2
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) April 10, 2000
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.)
<PAGE>
FORM 8-K
CANADA SOUTHERN PETROLEUM LTD.
Item 5. Other Events
In December 1999, the Company filed a motion to have the Court
of Queen's Bench direct the operator of the Kotaneelee gas field to make timely
payments of all current and future amounts due from its share of the Kotaneelee
gas field revenues. The motion was subsequently amended to include all of the
defendants. On April 10, 2000, the trial court dismissed the Company's motion
pending the Court's ultimate determination of the issues surrounding the
Kotaneelee field carried-interest account.
The Company intends to appeal the decision to the Alberta Court of Appeal.
In view of the Court's dismissal of the Company's motion, the Company
does not intend to accrue any revenues from the Kotaneelee gas field until
collection of the amounts due is reasonably assured.
Based on the latest report from the operator of the Kotaneelee field,
the Company believes its share of net revenues due the Company is as follows:
Amounts Amounts
due from deposited
all parties in escrow
Previously reported $412,374 $136,728
January production 488,014 161,807
------- -------
Balance due $900,388 $298,535
======== ========
The Company's Annual Report on Form 10-K for the year ended December 31,
1999 should be read for a detailed discussion of the Kotaneelee litigation.
<PAGE>
FORM 8-K
CANADA SOUTHERN PETROLEUM LTD.
Item 5. Other Events (Cont'd)
Statements in this filing 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. 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 (a) uncertainties as to the costs, length, and outcome of the
Kotaneelee litigation, and (b) uncertainty as to when or if the company will
receive any revenue from the Kotaneelee gas field.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits
(c) Exhibits - None
<PAGE>
FORM 8-K
CANADA SOUTHERN PETROLEUM LTD.
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/ Ben A. Anderson
Ben A. Anderson
President
Date: April 24, 2000
