Document:

ex4-3.htm

     

     

     

     

     

     

    Exhibit
4.3

    INCORPORATED
UNDER THE LAWS OF THE PROVINCE OF ALBERTA

    
      	
               

              NUMBER

              VT123456

               

            	
              

            	
              SHARES

              *0**************

              **0*************

              ***0************

              ****0***********

              *****0**********

            

    

    

     

    
      	
              THIS
      CERTIFIES THAT

            	
              SPECIMEN
      VT123456 123456 * * * SPECIMEN VT123456 123456 * * * SPECIMEN VT123456
      123456 * * * SPECIMEN VT123456 123456 * * * SPECIMEN VT123456 123456 * * *
      SPECIMEN VT123456 123456 * * * SPECIMEN VT123456 123456 * * * SPECIMEN
      VT123456 123456 * * * SPECIMEN VT123456 123456 * * * SPECIMEN VT123456
      123456 * * * SPECIMEN VT123456 123456 * * * SPECIMEN VT123456 123456 * *
      *

              SPECIMEN

              SPECIMEN
      VT123456 123456 * * * SPECIMEN VT123456 123456 * * * SPECIMEN VT123456
      123456 * * * SPECIMEN VT123456 123456 * * * SPECIMEN VT123456 123456 * * *
      SPECIMEN VT123456 123456 * * * SPECIMEN VT123456 123456 * * * SPECIMEN
      VT123456 123456 * * * SPECIMEN VT123456 123456 * * * SPECIMEN VT123456
      123456 * * * SPECIMEN VT123456 123456 * * * SPECIMEN VT123456 123456 * * *
      SPECIMEN VT123456 123456 * * * SPECIMEN VT123456 123456 * * * SPECIMEN
      VT123456 123456 * * * SPECIMEN VT123456 123456

            	 
      
	
              CUSIP    136644
      10 1

            
	
                ISIN       
      CA1366441014

            

    

    

     

    
      	
              is
      the registered holder of

               

            	 *
      * zero * * zero * * zero * * zero * * zero * * zero * * zero * * zero * *
      zero * * zero * * zero * * zero * * zero * * zero * * zero * * zero * *
      zero * * zero * * zero * * zero * * zero * * zero * * zero * * zero * *
      zero * * zero * * zero * * zero * * zero * 

              Zero

               *
      * zero * * zero * * zero * * zero * * zero * * zero * * zero * * zero * *
      zero * * zero * * zero * * zero * * zero * * zero * * zero * * zero * *
      zero * * zero * * zero * * zero * * zero * * zero * * zero * * zero * *
      zero * * zero * * zero * * zero * * zero * *

            	
               

            

    

    

     

     

    FULLY
PAID AND NON-ASSESSABLE COMMON SHARES IN THE CAPITAL OF

    CANADIAN
SUPERIOR ENERGY INC.

     

    transferable
on the books of the Corporation by the registered holder in person or by duly
authorized attorney upon surrender of this Certificate properly
endorsed.

     

    This
Certificate is not valid until countersigned and registered by the Transfer
Agent and Registrar of the Corporation.

     

    IN
WITNESS WHEREOF the Corporation has caused this Certificate to be signed by the
facsimile signatures of its duly authorized officers.

     

    
      	
              

              Chairman

               

               

               

              

            	
              DATED:       September
      23, 2008

               

              COUNTERSIGNED
      AND REGISTERED

              VALIANT
      TRUST COMPANY

              TRANSFER
      AGENT AND REGISTRAR, CALGARY, ALBERTA AND TORONTO, ONTARIO or REGISTRAR AND TRANSFER COMPANY,
      CRANFORD, NEW JERSEY

            
	
              By

            	 
      
	
              President
      and Chief Operating Officer

            	
              AUTHORIZED
      OFFICER

            

    

    

     

     

    THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE TRANSFERABLE AT THE OFFICES OF
VALIANT TRUST COMPANY IN CALGARY, ALBERTA AND TORONTO, ONTARIO OR REGISTRAR
AND

    TRANSFER
COMPANY, CRANFORD, NEW JERSEY

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      THE CLASS OF SHARES REPRESENTED BY THIS CERTIFICATE HAS RIGHTS, PRIVILEGES. RESTRICTIONS OR CONDITIONS ATTACHED TO IT.  THE CORPORATION WILL FURNISH TO
SHAREHOLDERS, ON DEMAND AND
WITHOUT CHARGE, A FULL COPY OF THE TEXT OF THE RIGHTS,
PRIVILEGES, RESTRICTIONS AND CONDITIONS ATTACHED TO EACH CLASS AUTHORIZED TO BE ISSUED AND TO EACH SERIES INSOFAR AS THE SAME HAVE BEEN FIXED BY THE DIRECTORS, AND THE AUTHORITY OF THE DIRECTORS TO FIX
THE RIGHTS, PRIVILEGES, RESTRICTIONS AND CONDITICNS OF SUBSEQUENT SERIES.

