Canada Southern Petroleum Ltd. Announces Review of Articles of Association and Continuance; Intent to Update Corporate Governanc
22 Maggio 2004 - 12:16AM
PR Newswire (US)
Canada Southern Petroleum Ltd. Announces Review of Articles of
Association and Continuance; Intent to Update Corporate Governance
CALGARY, Alberta, May 21 /PRNewswire-FirstCall/ -- Canada Southern
Petroleum Ltd. (the Company) (NASDAQ/Pacific: CSPLF;
Toronto/Boston: CSW) today reported that the Board of Directors has
directed its Corporate Governance and Nominating Committee to carry
out a thorough review of the Company's Articles of Association and
Articles of Continuance, with a view to updating the governance of
the Company. This review will be led by Messrs. Richard McGinity
and Myron Kanik, and has as its objective the presentation to the
Board of a comprehensive set of recommendations to streamline the
Company's governance processes and more closely align them with
evolving industry norms, and with recent developments in securities
law and regulation in the United States and Canada. The review will
include all aspects of the Company's Articles, including but not
limited to the Company's Nova Scotia domicile; share voting
restrictions; Board structure, qualifications, compensation and
incentives; shareholder proposals and related matters. The review
is expected to culminate in the calling of a Special Meeting of
shareholders during the third quarter to consider specific changes
which will be recommended by the Board of Directors. This
announcement is not a proxy statement, nor is it a solicitation of
any proxies from the Company's shareholders. The Company's
definitive proxy statement for its June 15 Annual General Meeting
was filed on April 29 with the U.S. Securities and Exchange
Commission ("SEC") and the Canadian Securities Administrators'
System for Electronic Document Analysis and Retrieval ("SEDAR").
That document may be obtained at the SEC's website address of
http://www.sec.gov/ or at http://www.sedar.com/. A link to the
Company's SEC filings can also be found on the Company website
address of http://www.cansopet.com/. Canada Southern Petroleum Ltd.
is an independent energy company based in Calgary, Alberta, Canada.
The Company is engaged in oil and gas exploration and development,
with its primary interests in producing properties in the Yukon
Territory and British Columbia, Canada. The Company's limited
voting shares are traded on the Nasdaq SmallCap Market and the
Pacific Exchange, Inc. under the symbol "CSPLF," and on the Boston
Stock Exchange and the Toronto Stock Exchange under the symbol
"CSW." Any statements in this 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. 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 uncertainties as to the costs, pricing
and production levels from the properties in which the Company has
interests, the extent of the recoverable reserves at those
properties, and the significant costs associated with the
exploration and development of the properties in which the Company
has interests, particularly the Kotaneelee field. The Company
undertakes no obligation to update or revise forward-looking
statements, whether as a result of new information, future events,
or otherwise. The Company does caution, however, that results in
2004 will be significantly lower than in 2003 was a result of the
one-time favorable effect in 2003 of the Kotaneelee settlement.
DATASOURCE: Canada Southern Petroleum Ltd. CONTACT: Randy Denecky,
Chief Financial Officer of Canada Southern Petroleum Ltd.,
+1-403-269-7741 Web site: http://www.cansopet.com/
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