Canada Southern Petroleum Ltd.
NASDAQ : CSPLF
TSX : CSW

Canada Southern Petroleum Ltd.

July 25, 2005 18:12 ET

Canada Southern Announces Withdrawal of Common Shares from Listing and Registration on the Boston Stock Exchange, Inc. and the Pacific Exchange, Inc.

CALGARY, ALBERTA--(CCNMatthews - July 25, 2005) - Canada Southern Petroleum Ltd. (the "Company") (TSX:CSW) (NASDAQ: CSPLF) today announced that the U.S. Securities and Exchange Commission has issued orders approving applications to withdraw the Company's Common Shares, without par value, from listing and registration on the Boston Stock Exchange, Inc. and the Pacific Exchange, Inc. pursuant to Section 12(d) of the Securities Exchange Act of 1934. The Commission's orders were effective as of the opening of business on Friday, July 22, 2005.

Richard McGinity, the Company's Chairman of the Board of Directors, stated that "For many years, the Company's Common Shares (formerly known as Limited Voting Shares) have listed on two national securities exchanges in the United States. Very little, if any, trading volume has occurred on these exchanges. The Company's Common Shares have also been traded in the United States since the 1990s on the NASDAQ SmallCap Marketplace. The Company's Board of Directors recently concluded that it was in the best interests of the Company and its shareholders to withdraw the Common Shares from listing and registration on the Boston and Pacific Exchanges. The Company's Common Shares will continue to trade in the United States on the NASDAQ SmallCap Marketplace and in Canada on the Toronto Stock Exchange, so that the Company's U.S. and Canadian shareholders will not suffer any material decrease in market liquidity because of the withdrawals from the Boston and Pacific Exchanges."

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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 common shares are traded on the NASDAQ SmallCap Market, Inc. under the symbol "CSPLF," and on the Toronto Stock Exchange under the symbol "CSW". The Company has 14,461,165 shares outstanding.

This document may contain certain forward-looking statements relating, but not limited, to operations, financial performance, business prospects and strategies of the Company. Forward-looking information typically contains statements with words such as "anticipate", "believe", "expect", "plan", "intend" or similar words suggesting future outcomes or statements regarding an outlook on, without limitation, commodity prices, estimates of future production, the estimated amounts and timing of capital expenditures, anticipated future debt levels and royalty rates, or other expectations, beliefs, plans, objectives, assumptions or statements about future events or performance.

Shareholders are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information of the Company involves numerous assumptions, inherent risks and uncertainties both general and specific that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur. These factors include, but are not limited to: the pricing of natural gas and oil; the effects of competition and pricing pressures; risks and uncertainties involving the geology of natural gas and oil; operational risks in exploring for, developing and producing natural gas and oil; the uncertainty of estimates and projections relating to production, costs and expenses; the significant costs associated with the exploration and development of the properties on which the Company has interests, particularly the Kotaneelee field; shifts in market demands; risks inherent in the Company's marketing operations; industry overcapacity; the strength of the Canadian economy in general; currency and interest rate fluctuations; general global and economic and business conditions; changes in business strategies; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserves estimates; various events which could disrupt operations, including severe weather conditions, technological changes, our anticipation of and success in managing the above risks; potential increases in maintenance expenditures; changes in laws and regulations, including trade, fiscal, environmental and regulatory laws; and health, safety and environmental risks that may affect projected reserves and resources and anticipated earnings or assets. See also the information set forth under the heading "Information Concerning the Oil and Natural Gas Industry" in our 2004 Annual Information Form. Statements relating to "reserves" are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions that the reserves described can be profitably produced in the future.

We caution that the foregoing list of important factors is not exhaustive. We undertake no obligation to update publicly or revise the forward-looking information provided in this document, whether as a result of new information, future events or otherwise, or the foregoing list of factors affecting this information.

Contact Information

  • Canada Southern Petroleum Ltd.
    John W. A. McDonald
    President and Chief Executive Officer
    (403) 269-7741