Canadian Superior" or the "Company") (TSX:SNG - News)(AMEX:SNG - News) announced today that it has completed its financial restructuring and has emerged from protection under the Companies' Creditors Arrangement Act (Canada) ("CCAA"). On Monday the Court of Queen's Bench Alberta issued its Final Approval Order for the implementation of the Company's CCAA plan of arrangement (the "Plan"). The Plan put in place by the Company resulted in the acquisition of Challenger Energy Corp. ("Challenger") through a plan of arrangement under section 192 of the Canada Business Corporations Act (the Arrangement"), the sale of a 45% interest in Block 5(c) in Trinidad and Tobago to BG International Limited, the Company's creditors being paid in full, and the board of directors being substantially reconstituted. The Company has retained a 25% interest in Block 5(c), where the Company and its partners have drilled three successful deepwater exploration wells. In addition, the Company retains its assets in Western Canada, the East Coast and North Africa, and a 100% interest in its LNG project in the United States.

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Pursuant to the Arrangement, Canadian Superior acquired all of the issued and outstanding common shares of Challenger in exchange for approximately 27.4 million shares of Canadian Superior. It is anticipated that the shares of Challenger will be delisted from the TSX Venture Exchange.

"This restructuring process has made Canadian Superior a financially healthier and stronger company positioned for the future" stated Marvin Chronister, Chairman of the Board. "We thank Richard Watkins for his tireless efforts and leadership throughout the process. We are very pleased that we paid all of our creditors in full and that we also maintained a significant position in Trinidad and Tobago without negatively impacting our growth prospects on our other properties and assets. We now have the financial flexibility to meet our obligations going forward and to address