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Gold/Mining/Energy : Canada Southern Petroleum (CSPLF/CSW)
CSW 295.46+0.7%3:59 PM EST
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To: PHILLIP FLOTOW who wrote (901)5/1/2001 11:50:32 AM
From: PHILLIP FLOTOW  Read Replies (1) of 911
 
Canada Southern Pete to Receive Its Share of Kotaneelee Revenues; Rights Offering Withdrawn

CALGARY, Alberta, May 1 /CNW/ -- Canada Southern Petroleum Ltd.
(Nasdaq: CSPLF; Toronto/Boston/Pacific: CSW) said it expects to receive its
first payment of net production proceeds from the Kotaneelee gas field later
this month.
A Canada Southern spokesman said the company's carried-interest account
reached undisputed payout status in January, according to the working-interest
partners. Net proceeds due Canada Southern -- after all disputed "processing
fee" charges are taken into account -- amounted to approx. $1.8 million (Cdn.)
through Feb. 2001, he said.
The spokesman further noted that Canada Southern is withdrawing its
registration statement for a common stock rights offering, pointing out that
the company's financial circumstances have changed with the expected payout
from the Kotaneelee field.
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 uncertainties are the cost, duration, and ultimate outcome of the
Kotaneelee gas field litigation.


-30-

For further information: Ben A. Anderson of Canada Southern Petroleum
Ltd., 403-269-7741

PHIL
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