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CANADA SOUTHERN PETROLEUM REPORTS LOSS

 CALGARY, Alberta, Nov. 16 ~PRNewswire~ -- Canada Southern Petroleum Ltd. (Toronto & Pacific: CSW) today reported a net loss of $29,000 (less than one cent a share) on gross revenues of $492,000 in its fiscal first quarter ended Sept. 30.
 A net loss of $301,000 (two cents a share) was posted on gross revenues of $407,000 in the corresponding period last year, the company said.
 Charles J. Horne, president, said this year's loss is attributable principally to a 151 percent increase in depletion and depreciation expense, which was due to a reduction in estimated reserves and greater oil production.
 Horne said the company's operating revenue was up 48 percent this year as a result of the resumption of proceeds from carried interests, which, as anticipated, benefited from capital expenditures made in fiscal 1992. He also noted that costs and expenses were down 26 percent, due principally to foreign exchange gains, lower lease operating costs, and improved results by Probe Exploration Ltd., a 38 percent owned subsidiary.
 Comparative, consolidated results for this year's first quarter and the prior-year period are shown in the following condensed income statement:
 CANADA SOUTHERN PETROLEUM LTD.
 Consolidated Statement of Operations
 (Unaudited -- expressed in Canadian dollars)
 Three months ended Sept. 30 1992 1991
 Revenues:
 Oil and gas sales $306,494 $304,423
 Proceeds under carried interest
 agreements 144,790 --
 Interest and other income 41,213 103,018
 Total 492,497 407,441
 Costs and expenses 521,624 708,804
 Net loss (29,127) (301,363)
 Average number of shares outstanding 12,345,825 12,345,825
 Net loss per share -- (.02)
 -0- 11~16~92
 ~CONTACT: Arthur B. O'Donnell of Canada Southern Petroleum, 203-525-1202~
 (CSW)


CO: Canada Southern Petroleum Ltd. ST: Alberta IN: OIL SU: ERN

TS-LR -- NY043 -- 1223 11~16~92 11:28 EST
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Publication:PR Newswire
Date:Nov 16, 1992
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