Canadian Oil Sands Ltd., a subsidiary of Canadian Oil Sands Trust, Calgary, (Toronto: COS.UN) plans to acquire Canada Southern Petroleum Ltd., Calgary, (Toronto: CSW; Nasdaq: CSPLF) for US$9.75 per share in cash for a total deal value of US$146 million (approximately C$165 million). Canada Southern has estimated gas reserves in the Arctic Island of 927 billion cubic feet equivalent. It also holds reserves in southern Yukon and northeastern British Columbia currently producing 6 million cubic feet per day, which Canadian Oil Sands intends to sell following the deal.
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