Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Club
$299/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

Canadian Spirit Resources Inc. Announces First Quarter 2019 Financial Results and Election of New Director

CALGARY, Alberta, May 29, 2019 (GLOBE NEWSWIRE) -- Canadian Spirit Resources Inc. (“CSRI” or the “Corporation”) (TSXV:SPI) (OTCBB:CSPUF) is pleased to announce the release of its interim financial results and Management Discussion and Analysis (“MD&A”) for the three month period ended March 31, 2019 and the election of Louisa DeCarlo of Calgary, Alberta as a director of the Corporation.

First Quarter 2019
This news release summarizes information contained in the unaudited interim condensed financial statements and MD&A for the three months ended March 31, 2019 and should not be considered a substitute for reading these full disclosure documents which are available on SEDAR at www.sedar.com or the Corporation’s website at www.csri.ca.

The following summarizes certain selected financial data for the three months ended March 31, 2019 (all amounts are presented in Canadian dollars, unless otherwise indicated):

 For the three months
 ended March 31,
  2019  2018 
Average sales volumes of natural gas (mcf/d)n/a
  538 
Average sales price of natural gas ($/mcf)n/a
 $   1.88 
Petroleum and natural gas sales$nil $ 91,030 
Operating netback$  49,895 $ 4,300 
Cash flow from operating activities$  (271,190)$   (275,187)
Loss and comprehensive loss$  327,659 $   326,760 
- per share basic and diluted$  0.00 $   0.00 
Capital expenditures$  71,028 $  186,872 
   


 As at March 31,
  2019 2018
Working capital$  1,617,665$ 1,596,785
Total assets$  39,962,150$ 45,661,357
Total debt$nil$nil
Shareholders’ equity$  37,433,393$  43,242,702
Number of common shares outstanding   196,177,583 177,494,004
   

ELECTION OF NEW DIRECTOR

Ms. DeCarlo is currently President of Danrich Resources Corp., an independent oil and gas consultancy.  Her successful career in oil and gas included positions ranging from engineer to COO and EVP in the upstream oil and gas industry including ExxonMobil, Canadian Hunter, Talisman, and Zodiac Exploration.  As a co-founder and COO of Zodiac Exploration Ltd., she was directly involved in all aspects of the company as it grew from private start-up to a public company with a market cap of approximately $400 million.

Ms. DeCarlo is a member of the Association of Professional Engineers and Geoscientists of Alberta (APEGA) and the Institute of Corporate Directors. She graduated with a Bachelor of Science in Mechanical Engineering and a Bachelor of Arts from the University of Alberta.

Commenting on Ms. DeCarlo’s appointment as a director of CSRI, Rich Couillard, Chairman of the Board, stated that “Louisa’s extensive background in acquisitions and divestitures, and her expertise in all aspects of the oil and gas industry, corporate strategy, and capital markets will contribute to the strength of the CSRI Board of Directors as the Corporation continues to maximize shareholder value across its large unconventional resource base in British Columbia”.

ABOUT CSRI

CSRI is a natural resources company focusing on the identification and development of opportunities in the unconventional gas sector of the energy industry. For further information please visit the Corporation’s website at www.csri.ca.

For further information, please contact:
Rich Couillard, President & CEO
Canadian Spirit Resources Inc.
Telephone (403) 539-5005
[email protected]

The corporate information contained in this news release may contain forward-looking forecast information. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonably accurate by CSRI at the time of preparation, may prove to be incorrect. The actual results achieved during the forecast period will vary from the information provided herein and the variations may be material. Consequently, there is no representation by CSRI that actual results achieved during the forecast period will be the same in whole or in part as those forecasted.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
(AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE

Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).