CANADA SOUTHERN PETROLEUM ISSUES FIRST QUARTER REPORT
CANADA SOUTHERN PETROLEUM ISSUES FIRST QUARTER REPORT CALGARY, Alberta, Nov. 14 /PRNewswire/ -- Canada Southern Petroleum
Ltd. (Toronto & Pacific: CSW) today reported a net loss of $310,000, or 2 cents a share, on gross revenues of $407,000 in its fiscal first quarter ended Sept. 30.
In last year's first quarter, there was a loss of $147,000 (1 cent a share) on gross revenues of $496,000, the company said. Charles J. Horne, president, said this year's loss is the result of a 34 percent reduction in revenue from oil sales, lower interest income, and higher expenses due principally to increased lease operating costs and the legal activity relating to the Kotaneelee litigation. Comparative, unaudited 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 1991 1990 Revenues: Oil and gas sales $ 304,423 $ 355,912 Proceeds under carried interest agreements -- 1,501 Interest 103,018 139,003 Total 407,441 496,416 Costs and expenses 708,804 643,382 Net loss $(301,363) $(146,966) Average number of shares outstanding 12,345,825 12,272,266 Net loss per share $(.02) $(.01) -0- 11/14/91 /CONTACT: Arthur B. O'Donnell, 203-525-1202, for Canada Southern Petroleum/ (CSW.) CO: Canada Southern Petroleum Ltd. ST: Alberta IN: OIL SU: ERN GK-OS -- NY001 -- 4239 11/14/91 08:00 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Nov 14, 1991|
|Previous Article:||INVACARE LAUNCHES MORE THAN 75 NEW PRODUCTS; INTRODUCES REVOLUTIONARY CO-OP PROGRAM AT 1991 NATIONAL HOME HEALTH CARE EXPOSITION|
|Next Article:||MAGELLAN PETROLEUM ANNOUNCES FIRST QUARTER REPORT|