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CANADA SOUTHERN POSTS A LOSS IN FISCAL 1992

 CANADA SOUTHERN POSTS A LOSS IN FISCAL 1992
 CALGARY, Alberta, Sept. 25 /PRNewswire/ -- Canada Southern Petroleum


Ltd. (TSE, PSE: CSW) today reported a net loss of $1.43 million (12 cents a share) on gross revenues of $1.86 million in its fiscal year ended June 30, 1992.
 The 1992 loss compares to a net profit of $426,000 (3 cents a share) on gross revenues of $3.13 million in fiscal 1991, the company said.
 The company said this year's results can be attributed principally to a 42 percent reduction in operating revenues, due largely to a substantial drop in proceeds from carried-interest properties as well as lower oil prices.
 According to Charles J. Horne, president, this year's reduced carried-interest income is the inevitable consequence of capital improvements to the properties, which, per agreement, are funded directly out of operating revenue. He noted, however, that the benefits from those improvement expenditures should be reflected in fiscal 1993.
 Comparative, consolidated results for fiscal 1992 and the two prior years are shown in the following condensed income statement:
 CANADA SOUTHERN PETROLEUM LTD.
 Consolidated Statement of Operations
 (Expressed in Canadian dollars)
 Fiscal year ended June 30 1992 1991 1990
 Revenues:
 Oil and gas sales $ 1,270,498 $1,637,097 $1,598,809
 Proceeds under carried
 interest agreements 275,284 1,034,473 141,522
 Interest and other 317,100 460,577 560,297
 Total 1,862,882 3,132,147 2,300,628
 Costs and expenses 3,294,369 2,706,118 3,121,310
 Income (loss) before taxes (1,431,487) 426,029 (820,682)
 Income taxes -- -- --
 Net income (loss) $(1,431,487) $ 426,029 $ (820,682)
 Average number of
 shares outstanding 12,345,825 12,294,900 12,120,251
 Net income (loss) per share $(.12) $.03 $(.07)
 -0- 9/25/92
 /CONTACT: Arthur B. O'Donnell of Canada Southern Petroleum, 203-525-1202/
 (CSW) CO: Canada Southern Petroleum Ltd. ST: Alberta IN: OIL SU: ERN


GK-TS -- NY012 -- 3456 09/25/92 10:49 EDT
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Publication:PR Newswire
Date:Sep 25, 1992
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