Canadian Superior Buys Partner Challenger Energy

Beleaguered oil and gas producer Canadian Superior Energy Inc. said Friday it will buy partner and sidecar company Challenger Energy Corp. in a paper deal valued at $77.8 million, including debt, the Calgary Herald reported. The acquisition would consolidate Canadian Superior's stake in a contentious gas field offshore Trinidad and Tobago in which Challenger holds a 25 per cent interest. Canadian Superior already had inked a deal to sell 45 per cent of its interest in Block 5, estimated to hold up to five trillion cubic feet of gas, to British energy giant Centrica PLC in an effort to stave off bankruptcy. Both Canadian Superior and Challenger Energy currently are under bankruptcy protection under Canada's Companies Creditors Arrangement Act. Read more.