      FOR VALUE RECEIVED
the
undersigned hereby sells, assigns and transfers unto

      PLEASE INSERT SOCIAL INSURANCE NUMBER OF TRANSFEREE

       

      
        	
                 
      

                 

              	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      

      

      

       

      
        	
                 

                (Name and address of
      transferee)

                 

              

      

      
         

        
          

        

      

       

       

        
          

        

      

       

       

      _________________________________________________________
shares registered in the name of the undersigned on the books of the Corporation named on the face of this certificate
and represented hereby, and irrevocably constitutes and appoints

      

      

      _______________________________________
the attorney of the undersigned to transfer the said shares on the register of transfers and
books of the Corporation with full power of substitution hereunder.

       

      

      
        	
                Dated:

              	 
      	
                20

              	 
      	
                Signature:  

              	 
      
	 
      	 
      	 
      	 
      	 
      	
                (Signature of
      Shareholder)

              

      

       

       

      
 

      
        Signature Guaranteed By:
_____________________________________________

      

       

      
        	
                NOTICE:

              	
                The signature of :this assignment must correspond with the name as written upon the face of the certificate, in every particular, without alteration or enlargement, or any change whosoever, and
      must be guaranteed by a bank, trust company
      or a member of
      a recognized Medallion Signature
      Guarantee
      Program.

              

      

      

      

       

       

       

       

       

      
 

      
        	
                 

                
                

                SECURITY INSTRUCTIONS - INSTRUCTIONS DE
      SÉCURITÉ

                THIS IS WATERMARKED PAPER. DO NOT ACCEPT WITHOUT NOTING WATERMARK. HOLD TO LIGHT TO VERIFY WATERMARK.

                PAPIER FILIGRANÉ, NE PAS.ACCEPTER SANS VÉRIFIER LA PRÉSENCE DU FILIGRANE, POUR CE FAIRE, PLACER À LA LUMIÈRE.ex4-5.htm

    
      Exhibit
4.5

       

      THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING THE
SECURITIES, AGREES FOR THE BENEFIT OF THE COMPANY THAT SUCH SECURITIES MAY BE
OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY: (A) TO THE COMPANY, (B) OUTSIDE THE
UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 OF
REGULATION S UNDER THE SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL OR
STATE LAWS AND REGULATIONS, (C) INSIDE THE UNITED STATES PURSUANT TO THE
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144
THEREUNDER, IF AVAILABLE, AND ANY APPLICABLE STATE SECURITIES LAWS OR (D) IN A
TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR ANY
APPLICABLE UNITED STATES FEDERAL OR STATE SECURITIES LAWS, AFTER PROVIDING AN
OPINION OF COUNSEL OF RECOGNIZED STANDING REASONABLY SATISFACTORY TO THE COMPANY
TO THAT EFFECT. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY”
IN SETTLEMENT OF TRANSACTIONS OF STOCK EXCHANGES IN CANADA. IF THE SECURITIES
REPRESENTED HEREBY ARE SOLD AT THE TIME THE COMPANY IS A “FOREIGN ISSUER” WITHIN
THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, A NEW CERTIFICATE, BEARING
NO LEGEND MAY BE OBTAINED FROM THE COMPANY’S TRANSFER AGENT AND REGISTRAR UPON
DELIVERY OF THIS CERTIFICATE AND A DULY EXECUTED DECLARATION, IN A FORM
SATISFACTORY TO THE COMPANY’S TRANSFER AGENT AND THE COMPANY, TO THE EFFECT THAT
THE SALE IS BEING MADE IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE
SECURITIES ACT.

       

      UNLESS
PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT
TRADE THE SECURITY BEFORE JANUARY 3, 2009.

       

      
      

      CANADIAN SUPERIOR ENERGY
INC.

