Canada Southern Petroleum (NASDAQ:CSPLF)
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Canada Southern Announces Kotaneelee L-38 Development Well Has
Commenced Drilling
CALGARY, Alberta, Aug. 23 /PRNewswire-FirstCall/ -- Canada Southern Petroleum
Ltd. (Nasdaq/Pacific: CSPLF; Toronto/Boston: CSW) today reported that the
Kotaneelee L-38 development well was spud on August 22, 2004.
This well is targeted to enter the Nahanni formation horizontally and achieve a
total well depth of 4,882 metres (16,017 feet).
As previously disclosed, effective May 1, 2004, Canada Southern converted from
a 30.67% carried interest in the Kotaneelee natural gas field to a 30.67%
working interest. On May 3, 2004, the Company was served by the field operator
with a notice to drill a new development well at Kotaneelee. Canada Southern
elected to participate to its full 30.67% working interest. The operator
estimates that the gross cost to drill and case the well is $16,738,000, of
which Canada Southern's share is approximately $5,133,000. If the drilling of
the well is successful, it is estimated that a further $5,200,000 (gross) will
be incurred to complete and tie-in the well.
The operator estimates it will take approximately 150 days to drill the well.
Canada Southern Petroleum Ltd. is an independent energy company based in
Calgary, Alberta, Canada. The Company is engaged in oil and gas exploration and
development, with its primary interests in producing properties in the Yukon
Territory and British Columbia, Canada. The Company's limited voting shares are
traded on the NASDAQ SmallCap Market and the Pacific Exchange, Inc. under the
symbol "CSPLF," and on the Boston Stock Exchange and the Toronto Stock Exchange
under the symbol "CSW." The Company has 14,417,770 shares outstanding.
Any statements in this release that are not historical in nature are intended
to be, and are hereby identified as "forward-looking statements" for purposes
of the "Safe Harbor Statement" under the Private Securities Litigation Reform
Act of 1995. Forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially from those
indicated in the forward-looking statements. Among these risks and
uncertainties are uncertainties as to the costs, pricing and production levels
from the properties in which the Company has interests, the extent of the
recoverable reserves at those properties, and the significant costs associated
with the exploration and development of the properties in which the Company has
interests, particularly the Kotaneelee field. The Company undertakes no
obligation to update or revise forward-looking statements, whether as a result
of new information, future events, or otherwise.
DATASOURCE: Canada Southern Petroleum Ltd.
CONTACT: Randy Denecky, Chief Financial Officer of Canada Southern
Petroleum Ltd., +1-403-269-7741