Richard Watkins Affadavit dated May 1st lists Canadian Superior's debt : http://relieffromdebt.ca/documents/c...

Item 6: Lists CSEI's indebtedness.

(i) unsecured accounts payable......... US$16,800,000.........CDN$21,000,000

(ii) CWB loan................................... US$28,400,000............CDN$35,500,000

(iii) Block 5(c) JOA obligations............. US$62,500,000........CDN$78,125 000

Total Obligations =........................... US$107,700,000......CDN$134,625,000

Today's press release on Ocean-Resources states how much Canadian Superior Energy is being paid by Centrica:

"Centrica will acquire from Canadian Superior a 45 per cent interest in Block 5(c), located off the south east coast of Trinidad, for US$142.5 million in cash. The agreement is subject to the satisfaction of certain conditions including pre-emption rights from the existing field partners and to approvals from the Canadian courts and Trinidad and Tobago Government. The board of directors of Canadian Superior has approved of the sale and intends to recommend the sale to the court. Closing is expected in August 2009. "

http://www.ocean-resources.com/ourne...

So by subtracting SNG's debt from what they are paid for 5(c) would leave SNG with $34,800,000 US. I cannot find how much SNG spent on drilling the Victory well and the Bounty well. I did find out that Challenger's cost for drilling and testing these two wells was $80 million dollars but I don't recall if SNG paid more or less than Challenger on the first two wells. Then again the bonus that BG gave to SNG to farmin on the 5(c) block basically covered SNG's cost of drilling the Victory well. Did we get a good deal or did we get hosed? Well remember

Mike Coolen's Affadavit of March 4, 2009 stated on page 22 items 67 and 68 that a group from New Jersey offered to pay $85 million dollars US for a 25% interest from Canadian Superior in Block 5(c) but Canadian Superior's Board of Directors turned it down. Mike Coolen stated that a realistic value for 25% of Block 5(c) is at least $87.5 million dollars in his estimation. The reference is:

http://relieffromdebt.ca/documents/c...

So if 25% was worth $87.5 million isn't 45% worth a lot more than $142.5 million US? It's a good thing that SNG has the land in Western Canada. Remeber an offer was made on the Western Canadian Basin lands for $110 million. This is almost as much as what we got for our share of Block 5(c).

Jim you raise a good point about Challenger's 25%. I would assume that they will merge with SNG the question is will it be one share for one share or will it be 2 Challenger shares for 1 SNG share?

Billable hours. Best Wishes; Scott