UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 5)*
Canadian Superior Energy Inc.
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(Name of Issuer)
Common Stock, no par value
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(Title of Class of Securities)
136644101
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(CUSIP Number)
December 31, 2008
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 9
CUSIP No. 136644101
1. Names of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only)
R. Atticus Lowe
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
3. SEC Use Only
4. Citizenship or Place of Organization
United States
NUMBER OF 5. SOLE VOTING POWER 8,250
SHARES
BENEFICIALLY 6. SHARED VOTING POWER 15,447,438
OWNED BY EACH
REPORTING 7. SOLE DISPOSITIVE POWER 8,250
PERSON WITH:
8. SHARED DISPOSITIVE POWER 15,447,438
9. Aggregate Amount Beneficially Owned by Each Reporting Person
15,455,688
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) [ ]
11. Percent of Class Represented by Amount in Row (9)
9.5%
12. Type of Reporting Person (See Instructions)
IN, HC
Page 2 of 9
CUSIP No. 136644101
1. Names of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only)
Lance W. Helfert
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
3. SEC Use Only
4. Citizenship or Place of Organization
United States
NUMBER OF 5. SOLE VOTING POWER 2,400
SHARES
BENEFICIALLY 6. SHARED VOTING POWER 15,447,438
OWNED BY EACH
REPORTING 7. SOLE DISPOSITIVE POWER 2,400
PERSON WITH:
8. SHARED DISPOSITIVE POWER 15,447,438
9. Aggregate Amount Beneficially Owned by Each Reporting Person
15,449,838
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) [ ]
11. Percent of Class Represented by Amount in Row (9)
9.5%
12. Type of Reporting Person (See Instructions)
IN, HC
Page 3 of 9
CUSIP No. 136644101
1. Names of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only)
Paul J. Orfalea
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
3. SEC Use Only
4. Citizenship or Place of Organization
United States
NUMBER OF 5. SOLE VOTING POWER 4,785
SHARES
BENEFICIALLY 6. SHARED VOTING POWER 15,447,438
OWNED BY EACH
REPORTING 7. SOLE DISPOSITIVE POWER 4,785
PERSON WITH:
8. SHARED DISPOSITIVE POWER 15,447,438
9. Aggregate Amount Beneficially Owned by Each Reporting Person
15,452,223
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) [ ]
11. Percent of Class Represented by Amount in Row (9)
9.5%
12. Type of Reporting Person (See Instructions)
IN, HC
Page 4 of 9
CUSIP No. 136644101
1. Names of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only)
West Coast Asset Management, Inc.
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
3. SEC Use Only
4. Citizenship or Place of Organization
California
NUMBER OF 5. SOLE VOTING POWER 0
SHARES
BENEFICIALLY 6. SHARED VOTING POWER 15,447,438
OWNED BY EACH
REPORTING 7. SOLE DISPOSITIVE POWER 0
PERSON WITH:
8. SHARED DISPOSITIVE POWER 15,447,438
9. Aggregate Amount Beneficially Owned by Each Reporting Person
15,447,438
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) [ ]
11. Percent of Class Represented by Amount in Row (9)
9.5%
12. Type of Reporting Person (See Instructions)
CO, IA
Page 5 of 9
CUSIP No. 136644101
1. Names of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only)
West Coast Opportunity Fund, LLC
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
3. SEC Use Only
4. Citizenship or Place of Organization
Delaware
NUMBER OF 5. SOLE VOTING POWER 0
SHARES
BENEFICIALLY 6. SHARED VOTING POWER 7,383,513
OWNED BY EACH
REPORTING 7. SOLE DISPOSITIVE POWER 0
PERSON WITH:
8. SHARED DISPOSITIVE POWER 7,383,513
9. Aggregate Amount Beneficially Owned by Each Reporting Person
7,383,513
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) [ ]
11. Percent of Class Represented by Amount in Row (9)
4.5%
12. Type of Reporting Person (See Instructions)
OO
Page 6 of 9
Item 1.
