Calgary-based Canadian Superior Inc. said Wednesday it has retained legal counsel to “aggressively” deal with class action lawsuits “threatened or pending” that allege the company made materially false or misleading statements to the public regarding the costs and results of its Mariner drilling operations offshore Nova Scotia.

Canadian Superior also confirmed that CEO Greg Noval is suing the Canadian-based newspaper, National Post, its owners and certain reporters for C$75 million for damages relating to misleading reporting on the Mariner exploration project. Noval was sued in 2001 following Canadian Superior’s attempted takeover of Canadian 88, a lawsuit that was settled that year (see Daily GPI, Aug. 27).

In a first quarter earnings announcement in May, the company stated “it would be remiss if it did not comment briefly” on lawsuits filed in U.S. District Court, Southern District of New York related to the Mariner exploration (see Daily GPI, May 24).

“Specifically, the allegations are that Canadian Superior and certain of its officers and directors, amongst other things, made materially false and misleading statements to the public with regard to the costs and results of the company’s exploration drilling operations offshore Nova Scotia causing investors to suffer damages.” At the time that the quarterly report was issued in May, Canadian Superior said 13 proceedings “have been threatened or initiated” against it.

Canadian Superior said that three prospects have been identified for drilling on the block (EL 2409), which encompasses a total area of 101,800 acres and directly offsets five significant discoveries near Sable Island.

The company will be represented by the law firms of Morrison & Forester LLP of New York, NY and Borden Ladner Gervais LLP of Calgary.

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