The company continues to evaluate possible disposals of other non-core assets. Additionally, Bob Maguire has resigned his position as non-executive director.

Petroflow to sell CBM operation for $29

Petroflow Energy Ltd. has entered into a definitive purchase and sale agreement to sell its San Juan Basin coal bed methane property. The sale, which is still subject to due diligence on the part of the purchaser, is scheduled to close in May, 2008 for gross cash proceeds of $29 million.

The company expects the sale will effectively increase the available borrowing capacity by $17 million less commissions and other costs attributable to the sale. In conjunction with the company's previous credit facility, the sale will add roughly $51 million to the company's available funds since the end of 2007.

Superior Offshore may be dropped from NASDAQ

Superior Offshore International Inc. has received a delisting notice from the Nasdaq's Listing Qualifications Department citing the company's failure to timely file its Annual Report on Form 10-K for the year ended December 31, 2007.