Canada Southern Petroleum (NASDAQ:CSPLF)
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Canada Southern Petroleum Ltd. Files Preliminary Proxy Materials
Related to Corporate Governance Initiatives
CALGARY, Alberta, Oct. 1 /PRNewswire-FirstCall/ -- Canada Southern Petroleum
Ltd. (the "Company") (NASDAQ/Pacific: CSPLF; Toronto/Boston: CSW) today
reported that the Company has today filed with U.S. and Canadian securities
regulators the Company's preliminary proxy materials relating to a planned
special meeting of the Company's shareholders scheduled to be held on November
30, 2004 in Calgary, Alberta. If needed, a special confirmatory meeting of
shareholders is scheduled for December 15, 2004 in Calgary, Alberta. The
record date for the Meetings will be October 18, 2004.
The purpose of the Meetings is to allow shareholders to consider and, if
thought appropriate, enact changes to the corporate governance structure for
the Company. The governance changes will be implemented by the continuance of
the Company from being a corporation governed by the corporate legislation of
Nova Scotia to be a corporation governed by the corporate legislation of
Alberta. At the special meeting, shareholders will be asked to vote on special
and ordinary resolutions with respect to the following four items: (1) the
continuance of the Company from Nova Scotia to Alberta and the adoption of the
articles of continuance and new corporate bylaws under the Business
Corporations Act (Alberta); (2) the elimination of the five year term for
directors, so that commencing at the 2005 Annual General Meeting each director
will be elected annually for a one year term; (3) the elimination of the 1,000
share voting limitation, so that each shareholder will be entitled to vote all
shares held by him or her; and (4) the elimination of the requirement for
director approval of shareholder action.
Richard C. McGinity, the Company's Chairman of the Board of Directors, stated,
"We consider the continuance to Alberta and corporate governance amendments to
be a fundamental component of the modernization of the Company's corporate
governance and believe that the implementation of these proposals is very
important for Canada Southern and its shareholders. The Board of Directors has
determined that the resolutions are fair to the shareholders and are in the
best interests of the Company."
The Company's preliminary proxy materials are subject to review by the U.S.
Securities and Exchange Commission (SEC) and may change. The Company
anticipates finalizing the proxy materials as soon as practicable in October
2004 and mailing its definitive proxy materials to shareholders on or about
October 20, 2004.
This announcement is not a proxy statement, nor is it a solicitation of any
proxies from the Company's shareholders. The Company's preliminary proxy
materials relating to the Meetings have been filed today with the SEC via its
Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) system and
with the Canadian Securities Administrators' System for Electronic Document
Analysis and Retrieval (SEDAR). The preliminary proxy materials may be
obtained free of charge at the SEC's website address of http://www.sec.gov/ or
at http://www.sedar.com/. A link to the Company's SEC and SEDAR 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." 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: John W.A. McDonald, President and Chief Executive Officer of
Canada Southern Petroleum Ltd., +1-403-269-7741
Web site: http://www.cansopet.com/