For
the month of,
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February
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2010
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Commission
File Number
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001-31395
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Canadian
Superior Energy Inc.
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(Translation
of registrant’s name into English)
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Suite
3200, 500 - 4th Avenue, SW, Calgary, Alberta, Canada T2P
2V6
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(Address
of principal executive offices)
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Form
20-F
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Form
40-F
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X
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Yes
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No
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X
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Document
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Description
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1.
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Material
Change Report, dated February 4, 2010.
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Item
1
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Name and Address of
Company
Canadian
Superior Energy Inc. (the “Company”)
Suite
3200, 500 - 4th Avenue S.W.
Calgary,
Alberta 2P 2V6
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Item
2
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Date of Material
Change
The
material change occurred on February 3, 2010.
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Item
3
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News
Release
The
Company issued a press release on February 4, 2010 through
Marketwire.
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Item
4
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Summary of Material
Change
The
Company announced the completion of its previously announced transaction
whereby its existing First Preferred Shares, Series A (“Series A Preferred
Shares”) were converted into First Preferred Shares, Series B (“Series B
Preferred Shares”) and 2,500,000 common share purchase warrants of the
Company (“Warrants”), exercisable into common shares of the Corporation
(“Common Shares”) at a price of US$ 0.65 per Common Share, were
granted.
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Item
5
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Full Description of
Material Change
5.1 Full
Description of Material Change
The
Company announced that the restructuring of the terms and conditions of
the Series A Preferred Shares in the aggregate principal amount of
USD$15,000,000 owned by West Coast Opportunity Fund, LLC (“West Coast”),
as previously announced on December 29, 2009, was completed on February 3,
2010. Pursuant to the terms of the restructuring, the Series A Preferred
Shares held by West Coast were converted, on a share for share basis, into
Series B Preferred Shares pursuant to which the redemption date was
extended from December 31, 2010 to December 31, 2011 and the conversion
price was reduced from USD $2.50 to USD $0.60 per share. West Coast was
also granted 2,500,000 Warrants exercisable at a price of USD $0.65 per
Common Share and expiring December 31, 2011. The Company can force
conversion of the Series B Preferred Shares at anytime in the future if
the 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 where the Common Shares underlying the Series B Preferred
Shares are registered.
5.2 Disclosure
for Restructuring Transactions
Not
applicable.
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Item
6
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Reliance on subsection
7.1(2) of National Instrument 51-102
Not
applicable.
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Item
7
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Omitted
Information
Not
applicable.
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Item
8
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Executive
Officer
The
name and business number of an executive officer of the Company who is
knowledgeable about the material change and this report is:
Robb
Thompson
Chief
Financial Officer
Telephone
(403) 294-1411
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Item
9
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Date of
Report
This
report is dated February 4,
2010
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For
Immediate Release
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February
4, 2010
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CANADIAN
SUPERIOR ENERGY INC.
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(Registrant)
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Date:
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February
11, 2010
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By:
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/s/
Robb Thompson
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Name:
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Robb
Thompson
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Title:
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Chief
Financial Officer
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