United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) December 28, 1999
Canada Southern Petroleum Ltd.
(Exact Name of registrant as specified in its charter)
Nova Scotia, Canada 1-3793 98-0085412
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
Suite 1410, One Palliser Square, 125 Ninth Avenue, S.E., Calgary, Alberta,
Canada T2P 1G2
(Address of principal executive offices)
Registrant's telephone number, including area code (403) 269-7741
Not Applicable
(Former name or former address, if changed since last report.)
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FORM 8-K
CANADA SOUTHERN PETROLEUM LTD.
Item 5. Other Events
The Company said that it has filed a motion in the Court of Queen's
Bench of Alberta to have the court direct the operator of the Kotaneelee gas
field to make timely payments of all current and future amounts due from its
share of field revenues.
The Company's Annual Report on Form 10-K for the year ended
December 31,1998 should be read for a detailed discussion of the Kotaneelee
litigation.
A press release relating to these developments is filed herewith as an
exhibit and incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits
(c) Exhibits
(99) Additional Exhibits
(a) Press release of the registrant dated
December 28, 1999.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CANADA SOUTHERN PETROLEUM LTD.
(Registrant)
By /s/ M. A. Ashton
M. A. Ashton
President
Date: December 28, 1999
<PAGE>
CANADA SOUTHERN FILES
MOTION TO RECEIVE KOTANEELEE PAYMENTS
CALGARY, Alberta, December 28, 1999 -- Canada Southern Petroleum Ltd.
(NASDAQ: CSPLF; Toronto/Boston/Pacific: CSW) said that it has filed a motion in
the Court of Queen's Bench of Alberta to have the court direct the operator of
the Kotaneelee gas field to make timely payments of all current and future
amounts due from its share of field revenues. Previously, the working interest
parties in the Kotaneelee gas field had notified the Company that its share of
revenues from the field would be deposited with an escrow agent upon reaching
payout status.
The Company also reported that it has received a report from the operator
indicating that the current balance of costs to be recovered by the working
interest partners was $ 2.9 million ( Company share $ 860,000) at September 30,
1999. If the reported August/September production and revenues were
approximately the same in October and November, it is likely that all of the
working interest parties' costs were recovered during November 1999. The amount
of the costs to be recovered is at issue in the Kotaneelee litigation.
The operator's report also indicated that in the near future approximately $ 3.6
million will be expended to install compression units in the field to maintain
current production levels.
Statements included in this press release that are not historical in nature are
intended to be, and are hereby identified as, "forward looking statements" for
purposes of the "Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995. The Company cautions readers that forward looking statements
are subject to certain risks and uncertainties that could cause actual results
to differ materially from those indicated in the forward looking statements.
Among these risks and uncertainties are:
o uncertainties as to the costs, length and outcome of the Kotaneelee
litigation;
o uncertainty as to when or if the Company will receive any revenue from the
Kotaneelee gas field.
Contact: James R. Joyce at (203) 245-7664