(a) The name of the issuer is Canadian Superior Energy Inc. (the "Issuer").
(b) The principal executive offices of the Issuer are located at Suite 3200,
500 - 4th Avenue SW, Calgary, Alberta, Canada, T2P 2V6.
Item 2.
(a) This Statement is being filed by (i) West Coast Opportunity Fund, LLC, a
Delaware limited liability company (the "Fund"), (ii) West Coast Asset
Management, Inc., a California corporation (the "Managing Member"), which
serves as the managing member of the Fund, (iii) R. Atticus Lowe, a United
States Citizen ("Lowe"); (iv) Lance W. Helfert, a United States Citizen
("Helfert"); and (v) Paul J. Orfalea, a United States Citizen ("Orfalea",
and together with Lowe and Helfert, the "Principals", and all of the
foregoing, collectively, the "Filers"). The Managing Member provides
investment management services to the Fund (a private investment vehicle)
and separately managed accounts, some of which are affiliated with the
Filers (such accounts, the "Accounts"). The Fund and the Accounts directly
own all of the shares reported in this Statement (other than the 8,250
shares owned directly by Lowe, the 2,400 shares owned directly by Helfert
and the 4,785 shares owned directly by Orfalea). The Principals and the
Managing Member may be deemed to share with the Fund and the Accounts (and
not with any third party) voting and/or dispositive power with respect to
such shares. Each Filer disclaims beneficial ownership with respect to any
shares other than those owned directly by such Filer.
(b) The principal business office of the Filers is 1205 Coast Village Road,
Montecito, California 93108.
(c) For citizenship information see Item 4 of the cover page of each Filer.
(d) This Statement relates to the Common Stock, no par value, of the Issuer
(the "Common Stock").
(e) The CUSIP Number of the Common Stock is listed on the cover pages hereto.
Item 3. If this statement is filed pursuant to 240.13d-1(b) or 240.13d-2(b) or
(c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C.
78o).
(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15
U.S.C. 78c).
(d) [ ] Investment company registered under section 8 of the Investment
Company Act of 1940 (15 U.S.C. 80a-8).
(e) [ ] An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment fund in accordance with
240.13d-1(b)(1)(ii)(F);
(g) [ ] A parent holding company or control person in accordance with
240.13d-1(b)(1)(ii)(G);
(h) [ ] A savings associations as defined in Section 3(b) of the Federal
Deposit Insurance Act (12 U.S.C. 1813);
(i) [ ] A church plan that is excluded from the definition of an investment
company under section 3(c)(14) of the Investment Company Act of 1940
(15 U.S.C. 80a-3);
(j) [ ] Group, in accordance with 240.13d-1(b)(1)(ii)(J).
Page 7 of 9
Item 4. Ownership.
See Items 5-9 and 11 on the cover page for each Filer, and Item 2, which
information is given as of December 31, 2008 and is based on 156,116,009 shares
of Common Stock outstanding as of November 17, 2008, as reported in the Issuer's
Registration Statement on Form F-3/A filed on November 26, 2008.
Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as of the date hereof
the reporting person has ceased to be the beneficial owner of more than five
percent of the class of securities, check the following: [ ]
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Not applicable.
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on By the Parent Holding Company.
Not applicable.
Item 8. Identification and Classification of Members of the Group.
Not applicable.
Item 9. Notice of Dissolution of Group.
Not applicable.
Item 10. Certification.
(a) Not applicable.
(b) By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control
of the issuer of the securities and were not acquired and are not held in
connection with or as a participant in any transaction having that purpose
or effect.
Page 8 of 9
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Dated: February 13, 2009
WEST COAST OPPORTUNITY FUND, LLC
WEST COAST ASSET MANAGEMENT, INC.
R. ATTICUS LOWE
LANCE W. HELFERT
PAUL J. ORFALEA
By: /s/ Linda Schuman
-------------------------------------
Name: Linda Schuman
Title: Chief Compliance Officer of the Managing Member
(for itself and as Managing Member of the Fund) and
Attorney-in-fact for each of the Principals
Page 9 of 9