      WARRANT
TO PURCHASE OF SHARES OF  COMMON STOCK

      

      WARRANT NO. ●

      

      Issuance
Date: September 2, 2008

      Expiration
Date: September 2, 2009

      

      THIS CERTIFIES THAT, for value received, ●,
or its permitted assigns (the “Holder”), is entitled to
subscribe for and purchase at the Exercise Price (defined below) from Canadian
Superior Energy Inc., a corporation incorporated under the laws of Canada (the
“Company”), up to ● shares of the common stock of the
Company (the “Common
Stock”), subject to adjustment as set forth herein. This warrant (this
“Warrant”) is one of a
series of warrants of like tenor originally issued by the Company as of the
Issuance Date set forth above pursuant to that certain Securities Purchase
Agreement by and among the Company and the several purchaser named therein
(including the original Holder), dated as of August 25, 2008 (the “Securities Purchase
Agreement”).

      

      1.         CERTAIN DEFINITIONS. Capitalized but
otherwise undefined terms used herein shall have the meanings set forth in the
Securities Purchase Agreement. In addition, as used herein, the following terms
shall have the following meanings:

       

      (a)         “Exercise Date” means the date
on which this Warrant is exercised by delivery to the Company of the items
described in Section 2.1(a) and (b) below.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (b)         “Exercise Period” means the
period commencing on the Issuance Date set forth above and ending at 5:00 p.m.,
New York City time on the Expiration Date set forth above.

       

      (c)         “Exercise Price” means USD
$4.75 per share, subject to adjustment pursuant to Section 4 below.

       

      (d)         “Trading Day” means: (i) any
day on which the Common Stock is listed or quoted and traded on the Toronto
Stock Exchange (the “TSE”) or the American Stock Exchange (the “AMEX”); (ii) if the Common
Stock is not then listed or quoted and traded on the TSE or the AMEX, then any
U.S. business day.

       

      (e)         “Warrant Shares” means the
shares of Common Stock issuable upon exercise of this Warrant.

       

      2.         EXERCISE OF
WARRANT.

       

      2.1           This
Warrant may be exercised in whole or in part at any time during the Exercise
Period, by delivery of the following to the Company:

       

      (a)           An
duly completed and executed Exercise Notice in the form attached hereto;
and

       

      (b)           Subject
to the cashless exercise provisions set forth in Section 2.2 below, the
aggregate Exercise Price of the Warrant Shares with respect to which this
Warrant is being exercised, in lawful money of the United States, in cash,
certified check or bank draft payable to the order of the Company (or as
otherwise agreed to by the Company).

       

      Execution and delivery of the Exercise
Notice shall have the same effect as cancellation of the original Warrant and
issuance of a new Warrant evidencing the right to purchase the remaining number
of Warrant Shares for which this Warrant remains exercisable, if any. If
requested by the Company, the Holder agrees to provide this Warrant, or an
affidavit of lost security and standard indemnity (if required by the transfer
agent), to the Company within a reasonable period after the delivery of the
Exercise Notice. In such event, and upon any partial exercise of this Warrant,
the Company, at its expense, will forthwith and, in any event within three
Trading Days thereafter, issue and deliver to the Holder a new Warrant or
Warrants of like tenor, registered in the name of the Holder and exercisable, in
the aggregate, for the balance of the number of shares of Common Stock remaining
available for purchase under this Warrant.

       

      2.2           Cashless
Exercise. Notwithstanding the foregoing, the Holder may, in its
sole discretion, satisfy its obligation to pay the Exercise Price through a
“cashless exercise”, in which case the Company shall issue to the Holder the
number of Warrant Shares determined as follows:

       

      
        	 
      	
                X
      = Y [(A-B)/A]

                 

              
	 
      	
                where:

                 

              
	 
      	
                X
      = the number of Warrant Shares to be issued to the Holder;

                 

              

      

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      
        	 
      	
                Y
      = the total number of Warrant Shares with respect to which this Warrant is
      being exercised;

                 

              
	 
      	
                A
      = the Fair Market Value of one share of the Company’s Common Stock as of
      the Exercise Date (expressed in US dollars); and

                 

              
	 
      	
                B
      = the Exercise Price then in effect for the applicable Warrant Shares at
      the time of such exercise.

