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CANADA SOUTHERN PETROLEUM REPORTS RESULTS

 CANADA SOUTHERN PETROLEUM REPORTS RESULTS
 CALGARY, Alberta, May 15 /PRNewswire/ -- Canada Southern Petroleum


Ltd. (PSE: CSW; Toronto) today reported a net loss of $206,000 (two cents a share) on gross revenues of $496,000 in its fiscal third quarter ended March 31, as compared to earnings of $250,000 (two cents a share) on revenues of $907,000 in last year's third quarter.
 In the nine-month period ended March 31, this year's loss of $767,000 (six cents a share) on revenues of $1.42 million compared to a $362,000 profit (three cents a share) on revenues of $2.38 million in the prior- year, the company said.
 Charles J. Horne, president, said the company's operating income in both periods was adversely impacted by lower oil and gas prices as well as severely reduced proceeds from it carried-interest properties due to capital expenditures which, per agreement, are funded out of current revenue. He noted, however, that the company now expects increased income from its carried-interest properties in the fourth quarter.
 Horne said the company's legal expenses were higher in both periods as a consequence of the Kotaneelee litigation, which is still proceeding through pre-trial discovery. He also pointed out that Kotaneelee gas production in February 1992 averaged 59 million cubic feet per day, essentially unchanged from production rates reported for the three preceding months.
 During this year's third quarter, Canada Southern acquired a one-third working interest in a 2,600-acre prospect in British Columbia, Horne said, noting that drilling on this and two other B.C. prospects is planned for this summer.
 Comparative, unaudited results for the quarterly and nine-month periods are shown in the following condensed income statements:
 CANADA SOUTHERN PETROLEUM LTD.
 Consolidated Statement of Operations
 (In Canadian dollars -- Unaudited)
 Period ended Three months Nine months
 March 31 1992 1991 1992 1991
 Revenues:
 Oil and gas sales $331,211 $395,639 $986,755 $1,316,115
 Proceeds under carried
 interest agreement 77,874 420,311 163,608 705,175
 Interest and other 87,201 90,917 268,960 357,559
 Total 496,286 906,867 1,419,323 2,378,849
 Costs and expenses 702,600 657,144 2,186,253 2,017,083
 Net income (loss) $(206,314) $249,723 $(766,930) $361,766
 Average number of
 shares outstand. 12,345,825 12,290,656 12,345,825 12,278,396
 Net income (loss)
 per share $(.02) $.02 $(.06) $.03
 -0- 5/14/92
 /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 -- NY002 -- 0565 05/15/92 08:00 EDT
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Publication:PR Newswire
Date:May 15, 1992
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