CALGARY, ALBERTA--(Marketwire - Dec. 29, 2009) - Canadian Superior Energy Inc. ("Canadian Superior" or the "Company") (TSX:SNG) (NYSE Amex LLC:SNG) announced that it has agreed with West Coast Asset Management, Inc. ("West Coast") to amend the terms and conditions of the First Preferred Shares, Series A ("Preferred Stock") owned by West Coast Opportunity Fund, LLC, in the aggregate principal amount of USD$15,000,000. Pursuant to the terms of the proposed agreement, the Redemption Date has been extended from December 31, 2010 to December 31, 2011, the conversion price has been reduced from USD $2.50 to USD $0.60 and West Coast will be granted 2,500,000 common share purchase warrants exercisable at a price of USD $0.65 for each common share. The Company can force conversion of the Preferred Stock at anytime in the future if its common shares close at a price of at least a 100% premium to the conversion price on a major US exchange for 20 out of any 30 consecutive trading days while the common shares underlying the Preferred Stock are registered. The Chairman of the Board, Marvin Chronister, commented "This transaction strengthens the balance sheet and reduces the short term financing constraints on Canadian Superior". Closing of the transaction is subject to the receipt of all required approvals including approval of the Toronto Stock Exchange and the NYSE Amex LLC.