Company Press Release
SOURCE: Canada Southern Petroleum Ltd.
Canada Southern Posts a First Quarter Loss
CALGARY, Alberta, May 15 /PRNewswire/ -- Canada Southern Petroleum Ltd. (Nasdaq: CSPLF - news; Toronto/Boston/Pacific: CSW) today reported a net loss of $403,000 -- three cents a share, basic and diluted -- on gross revenues of $371,000 in its fiscal first quarter ended Mar. 31.
During last year's first quarter, the Company said it had a loss of $903,000, or six cents a share, on gross revenues of $161,000.
Ben A. Anderson, president, said Canada Southern's operating revenues were up 130% in the first quarter as a result of substantially greater proceeds from carried interest properties. He noted, however, that the expenses of the Company's lawsuit against Amoco Canada, et al, continue to have an adverse impact on the Company's results.
Comparative, consolidated results for this year's first quarter and the 1999 first quarter are shown in the following condensed statements of operations and cash flows:
CANADA SOUTHERN PETROLEUM LTD.
Consolidated Statement of Operations
(Expressed in Canadian dollars)
(Unaudited)
Three Months Ended March 31,
2000 1999
(Restated)
Revenues:
Oil Sales $6,112 $30,094
Gas sales 20,550 20,574
Proceeds under carried
interest agreements 299,999 27,056
Interest and other income 44,563 83,358
Total revenues 371,224 161,082
Costs and expenses:
Costs of operations 78,448 30,763
General and administrative 396,659 516,845
Legal expenses 488,722 557,464
963,829 1,105,072
Net loss before income taxes (592,605) (943,990)
Income tax recovery 189,497 41,305
Net loss $(403,108) $(902,685)
Average number of shares outstanding 14,284,970 14,234,740
Net loss per share (Basic & Diluted) $(0.03) $(0.06)
CANADA SOUTHERN PETROLEUM LTD
Consolidated Statement of Cash Flows
(Expressed in Canadian dollars)
(Unaudited)
Three months ended March 31
2000 1999
(Restated)
Cash flows from Operating activities:
Net loss $(403,108) $(902,685)
Adjustments to reconcile net loss
to net cash used in operations:
Depreciation and depletion
amortization 67,500 105,900
Future restoration costs (26,187) --
Future income tax recovery (189,497) (41,305)
Change in current assets and liabilities:
Accounts and interest receivable (53,775) (164,758)
Prepaid Insurance and other 2,059 34,698
Accounts payable (116,948) (98,863)
Accrued liabilities 67,066 48,610
Net cash used in operations (652,890) (1,018,403)
Cash flows from investing activities:
Additions to oil and gas properties (136,562) (209,661)
Proceeds from sale of properties 336,000 --
Sale of marketable securities 568,374 10,510
Net cash provided by(used in) investing
activities: 767,812 (199,151)
Increase (decrease) in cash and cash
equivalents 114,922 (1,217,554)
Cash and cash equivalents at the
beginning of period 3,045,530 6,208,634
Cash and cash equivalents at the
end of period $3,160,452 $4,991,080
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