West Coast Asset Management Announces Investment Opinion on Canadian Superior Energy; Launches West Coast Opportunity Fund and Closes $15 Million Private Placement

Business Wire, Feb 3, 2006

VENTURA, Calif. -- West Coast Asset Management, Inc. (WCAM), an independent investment advisor registered with the Securities and Exchange Commission, announces the inception of West Coast Opportunity Fund, LLC, and the closing of its initial investment in Canadian Superior Energy, Inc. (TSX:SNG)(AMEX:SNG).

West Coast Opportunity Fund has closed its private placement in the amount of US $15,000,000 and received 5% Series A US Cumulative Redeemable Convertible Preferred Shares with an exercise price of US $2.50 per Common Share. In addition, WCAM received 1,200,000 Warrants with an exercise price of US $3.00 per Common Share. The Preferred Shares have a term of five years and the Warrants are exercisable for a period of thirty-six months.

"West Coast Opportunity Fund will seek to maximize gains while minimizing risk by investing in unique opportunities such as this one," stated WCAM Vice President and Investment Advisor Representative Atticus Lowe. "Our strategy is opportunistic, and we intend to structure similar investments in companies offering significant upside potential and downside protection via existing tangible assets. Canadian Superior Energy is a perfect fit for us in this regard."

WCAM cited several reasons why it believes Canadian Superior Energy is undervalued:

--Approximately 160 gross sections (102,400 acres) of high working interest land holdings in Alberta with potential for Coal Bed Methane (CBM) production.

"Based on surrounding activity and results, we believe the value of Canadian Superior's CBM acreage is not fully reflected in its share price," stated Lowe. "The company has a large and very desirable position within the Horseshoe Canyon and Mannville CBM trends, which has the potential to increase its proven reserves by more than 500%. The Horseshoe Canyon coals provide a large drilling inventory of low risk wells and recent industry activity points to the likelihood of natural gas from the Mannville coals being economically recoverable."

--80,041 net acres on "Intrepid" Block 5(c) offshore Trinidad and Tobago with drilling planned in 2006.

"Canadian Superior's acreage offshore Trinidad and Tobago contains at least three prospects defined by high resolution 3D seismic," said Lowe. "Each of these prospects could contain more than one trillion cubic feet of natural gas, and they are surrounded and on trend with a number of `world class' discoveries. We believe the company has an excellent chance for success in Trinidad and Tobago, and the potential value for shareholders is greater than $1 billion."

--Current production of approximately 3,470 barrels of oil equivalent per day in Western Canada.

--Largest public company acreage holder offshore Nova Scotia with 1.29 million acres and infrastructure nearby. Independent evaluation of Mariner I-85 well estimates potential reserves between 211 and 632 billion cubic feet of natural gas equivalent on one structure.

--Joint Venture with the Petroleum Company of Trinidad and Tobago Limited (Petrotrin) near shore Trinidad and Tobago covering approximately 55,000 acres in the Mayaro/Guayaguayare area.

"A recent sizeable acquisition in Western Canada translates to US $72,800 per flowing barrel of oil equivalent and US $1,740 per acre in the Horseshoe Canyon CBM play. This increases our confidence that Canadian Superior's share price does not reflect the value of its assets, and we look forward to multiple potential catalysts as the company pursues its many opportunities," said Lowe.

"We believe Canadian Superior represents a very attractive acquisition candidate for a number of larger companies looking for low risk drilling inventory and high impact opportunities offshore. On a conservative basis, the risked value of Canadian Superior's prospects is significantly higher than its current share price, and we believe this will be recognized in one way or another," added WCAM President Lance Helfert.

Managing assets in excess of $335 million, WCAM concentrates its investments in a small number of companies (typically 10-15). Since its inception in 2001, six of WCAM's portfolio companies have been acquired at a significant premium as follows: Register.com by Vector Capital in 2005, Saucony by Stride Rite (NYSE:SRR) in 2005, Magnum Hunter Resources by Cimarex Energy (NYSE:XEC) in 2005, Cima Labs by Cephalon (NASDAQ:CEPH) in 2004, Howell Petroleum by Anadarko Petroleum (NYSE:APC) in 2002, and Prize Energy by Magnum Hunter in 2002.

About West Coast Asset Management, Inc.

Launched by Kinko's founder Paul Orfalea and Lance Helfert, WCAM is an independent money manager providing exclusive equity and fixed income management to high net worth individuals, institutions and charitable foundations. For more information regarding WCAM, visit www.wcam.com.