Petro-Canada Increases Offer for Cana...

Petro-Canada Increases Offer for Canada Southern Petroleum Ltd....

There are 16 comments on the Market Wire story from Jul 11, 2006, titled Petro-Canada Increases Offer for Canada Southern Petroleum Ltd..... In it, Market Wire reports that:

July 11, 2006 -- Petro-Canada today announced its wholly-owned subsidiary, Nosara Holdings Ltd.

Join the discussion below, or Read more at Market Wire.

Andrew Szabo

AOL

#1 Jul 13, 2006
$25 a share will buy my Canada Southern stock.
Luca Pacioli

Chicago, IL

#2 Jul 13, 2006
When is PetroCanada going to release the information to Canada Southern shareholders that it is legally obligated to provide? Until that is done and analyzed, this and other shareholders will not tender to any offer PetroCanada makes.

Since Ms. Sendall insisted that the $7.50 offer was "fair" and indicated that the bid would not be raised, her credibility and that of PetroCanada with respect to their offers is nil. We actually think you are trying to steal an asset at a low-ball price and have not hesitated to lie and stall to do it. If not illegal, your behavior is at least unethical.

I will say that the shareholders are even more annoyed with the Board of Directors of Canada Southern and with Canadian Oil Sands Trust so you are very much in the running provided you really do provide an offer that is a reasonable sharing of what we consider to be the Present Value of the likely cash flows.

Canada Southern shares went for $26 in 1981 when the Arctic development appeared to be imminently STARTING. That was before CSW's other properties were developed at all. I hope you realize that we know that we can just sit on our carried interests and watch you break your hump developing the Arctic assets in the expectation that the cash flows that will eventuate will calculate to a PV far in excess of what you have offered so far.
Tom Wright

Yakima, WA

#3 Jul 13, 2006
Andrew Szabo wrote:
$25 a share will buy my Canada Southern stock.
My target is 25-27 dollars per share in the form of about 1 Petro Canada share for 2 Canso shares plus a distribution in cash of the cash in Canso's account equal to about $1.30 U.S. in the for m of a capital gains distribution.
JohnColver

United States

#4 Jul 13, 2006
Canada Southern Petroleo, with its millions of dollars in cash in hand and its present gas production and exploration in the fields it is drilling, is worth at least, the very least, U.S.$50.00 a share. Why we share holders should sell for less astounds one. At the end, other companies that have an iterest in the region--Devon, Exxon-Mobilw, British Petroleum, Chevron, etc.,--will offer a share for share swap. Fron Petro-Canada's manner of bidding, one knows that the CSPLF shares are worth, moste likely, three to four times minimally what they are offering presently. So why should anyone be in a hurry to sell one's shares now?
Todd Schongalla

Wolfeboro, NH

#5 Jul 13, 2006
When will Petro Canada release the information that it is legally obligated to provide to Canada Southern? Suddenly trying to force Canada Southern shareholders into a lowball deal instead of providing information we needed to value the assets you covet makes you look like a bunch of swindlers. If not illegal, your behavior is at the least highly unethical.

Ms. Sendall insisted the $7.50 offer was "fair" but now we know that $13 was also fair to you.$7.50 was a ripoff to Canada Southern shareholders. I believe Petro Canada has public information it is refusing to release that will support an even higher offer. I will wait for that much higher offer. Today, I would tender 2 Canada Southern for 1 Petro Canada.

Barring that I'm happy to keep our carried interests and let Petro Canada foot the bill to develop the Arctic assets. I'm confident that the cash flows that will eventuate will calculate to a PV far in excess of what you have offered so far.
Long Time CSPLF holder

Fort Huachuca, AZ

#6 Jul 13, 2006
Does the Petro board have a clue about reading the market on this attempted buyout of CSPLF?

Do you pan your hired callers for comments they received when they call soliciting shares (after you've been out bid)?

Do you think that investers that have followed this stock for years and hold a considerable number of shares are going to sell based on fluff comments from Petro board about value? Especially when they contradict themselves on the next bid.
Bill Curry

Stafford, VA

#7 Jul 13, 2006
There is no chance I will tender my shares (willingly) for cash. A stock swap is the only trade I'm interested in. I believe a fair value at this time is a minimum of $22-27. If the offer stays as cash, then my minimum would go up. What is really needed here is some openness by PCZ with their Arctic seismic data. I believe there is information contained therein that would prove the current bid is inadequate and quite possibly more like an attempted theft.(which your $7.50 bid most definitely WAS) In any case, I'm in no hurry to sell and will continue to do my due diligence.

