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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 10549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
CANADIAN SUPERIOR ENERGY INC.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
136644101
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(CUSIP Number)
December 14, 2006
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[_] Rule 13d-1(b)
[X] Rule 13d-1(c)
[_] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 10 pages
Cusip No. 136644101
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
1346049 Ontario Limited
I.R.S. Identification No. - Not applicable
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [X]
(b) [_]
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3. SEC Use Only
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4. Citizenship or Place of Organization.
Ontario, Canada
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5. Sole Voting Power
13,987,052
Number of -------------------------------------------------------------
Shares 6. Shared Voting Power
Beneficially 0
Owned -------------------------------------------------------------
by Each 7. Sole Dispositive Power
Reporting 13,987,052
Person With: -------------------------------------------------------------
8. Shared Dispositive Power
0
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
13,987,052*
--------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions) [_]
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11. Percent of Class Represented by Amount in Row (9).
10.8%
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12. Type of Reporting Person (See Instructions)
HC
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----------
* See Item 4 below.
Page 2 of 10 pages
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Trapeze Asset Management Inc.
I.R.S. Identification No. - Not applicable
--------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [X]
(b) [_]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. Citizenship or Place of Organization.
Ontario, Canada
--------------------------------------------------------------------------------
5. Sole Voting Power
9,731,579
Number of -------------------------------------------------------------
Shares 6. Shared Voting Power
Beneficially 0
Owned -------------------------------------------------------------
by Each 7. Sole Dispositive Power
Reporting 9,731,579
Person With: -------------------------------------------------------------
8. Shared Dispositive Power
0
--------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
13,987,052*
--------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions) [_]
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9).
10.8%
--------------------------------------------------------------------------------
12. Type of Reporting Person (See Instructions)
IA
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----------
* See Item 4 below.
Page 3 of 10 pages
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Trapeze Capital Corp.
I.R.S. Identification No. - Not applicable
--------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [X]
(b) [_]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. Citizenship or Place of Organization.
Ontario, Canada
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5. Sole Voting Power
4,133,073
Number of -------------------------------------------------------------
Shares 6. Shared Voting Power
Beneficially 0
Owned -------------------------------------------------------------
by Each 7. Sole Dispositive Power
Reporting 4,133,073
Person With: -------------------------------------------------------------
8. Shared Dispositive Power
0
--------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
13,987,052*
--------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions) [_]
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9).
10.8%
--------------------------------------------------------------------------------
12. Type of Reporting Person (See Instructions)
BD
--------------------------------------------------------------------------------
----------
* See Item 4 below.
Page 4 of 10 pages
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Randall Abramson
I.R.S. Identification No. - Not applicable
--------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [_]
(b) [_]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. Citizenship or Place of Organization.
Canada
--------------------------------------------------------------------------------
5. Sole Voting Power
13,987,052
Number of -------------------------------------------------------------
Shares 6. Shared Voting Power
Beneficially 0
Owned -------------------------------------------------------------
by Each 7. Sole Dispositive Power
Reporting 13,987,052
Person With: -------------------------------------------------------------
8. Shared Dispositive Power
0
--------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
13,987,052*
--------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions) [_]
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9).
10.8%
--------------------------------------------------------------------------------
12. Type of Reporting Person (See Instructions)
HC
--------------------------------------------------------------------------------
----------
* See Item 4 below.
Page 5 of 10 pages
ITEM 1.
(a) NAME OF ISSUER:
Canadian Superior Energy Inc.
(b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
400 3rd Avenue SW
Suite 3300
Calgary, Alberta CN T2P 4H2
ITEM 2.
(a) NAMES OF PERSONS FILING:
This joint filing statement is being filed by 1346049 Ontario Limited
("Holdco"); Trapeze Asset Management Inc. ("TAMI"), formerly Strategic
Advisors Corp.; Trapeze Capital Corp. ("TCC"), formerly Strategic
Capital Partners Inc.; Randall Abramson ("Abramson"); and the group
the above-named persons comprise. Holdco, TAMI, TCC, Abramson and the
group they comprise are each sometimes referred to as a Reporting
Person and, collectively, referred to as Reporting Persons. Holdco is
a parent holding company for its operating subsidiaries, TCC and TAMI.
