Jim: $110 million for Canadian Superior's holdings in the Western Canadian basin is not a good price for it as Mike Coolen knows. Canadian Superior paid $60 million to buy Seeker Petroleum Ltd. in February 2008 and at the time Seeker had 1,035 boe/d of production. So to sell the WCB holdings now for $110 million looks like a fire sale price. It appears that this was an unsolicited bid by an oil company and Mike Coolen reported it to the monitor but SNG's Board isn't exactly enthusiastic about it. It does however establish an immediate value on the property for the courts which demonstrates that Canadian Superior Energy does have the wherewithall to pay off the debt it owes to the Canadian Western Bank. It also shrewdly lets other oil companies know the bottom price that has been offered so maybe one of them will come back with a higher offer.

Bottom line, SNG I don't think needs to sell their WCB holdings at this point. If they sell their Block 5(c) holdings in part or in total it will enable them to wait until the price of oil and gas goes up later in the year and sell WCB. WCB right now pays their bills for their office and expenses. It's all that they have which is bringing in money, so until they replace it first with another source of cash I don't think that they will sell it. WCB is for sale but not at this price. I would sell it later.

Libya may be a bridge to far at this point except that the JOA there is over 7 years so it's a future project and might snag the Libyans as partner's to drill Mariner (which could sell it's gas to the LNG Terminal in St. John now, which didn't exist when the Mariner 1 well was drilled years ago).

Best Wishes; Scott