Canada Southern Petroleum (NASDAQ:CSPLF)
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Canada Southern Petroleum Ltd. Announces Decision to Participate
in the Proposed Drilling of a Development Well at Kotaneelee
CALGARY, Alberta, May 26 /PRNewswire-FirstCall/ -- Canada Southern Petroleum
Ltd. (NASDAQ and Pacific: CSPLF; Toronto and Boston: CSW) today announced an
important development respecting the Company's interests in the Kotaneelee
producing gas field and undeveloped acreage at Kotaneelee in the Yukon
Territory. The Company announced that it has determined to participate in the
proposed drilling of a development well in the Kotaneelee field to the extent
of its 30.67% working interest.
The operator of the field has proposed to drill a development well in the third
quarter of this year and has estimated that the gross costs to drill, complete
and equip the proposed well will be approximately $20 million (Cdn.) and that
the well's drilling and completion will take approximately 6 months. Canada
Southern has been advised that if the proposed well is successful, production
would not likely start until the end of the first quarter of next year.
No assurances can be given that the operator of the field will proceed with the
proposed development well as originally proposed. Investors are also cautioned
that there can be no assurances that the development well will, if and when
drilled, access additional reserves of gas in commercially recoverable
quantities. For a discussion of the various risk factors related to future
development of the Kotaneelee field, please see the disclosures under the
heading "Future Development of Kotaneelee" in Item 1 of the Company's Form 10-K
for the fiscal year ended December 31, 2003.
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."
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, the risks and uncertainties
associated with the planned Kotaneelee field development well 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. The Company does caution, however, that results in 2004 will be
significantly lower than in 2003 was a result of the one-time favorable effect
in 2003 of the Kotaneelee settlement.
DATASOURCE: Canada Southern Petroleum Ltd.
CONTACT: Randy Denecky, Chief Financial Officer, Canada Southern
Petroleum Ltd., +1-403-269-7741