                 

              

      

      For purposes of the above calculation,
the “Fair Market Value”
of one share of Common Stock shall mean: (i) the 3-day volume-weighted average
of the sales prices of such security on the AMEX or the TSE (whichever is
higher) over the three Trading Days prior to the Exercise Date, as reported by
Bloomberg Financial Markets (“Bloomberg”); or (ii) if the
TSE or the AMEX is not the principal trading market for the shares of Common
Stock, the 3-day volume-weighted average of the sales prices of such security on
the principal trading market for the Common Stock over the three Trading Days
prior to the Exercise Date, as reported by Bloomberg; or (iii) if neither of the
foregoing applies, the 3-day volume-weighted average of the sales prices of such
security in the over-the-counter market on the pink sheets or bulletin board for
such security over the three Trading Days prior to the Exercise Date, as
reported by Bloomberg; or (iv) if Fair Market Value cannot be calculated as of
such date on any of the foregoing bases, the Fair Market Value shall be as
determined by the Board of Directors of the Company in the exercise of its good
faith judgment. In performing the foregoing calculations, any closing price
quotations reported in a currency other than US dollars shall be converted into
US dollars using the conversion rate reported on Bloomberg contemporaneously
with such closing price quotations.

       

      The
Company and the Holder intend that if the Holder exercises this Warrant as
contemplated under this Section 2.2, such exercise shall be treated for U.S. tax
purposes as a “reorganization” pursuant to Section 368 of the Internal Revenue
Code of 1986, as amended. As a result, the Company and the Holder intend that
neither the Holder nor its direct or indirect beneficial owners will realize nor
recognize taxable income or gain as a result of such exercise. Neither the
Company nor the Holder will take any position in their respective tax or other
financial or accounting filings that is contrary to or inconsistent with the
foregoing.

       

      2.3           Delivery of Warrant Shares,
etc.

       

      (a)         Upon
exercise of this Warrant, the Company shall promptly (but in no event later than
three Trading Days after the Exercise Date) issue and deliver (or cause to be
issued and delivered) to the Holder a certificate or certificates for the
Warrant Shares issuable upon such exercise, subject to the electronic delivery
provisions set forth in the last sentence of this Section 2.3(a). Unless the
Warrant Shares are not freely transferable without restrictions pursuant to Rule
144 under the Securities Act, such certificate(s) will be free of restrictive
legends. The Holder, or any person permissibly designated by the Holder to
receive Warrant Shares, shall be deemed to have become the holder of record of
such Warrant Shares as of the Exercise Date. If the Warrant Shares may be issued
without restrictive legends, the Company shall, upon the written request of the
Holder, use its commercially reasonable best efforts to deliver, or cause to be
delivered, Warrant Shares hereunder electronically through the Depository Trust
and Clearing Corporation or another established clearing corporation performing
similar functions, if available.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      (b)         If
by the close of the third Trading Day after delivery of a Exercise Notice, the
Company fails to either:

       

      (i)         deliver
to the Holder a certificate or certificates representing the required number of
Warrant Shares, or

       

      (ii)         to
effect electronic delivery of such Warrant Shares in the manner required
pursuant to Section 2.3(a),

       

      and
if (in either case) after such third Trading Day and prior to the receipt of
such Warrant Shares, the Holder purchases (in an open market transaction or
otherwise) shares of Common Stock to deliver in satisfaction of a sale by the
Holder of the Warrant Shares which the Holder anticipated receiving upon such
exercise (a “Buy-In”),
then the Company shall, within three Trading Days after the Holder’s request and
in the Holder’s sole discretion, either: (1) pay in cash to the Holder an amount
equal to the Holder’s total purchase price (including brokerage commissions, if
any) for the shares of Common Stock so purchased (the “Buy-In Price”), at which point
the Company’s obligation to deliver such certificate (and to issue such Warrant
Shares) shall terminate; or (ii) promptly honor its obligation to deliver to the
Holder a certificate or certificates representing such Warrant Shares and pay
cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price
over the product of: (A) such number of Warrant Shares; times (B) the closing bid price on the date of
the event giving rise to the Company’s obligation to deliver such
certificate.