TAMI is a Canadian investment adviser and is also registered as an
investment adviser under the Investment Advisers Act of 1940, as
amended. TCC is a Canadian investment dealer. Abramson serves as
Director, Chief Executive Officer, President, Secretary and Treasurer
of Holdco; Director, President, Chief Executive Officer, Secretary,
Treasurer and Portfolio Manager of TAMI; and Director, President,
Portfolio Manager and Compliance Officer of TCC. Holdco owns 100% of
the outstanding voting stock of each of TCC and TAMI. Abramson owns
82% of the outstanding capital stock of Holdco.
(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE:
The business address for each of the Reporting Persons is 22 St. Clair
Avenue East, 18th Floor, Toronto, Ontario, Canada M4T 2S3.
(c) CITIZENSHIP:
See Item 4 of the cover sheet for each Reporting Person.
(d) TITLE OF CLASS OF SECURITIES:
Common Stock, no par value
(e) CUSIP NUMBER:
136644101
Page 6 of 10 pages
ITEM 3. NA
ITEM 4. OWNERSHIP
(a)-(c) The responses of the Reporting Persons to items 5 through 11 on the
cover pages are incorporated herein by reference. Since Abramson, Holdco,
TAMI and TCC comprise a "group" within the meaning of Section 13(d)(3) of
the Exchange Act of 1934, as amended, each Reporting Person is reporting
beneficial ownership in accordance with Exchange Act Rule 13d-5(a). As of
the close of business on December 18, 2006, the Reporting Persons'
beneficial ownership of Common Stock was 13,987,052 shares (including
warrants exercisable into 499,800 common shares). Of this amount, 126,100
shares of Common Stock were held by Abramson directly (including 5,500
shares owned by Abramson's spouse); 1,800 shares of Common Stock were held
by Holdco directly; 4,133,073 shares of Common Stock (including warrants
exercisable into 153,850 common shares) were owned by advisory clients of
TCC and held in accounts managed by TCC and 9,731,579 shares of Common
Stock (including warrants exercisable into 345,950 common shares) were
owned by advisory clients of TAMI and held in accounts managed by TAMI.
Abramson exercises sole voting and dispositive power over shares held by
each of the Reporting Persons. Holdco exercises sole voting and dispositive
power over the shares held by each of the Reporting Persons. TAMI exercises
sole voting and dispositive power over the shares held in discretionary
investment accounts managed by it. TCC exercises sole voting and
dispositive power over the shares held in discretionary investment accounts
managed by it. The Reporting Persons disclaim beneficial ownership in
shares of Common Stock owned by the directors and officers of the Reporting
Persons (except to the extent that shares are held in discretionary
investment accounts managed by TAMI and TCC).
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more
than five percent of the class of securities, check the following [_].
Page 7 of 10 pages
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
The clients of TAMI and TCC have the right to receive or the power to
direct the receipt of dividends from, or the proceeds from the sale of, a
portion of the shares beneficially owned by the Reporting Persons. No
individual clients' holdings of such shares are more than five percent of
the Issuer's total outstanding Common Stock.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.
See Items 2(a) and 4 above.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
A group has filed this schedule pursuant to Rule 13d-1(c). See Exhibit 1,
which states the identity of each member of the group.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
NA
ITEM 10. CERTIFICATION
(a) NA
(b) By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not
held for the purpose of or with the effect of changing or influencing
the control of the issuer of the securities and were not acquired and
are not held in connection with or as a participant in any transaction
having that purpose or effect.
Page 8 of 10 pages
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: December 19, 2006
1346049 ONTARIO LIMITED
By: /s/ Randall Abramson
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Randall Abramson
Chief Executive Officer
TRAPEZE ASSET MANAGEMENT INC.
By: /s/ Randall Abramson
------------------------
Randall Abramson
Chief Executive Officer
TRAPEZE CAPITAL CORP.
By: /s/ Randall Abramson
------------------------
Randall Abramson
President
/s/ Randall Abramson
------------------------
Randall Abramson
Page 9 of 10 pages
EXHIBIT 1
The members of the group filing this Schedule 13G are:
1. 1346049 Ontario Limited
2. Trapeze Asset Management Inc.
3. Trapeze Capital Corp.
4. Randall Abramson
Page 10 of 10 pages