Canada Southern Petroleum (NASDAQ:CSPLF)
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Canada Southern Petroleum Ltd. Announces Review of Articles of
Association and Continuance; Intent to Update Corporate Governance
CALGARY, Alberta, May 21 /PRNewswire-FirstCall/ -- Canada Southern Petroleum
Ltd. (the Company) (NASDAQ/Pacific: CSPLF; Toronto/Boston: CSW) today reported
that the Board of Directors has directed its Corporate Governance and
Nominating Committee to carry out a thorough review of the Company's Articles
of Association and Articles of Continuance, with a view to updating the
governance of the Company. This review will be led by Messrs. Richard McGinity
and Myron Kanik, and has as its objective the presentation to the Board of a
comprehensive set of recommendations to streamline the Company's governance
processes and more closely align them with evolving industry norms, and with
recent developments in securities law and regulation in the United States and
Canada. The review will include all aspects of the Company's Articles,
including but not limited to the Company's Nova Scotia domicile; share voting
restrictions; Board structure, qualifications, compensation and incentives;
shareholder proposals and related matters. The review is expected to culminate
in the calling of a Special Meeting of shareholders during the third quarter to
consider specific changes which will be recommended by the Board of Directors.
This announcement is not a proxy statement, nor is it a solicitation of any
proxies from the Company's shareholders. The Company's definitive proxy
statement for its June 15 Annual General Meeting was filed on April 29 with the
U.S. Securities and Exchange Commission ("SEC") and the Canadian Securities
Administrators' System for Electronic Document Analysis and Retrieval
("SEDAR"). That document may be obtained at the SEC's website address of
http://www.sec.gov/ or at http://www.sedar.com/. A link to the Company's SEC
filings can also be found on the Company website address of
http://www.cansopet.com/.
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, 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 of Canada Southern
Petroleum Ltd., +1-403-269-7741
Web site: http://www.cansopet.com/