       

      (c)         To
the extent permitted by law, the Company’s obligations to issue and deliver
Warrant Shares in accordance with the terms hereof are absolute and
unconditional, irrespective of any action or inaction by the Holder to enforce
the same, any waiver or consent with respect to any provision hereof, the
recovery of any judgment against any person or any action to enforce the same,
or any setoff, counterclaim, recoupment, limitation or termination, or any
breach or alleged breach by the Holder or any other person of any obligation to
the Company or any violation or alleged violation of law by the Holder or any
other person, and irrespective of any other circumstance that might otherwise
limit such obligation of the Company to the Holder in connection with the
issuance of Warrant Shares. Nothing herein shall limit a Holder’s right to
pursue any other remedies available to it hereunder, at law or in equity
including, without limitation, a decree of specific performance and/or
injunctive relief with respect to the Company’s failure to timely deliver
certificates representing shares of Common Stock upon exercise of the Warrant as
required pursuant to the terms hereof.

       

      3.         COVENANTS OF THE
COMPANY.

       

      3.1           Covenants as to Warrant
Shares. The Company covenants and agrees that all Warrant Shares
that may be issued upon the exercise of the rights represented by this Warrant
will, upon issuance, be validly issued and outstanding, fully paid and
nonassessable, and free from all taxes, liens and charges with respect to the
issuance thereof. The Company further covenants and agrees that the Company will
at all times during the Exercise Period, have authorized and reserved, free from
preemptive rights, a sufficient number of shares of Common Stock to provide for
the exercise of the rights represented by this Warrant. If at any time during
the Exercise Period the number of authorized but unissued shares of Common Stock
shall not be sufficient to permit exercise of this Warrant, the Company will
take such corporate action as may, in the opinion of its counsel, be necessary
to increase its authorized but unissued shares of Common Stock to such number of
shares as shall be sufficient for such purposes.

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      3.2           No
Impairment. The Company will not, by amendment of its Certificate
of Incorporation or through any reorganization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities or any other
voluntary action, avoid or seek to avoid the observance or performance of any of
the terms to be observed or performed hereunder by the Company, but will at all
times in good faith assist in the carrying out of all the provisions of this
Warrant and in the taking of all such action as may be necessary or appropriate
in order to protect the exercise rights of the Holder against
impairment.

       

      4.         ADJUSTMENT OF EXERCISE
PRICE AND SHARES. The Exercise Price and number of Warrant Shares
issuable upon exercise of this Warrant are subject to adjustment from time to
time as set forth in this Section 4.

       

      4.1           Stock Dividends and Splits. If
the Company, at any time while this Warrant is outstanding: (i) pays a stock
dividend on its Common Stock or otherwise makes a distribution on any class of
capital stock that is payable in shares of Common Stock; (ii) subdivides
outstanding shares of Common Stock into a larger number of shares; or (iii)
combines outstanding shares of Common Stock into a smaller number of shares,
then in each such case the Exercise Price shall be multiplied by a fraction, the
numerator or which is equal to the number of shares of Common Stock outstanding
immediately before such event, and the denominator of which is equal to the
number of shares of Common Stock outstanding immediately after such event. Any
adjustment made pursuant to clause (i) of this paragraph shall become effective
immediately after the record date for the determination of stockholders entitled
to receive such dividend or distribution, and any adjustment pursuant to clause
(ii) or (iii) of this paragraph shall become effective immediately after the
effective date of such subdivision or combination.

       

      4.2           Pro Rata
Distributions. If the Company, at any time while this Warrant is
outstanding, distributes to all holders of Common Stock for no consideration:
(i) evidences of its indebtedness; (ii) any security (other than a distribution
of Common Stock covered by the preceding paragraph); (iii) rights or warrants to
subscribe for or purchase any security; or (iv) any other asset (in each case,
“Distributed Property”),
then, upon any exercise of this Warrant that occurs after the record date fixed
for determination of stockholders entitled to receive such distribution, the
Holder shall be entitled to receive, in addition to the Warrant Shares otherwise
issuable upon such exercise (if applicable), the Distributed Property that such
Holder would have been entitled to receive in respect of such number of Warrant
Shares had the Holder been the record holder of such Warrant Shares immediately
prior to such record date.

