08/11 11:07A Canada Southern 2Q Losses C$0.10/Shr Vs C$0.06
Canada Southern Results -2: 2Q, 6 Mos Fincl Tables
Canada Southern Petroleum Ltd.- Calgary
2nd Quar June 30:
All figures in Canadian dollars
2000 1999
Revenues C$312,238 C$203,744
Net income a (1,387,035) (880,913)
Shr ern (basic/diluted)
Net income a (.10) (.06)
6 months:
Revenues 683,462 364,826
Net income b (1,790,143) (1,783,598)
Shr ern (basic/diluted)
Net income b (.13) (.13)
Figures in parentheses are losses.
a. Includes a C$645,000 writedown on the company's Texas properties. The
impact on share results wasn't disclosed.
b. Includes charges of about C$1.1 million in litigation-related expenses relating to the Kotaneelee lawsuit. The impact on share results wasn't
disclosed.
As reported, Canada Southern has a 30% interest in the Kotaneelee field,
which has been the subject of litigation for more than nine years. Canada
Southern claims that Amoco Canada Petroleum Ltd. (X.AMO) and other parties
failed to develop the field in a timely manner.
Canada Southern said that based on the latest report from the operator at
Kotaneelee, which covers production through April 2000, Amoco and the other
defandants "are witholding C$2.7 million of Canada Southern's net revenues
from the field."
Canada Southern Petroleum Ltd. (CSPLF) is an oil and gas company.
-Stephanie Thomas, Dow Jones Newswires
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