Richard McGinity, Chairman of the Canada Southern Board, said, "In response to the May 15th unsolicited offer by Petro-Canada, Canada Southern initiated a process to solicit potential alternative transactions that would provide greater value to Canada Southern shareholders. That process is active and ongoing. Canada Southern will evaluate the unsolicited offer by Canadian Superior once formal offer documents have been filed and in the context of the process we have underway. We will make a recommendation to our shareholders in due course."
The Board of Directors, in consultation with its financial and legal advisors, will carefully consider and evaluate any Canadian Superior offer when Canadian Superior files tender offer materials with the Canadian securities commissions and the U.S. Securities and Exchange Commission. After this evaluation, the Canada Southern Board will issue a Directors' Circular and a related Solicitation/Recommendation Statement on Schedule 14D-9 that will contain important information, including the Board's recommendation with respect to any Canadian Superior offer. Canada Southern advises that shareholders defer making any determination with respect to any Canadian Superior offer until reading the Directors' Circular and the related Solicitation/Recommendation Statement on Schedule 14D-9.
Shareholders are urged to read the Solicitation/Recommendation Statement on Schedule 14D-9 and any amendments thereto when they become available because they will contain important information. Investors can obtain a free copy of the Solicitation/Recommendation Statement on Schedule 14D-9 and any amendments thereto when they become available and all other filings made by Canada Southern with the SEC at the SEC's website at www.sec.gov. In addition, these materials may be obtained free from Canada Southern by directing a request to Canada Southern, #250, 706 - 7th Avenue S.W, Calgary, Alberta, Canada T2P 0Z1, (403) 269-7741, Attention: Corporate Secretary.
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 also owns interests in various Significant Discovery Licenses located in the Arctic Islands in Northern Canada. The Company's common shares are traded on the NASDAQ Capital Market under the symbol "CSPLF", and on the Toronto Stock Exchange under the symbol "CSW". The Company has 14,496,165 shares outstanding.
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