       

      4.3           Fundamental
Transactions. If, at any time while this Warrant is outstanding:
(i) the Company effects any merger or consolidation of the Company with or into
another person, in which the shareholders of the Company as of immediately prior
to the transaction own less than a majority of the outstanding stock of the
surviving entity; (ii) the Company effects any sale of all or substantially all
of its assets in one or a series of related transactions; (iii) any tender offer
or exchange offer (whether by the Company or another person) is completed
pursuant to which holders of Common Stock are permitted to tender or exchange
their shares for other securities, cash or property; or (iv) the Company effects
any reclassification of the Common Stock or any compulsory share exchange
pursuant to which the Common Stock is effectively converted into or exchanged
for other securities, cash or property (each, a “Fundamental Transaction”),
then the Holder shall have the right thereafter to receive, upon exercise of
this Warrant, the same amount and kind
of securities, cash or property as it would have been entitled to receive upon
the occurrence of such Fundamental Transaction if it had been, immediately prior
to such Fundamental Transaction, the holder of the number of Warrant Shares then
issuable upon exercise in full of this Warrant (the “Alternate Consideration”). The
Company shall not effect 

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      any
such Fundamental Transaction unless prior to or simultaneously with the
consummation thereof, any successor to the Company, surviving entity or the
corporation purchasing or otherwise acquiring such assets or other appropriate
corporation or entity shall assume the obligation to deliver to the Holder, such
Alternate Consideration as, in accordance with the foregoing provisions, the
Holder may be entitled to purchase, and the other obligations under this
Warrant. The provisions of this paragraph 4.3 shall similarly apply to
subsequent transactions analogous to a Fundamental Transaction.

       

      4.4           Number of Warrant
Shares. Simultaneously with any adjustment to the Exercise Price
pursuant to Section 4.1, the number of Warrant Shares that may be purchased upon
exercise of this Warrant shall be increased or decreased proportionately, so
that after such adjustment the aggregate Exercise Price payable hereunder for
the adjusted number of Warrant Shares shall be the same as the aggregate
Exercise Price in effect immediately prior to such adjustment.

       

      4.5           Calculations. All calculations under
this Section 4 shall be made to the nearest 1/10th of one cent or the nearest
1/100th of a share, as applicable. The number of shares of Common Stock
outstanding at any given time shall not include shares owned or held by or for
the account of the Company, and the disposition of any such shares shall be
considered an issue or sale of Common Stock.

       

      4.6           Notice of
Adjustments. Upon the occurrence of each adjustment pursuant to
this Section 4, the Company at its expense will promptly compute such adjustment
in accordance with the terms of this Warrant and prepare a certificate setting
forth such adjustment, including a statement of the adjusted Exercise Price, the
adjusted number or type of Warrant Shares and the Distributed Property or
Alternate Consideration issuable upon exercise of this Warrant (as applicable),
describing the transactions giving rise to such adjustments and showing in
detail the facts upon which such adjustment is based. Upon written request, the
Company will promptly deliver a copy of each such certificate to the Holder and
to the Company’s transfer agent.

       

      4.7           Notice of Corporate
Events. If, while this Warrant is outstanding, the Company: (i)
declares a dividend or any other distribution of cash, securities or other
property in respect of its Common Stock, including without limitation any
granting of rights or warrants to subscribe for or purchase any capital stock of
the Company or any subsidiary; (ii) authorizes or approves, enters into any
agreement contemplating or solicits stockholder approval for any Fundamental
Transaction; or (iii) authorizes the voluntary dissolution, liquidation or
winding up of the affairs of the Company, then, except if such notice and the
contents thereof shall be deemed to constitute material non-public information,
the Company shall deliver to the Holder a notice describing the material terms
and conditions of such transaction at least 10 Trading Days prior to the
applicable record or effective date on which a person would need to hold Common
Stock in order to participate in or vote with respect to such transaction, and
the Company will take all reasonable steps to give Holder the practical
opportunity to exercise this Warrant prior to such time; provided, however, that the failure to
deliver such notice or any defect therein shall not affect the validity of the
corporate action required to be described in such notice.

       

      5.         FRACTIONAL
SHARES. No fractional shares shall be issued upon the exercise of
this Warrant as a consequence of any adjustment pursuant hereto. All Warrant
Shares (including fractions) issuable upon exercise of this Warrant may be
aggregated for purposes of determining whether the exercise would result in the
issuance of any fractional share. If, after aggregation, the exercise would
result in the issuance of a fractional share, the Company shall, in lieu of
issuance of any fractional share, pay the Holder otherwise entitled to such
fraction a sum in cash equal to 

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      the
product resulting from multiplying the then current fair market value of a
Warrant Share by such fraction.

       

      6.         NO STOCKHOLDER
RIGHTS. This Warrant in and of itself shall not entitle the Holder
to any voting rights or other rights as a stockholder of the
Company.

