Canada Superior Energy Inc. (AMEX: SNG) is facing a somewhat heated battle with one of its largest shareholders. A huge Caribbean natural gas find has Palo Alto Investors seeking to help the company finance its Block 5(C) gas find. However, the company has already agreed to sell a share in the find to raise cash to support itself. The natural gas find could contain as much as four trillion cubic feet of natural gas, which would amount to roughly one-tenth of Alberta’s gas reserves. However, the company fell into bankruptcy protection after it ran out of Monday, which led to Canadian Western Bank to call on its $45 million loan to the company a month ago. Canadian Superior subsequently announced plans to sell a 25% shares of its 45% stake in the gas find to cover the costs. However, Palo Alto wants the company to consider other
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