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CANADA SOUTHERN PETROLEUM REPORTS SECOND QUARTER RESULTS

 CANADA SOUTHERN PETROLEUM REPORTS SECOND QUARTER RESULTS
 CALGARY, Alberta, Feb. 13 /PRNewswire/ -- Canada Southern Petroleum Ltd. (Toronto and PSE: CSW) today reported a net loss of $259,000, or 2 cents a share, on gross revenues of $516,000 in its fiscal second quarter ended Dec. 31, as compared to earnings of $259,000 (2 cents a share) on revenues of $976,000 in last year's second quarter.
 For the six-month period ended Dec. 31, a loss of $561,000 (5 cents a share) on revenues of $923,000 compares to the prior year profit of $112,000 (1 cent a share) on revenues of $1.47 million, the company said.
 Charles J. Horne, president, said Canada Southern's operating revenue decreased substantially in the three and six-month periods, reflecting slightly lower oil production and a 34 percent drop in the average price received for crude oil. Gas sales revenue, although not as seriously impacted as oil sales, also was down in the second quarter due to lower output and prices, he said.
 Horne also cited interest income reductions in both periods as a consequence of lower interest rates as well as a drop in the amount of cash available for short-term investment.
 Horne further noted that last December's gas production (the most recent month for which data are available) from the Kotaneelee gas field, in the southeastern Yukon Territory, was essentially unchanged from the preceding month's record output -- i.e., about 60 million cubic feet per day, on average -- as reported by a government agency.
 CANADA SOUTHERN PETROLEUM LTD.
 (Consolidated, unaudited -- expressed in Canadian dollars)
 Periods ended Three Months Six Months
 Dec. 31 1991 1990 1991 1990
 Revenues:
 Oil and Gas sales $ 351,121 $564,564 $655,544 $920,476
 Proceeds under carried
 interest agreements 85,734 283,363 85,734 284,864
 Interest 78,741 127,638 181,759 266,642
 Total 515,596 975,565 923,037 1,471,982
 Costs & expenses 744,850 716,556 1,483,654 1,359,939
 Net income (loss) $(259,254) 259,009 $(560,617) $ 112,043
 Avg. no. of shares
 outstanding 12,345,825 12,272,266 12,345,825 12,272,266
 Net income (loss)
 per share $(.02) $.02 $(.05) $.01
 -0- 2/13/92
 /CONTACT: Arthur B. O'Donnell, 203-525-1202, for Canada Southern Petroleum/
 (CSW) CO: Canada Southern Petroleum Ltd. ST: Alberta IN: OIL SU: ERN


PS-AH -- NY004 -- 9538 02/13/92 08:02 EST
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Publication:PR Newswire
Date:Feb 13, 1992
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