       

      7.         REGISTRATION AND
TRANSFER.

       

      7.1           The
Company or its duly appointed agent (the “Warrant Agent”) shall register
this Warrant, upon records to be maintained by the Company or the Warrant Agent
for that purpose (the “Warrant
Register”), in the name of the record Holder of this Warrant (which shall
include the initial Holder and, as the case may be, any registered assignee to
which this Warrant is permissibly assigned hereunder).  The Company
may deem and treat the registered Holder of this Warrant as the absolute owner
hereof for the purpose of any exercise hereof or any distribution to the Holder,
and for all other purposes, absent actual notice to the contrary.

       

      7.2           Subject
to the transfer restrictions set forth in Section 6.1 of the Securities Purchase
Agreement and compliance with all applicable securities laws, the Company or the
Warrant Agent shall register the transfer of all or any portion of this Warrant
in the Warrant Register, upon: (i) surrender of this Warrant, with the
Assignment Form attached hereto duly completed and signed; and (ii) if requested
by the Company: (x) delivery of an opinion of counsel reasonably satisfactory to
the Company to the effect that the transfer of such portion of this Warrant may
be made pursuant to an available exemption from the registration requirements of
the Securities Act and all applicable state securities or blue sky laws,
provided, however, that no legal opinion shall be required if such transfer is
in compliance with Rule 144 under the Securities Act or if such transfer is made
inside Canada after four months from the Issuance Date or if such transfer is to
a partner, stockholder, member or an affiliate of the Holder for no additional
consideration; and (y) delivery of a written statement by the transferee
certifying that such transferee is an “accredited investor” as defined in Rule
501(a) under the Securities Act, to the Company. Upon any such registration or
transfer, a new warrant to purchase Common Stock in substantially the form of
this Warrant (any such new warrant, a “New Warrant”) evidencing the
portion of this Warrant so transferred shall be issued to the transferee, and a
New Warrant evidencing the remaining portion of this Warrant not so transferred,
if any, shall be issued to the transferring Holder. The acceptance of the New
Warrant by the transferee thereof shall be deemed the acceptance by such
transferee of all of the rights and obligations of a Holder of a
Warrant.

       

      8.          LOST, STOLEN, MUTILATED
OR DESTROYED WARRANT. If this Warrant is lost, stolen, mutilated
or destroyed, the Company may, on such terms as to indemnity or otherwise as it
may reasonably impose (which shall, in the case of a mutilated Warrant, include
the surrender thereof), issue a new Warrant of like denomination and tenor as
this Warrant so lost, stolen, mutilated or destroyed. Any such new Warrant shall
constitute an original contractual obligation of the Company, whether or not the
allegedly lost, stolen, mutilated or destroyed Warrant shall be at any time
enforceable by anyone.

       

      9.         NOTICES, ETC. All notices required or permitted
hereunder shall be in writing and shall be deemed effectively given: (a) upon
personal delivery to the party to be notified, (b) when sent by confirmed telex
or facsimile if sent during normal business hours of the recipient, if not, then
on the next business day, (c) five days after having been sent by registered or
certified mail, return receipt requested, postage prepaid, or (d) one day after
deposit with a nationally recognized 

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      overnight
courier, specifying next day delivery, with written verification of receipt. All
communications shall be sent to the Company at the address listed on the
signature page hereto and to Holder at the applicable address set forth on the
applicable signature page to the Securities Purchase Agreement or on the Warrant
Register, or at such other address as the Company or Holder may designate by 10
days advance written notice to the other parties hereto.

       

      10.         ACCEPTANCE. Receipt of this Warrant by
the Holder shall constitute acceptance of and agreement to all of the terms and
conditions contained herein.

       

      11.         GOVERNING
LAW. This Warrant shall be governed by, and construed in
accordance with, the laws of the State of  New York, without giving
effect to principles of conflicts of law.

       

      [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

       

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      IN WITNESS WHEREOF, the Company has
caused this Warrant to be executed by its duly authorized officer as of
September __, 2008.

      

      
        	 
      	
                CANADIAN
      SUPERIOR ENERGY INC.

              	 
	 
      	 
      	 
      	 
	 
      	
                By:

              	 
      	 
	 
      	Name: 
      Robb
      Thompson	 
	 
      	Title:   Chief
      Financial Officer	 

      

      

      

      
        	 	
                Address:

              	
                Canadian
      Superior Energy Inc.