A note of caution to PCZ. You have handled this effort VERY poorly. The longer you diddle around with these insulting bids, the longer someone in the wings has to ascertain just how undervalued the CP assets really are and decide to enter the fray.
Frustrated CSPLF SH

Bristol, CT

#8 Jul 13, 2006
The bid prices have been an insult. No way I will consider at less than $25.
William McGrath

Lexington, MA

#9 Jul 13, 2006
I am a substantial holder of CSW in street name. I join with other holders who have advised you that until you release ALL of the geo information on the arctic prperties no offer of yours will be accepted.
Richard C

Peabody, MA

#10 Jul 13, 2006
Until the offer reaches $25 in cash or stock equivalent, I will not give it serious consideration especially while based on incomplete data.
Long Time CSPLF holder

Fort Huachuca, AZ

#11 Jul 18, 2006
If Petro backed out of their offer to purchase CSPLF, why are they still calling CSPLF shareholders?

Why didn't Petro cancel their formal offer instead of letting it ride? In otherwords, aside from a press release, the offer still stands via the paperwork sent out.
Todd Schongalla

Epsom, NH

#12 Jul 19, 2006
Why are you calling large shareholders, the majority of whom already told you they would not be tendering their shares to you or Canada Oil Sands at these levels? Surely you know who tendered so far and could save money by only calling them. Your callers seem to be using "information sharing" as a pretext to get a sense of how CSPLF shareholders are reacting. Large shareholders are following events very closely. We don't need a phone call days later to tell us you pulled your bid.(Actually we know you only did this in a press release, you haven't rescinded the filings, so you can still legally up your offer with minimal effort.)

CSPLF shareholders know the tankers built for Russian gas can also bring Canadian Arctic gas. Given Russia's history of shutting off pipelines to Europe to suddenly "renegotiate" contracts higher, you would be fools not to have Arctic gas at the ready. That will provide crucial leverage in current negotiations with Russia and be a substantial deterrent to any temptation they might have to suddenly force renegotiations once the facilities are in place and the gas is flowing. And just as clearly, the more Canadian Arctic gas you control from these wells, the more value they have in your negotiations and subsequent operations with Russia.

When will PetroCanada put a serious offer on the table? When will you provide the public documents re Arctic assets you are legally obligated to provide and said you would give to CSPLF. We know you need CSPLF's Arctic interests more than Canada Oil Sands does. Stop insulting CSPLF shareholders and wasting their time with your silly "public service announcement" phone calls. You're not fooling anyone. Its time to save the money you're wasting on these silly phone calls and put it into a higher bid for the assets you need to enhance your bargaining position with Russia.
Luca Pacioli

United States

#13 Jul 19, 2006
Long Time CSPLF holder wrote:
If Petro backed out of their offer to purchase CSPLF, why are they still calling CSPLF shareholders?
Why didn't Petro cancel their formal offer instead of letting it ride? In otherwords, aside from a press release, the offer still stands via the paperwork sent out.
Perhaps PCZ has been furiously notifying everyone that their offer has been canceled. Why do this? Perhaps to free themselves up to buy willynilly in the public marketplace.

Surely, PCZ expects the COS tender to fail. Freeing themselves from the fleaspeck annoyance of COS's right of first refusal and ten-cent overbids allows PCZ to accumulate a stake and then bid for CS anew. PCZ might even wait some time to convince CS SHs that it could be that NO ONE wants CS any longer.

However, Ms. Sendhall's implication that PCZ is no longer interested in the Canadian Arctic is laughable and her credibility is NIL. After her many gaffes in this situation, she has probably attempted to salvage her career by assuring her superiors that she has a strategy to bring the carried interests onto PCZ's books.

Since she has no sense of embarrassment in going back on her own words, this might work PROVIDED that PCZ offers a more equitable sharing of the Present Value of the carried interests with present CS SHs.
Giles Portman

Málaga, Spain

#14 Aug 9, 2006
Are you aware of tyche energy. I recently purchesed shares in them at just a doller a share. They have a fantastic review and they have exclusive technology in Canada.

give them a call. ask for Nicholas Goldman

www.tycheenergy.com
Giles Portman

Málaga, Spain

#15 Aug 9, 2006
Are you aware of tyche energy. I recently purchesed shares in them at just a doller a share. They have a fantastic review and they have exclusive technology in Canada.

give them a call. ask for Nicholas Goldman

www.tycheenergy.com
Frodoe of Fort Monroe

Virginia Beach, VA

#17 Oct 30, 2010
So how would you people of Canada like to see United States Army Base Fort Monroe become a nation-wide historic park!?

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