              
	 	 
      	
                3200,
      500 – 4th Avenue SW

              
	 	 
      	
                Calgary,
      AB T2P 2V6

              
	 	 
      	
                Fax:
      (403) 216-8551

              
	 	 
      	
                Attn:
      Chief Financial Officer

              

      

      

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      

       

      EXERCISE NOTICE

      

      TO:
CANADIAN SUPERIOR ENERGY INC.

              

              Ladies and
Gentlemen:

      

      (1)           The
undersigned is the Holder of warrant No._____ (the “Warrant”) issued by Canadian
Superior Energy Inc., a corporation
incorporated under the laws of Canada (the
“Company”), which
Warrant is exercisable for up to ______________ shares of the Company’s common
stock.  Capitalized terms used herein and not otherwise defined herein
have the respective meanings set forth in the Warrant.

      

      (2)           The
undersigned hereby exercises the Warrant with respect to __________ Warrant
Shares (before giving effect to the cashless exercise provisions in Section 2.2
of the Warrant, if applicable).

        

      (3)           The
Holder intends that payment of the Exercise Price shall be made as (check
one):

      

      
        	 	 
      o	
                Cash
      exercise

              
	 	 
      	 
      
	 	 
      o	
                Cashless
      exercise under Section 2.2 of the
Warrant

              

      

      

      (4)           If
the Holder has elected a cash exercise, then the Holder shall pay the sum of
$_____________ in cash, and the Company shall deliver to the Holder
_____________ Warrant Shares, in each case in accordance with the terms of the
Warrant.

      

      (5)           If
the Holder has elected a cashless exercise, then Company shall deliver to the
Holder _____________ Warrant Shares calculated in accordance with Section 2.2 of
the Warrant, based on a Fair Market Value of $_______.

       

       

      Dated:_______________,
_____

      
        	
                 

                Name
      of Holder:    

              	 
      	 
	
                 

                By:

              	 
      	 
	
                 

                Name:

              	 
      	 
	
                 

                Title:

              	 
      	 

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      ASSIGNMENT FORM

           (To
assign the foregoing Warrant, execute this form and supply required information.
Do not use this form to purchase shares.)

      

           FOR
VALUE RECEIVED, the attached Warrant and all rights evidenced thereby are hereby
assigned to:

      

      
        	 
      	
                Transferee
      Name:

              	 
      	 
	 
      	 
      	 
      	 
	 
      	
                Transferee
      Address:

              	 
      	 

      

      

      In connection with this assignment, the
undersigned Transferor hereby represents, warrants, covenants and agrees to and
with the Company that:

      

      (a)           the
assignment of the Warrant contemplated hereby is being made in compliance with
Section 4(1) of the United States Securities Act of 1933, as amended (the “Securities Act”) or another
valid exemption from the registration requirements of Section 5 of the
Securities Act and in compliance with all applicable securities laws of the
states of the United States;

      

      (b)           the
undersigned Transferor has not offered to sell the Warrant by any form of
general solicitation or general advertising, including, but not limited to, any
advertisement, article, notice or other communication published in any
newspaper, magazine or similar media or broadcast over television or radio, and
any seminar or meeting whose attendees have been invited by any general
solicitation or general advertising;

      

      (c)           the
undersigned understands that the Company may condition the transfer of the
Warrant contemplated hereby upon the delivery to the Company by the undersigned
or the Transferee, as the case may be, of a written opinion of counsel (which
opinion shall be in form, substance and scope customary for opinions of counsel
in comparable transactions) to the effect that such transfer may be made without
registration under the Securities Act and under applicable securities laws of
the states of the United States.

      

      
        	 
      	
                Dated:

              	 
      	 
      

      

       

      
        	 
      	
                 

                Holder/Transferor
      Name:

              	 
      	 
      
	 
      	
                 

                Holder/Transferor
      Address:

              	 
      	 
      
	 
      	
                 

                Holder/Transferor
      Signature:

              	 
      	 
      

      

       

      
        	 
      	 
      	
                By:

              	 
      	 
	 
      	 
      	
                 

                Printed
      Name:

              	 
      	 
	 
      	 
      	
                 

                Title:

              	 
      	 

      

       

      NOTE:
The signature to this Assignment Form must correspond with the name as it
appears on the face of the Warrant, without alteration or enlargement or any
change whatever. Officers of corporations and those acting in a fiduciary or
other representative capacity should deliver proper evidence of authority to
assign the foregoing Warrant.

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