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Canadian Spirit Resources Inc. Announces Second Quarter 2018 Financial Results

CALGARY, Alberta, Aug. 29, 2018 (GLOBE NEWSWIRE) -- Canadian Spirit Resources Inc. (“CSRI” or the “Corporation”) (TSXV:SPI) (OTCBB:CSPUF) announces the release of its interim financial results and Management Discussion and Analysis (“MDA”) for the three and six month periods ended June 30, 2018.

This news release summarizes information contained in the unaudited interim condensed financials statements and MDA for the three and six month periods ended June 30, 2018 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.

CSRI is a natural resources company focused on the identification and development of opportunities in the Montney Formation resource play in northeastern British Columbia.

SELECTED FINANCIAL DATA

(all amounts are presented in Canadian dollars, unless otherwise indicated)

          
  For the three month For the six month 
  periods ended June 30, periods ended June 30, 
   2018   2017   2018   2017  
          
Average sales volumes of natural gas (Mcf/d)   551   (1)   609     541   (1)   674  
Average sales price of natural gas (per Mcf)$   1.43   $  2.39  $   1.77   $  2.44  
Natural gas sales, before royalties$   23,719   $  132,245  $   114,749   $  296,347  
Operating netbacks, after royalty credits applied$   (35,848) $  37,209  $   (31,548) $  125,439  
Net cash flows from operating activities$   (217,650) $  (196,451) $   (492,837) $  (299,995) 
Net loss and comprehensive loss$   (325,508) $  (347,761) $   (652,268) $  (648,269) 
Loss per share, basic diluted$   (0.00) $  (0.00) $   (0.00) $  (0.00) 
Net capital expenditures$   155,106   $  293,946  $   330,075   $  338,713  
          
          
      As at June 30, 
       2018   2017  
          
Net working capital    $   1,209,304   $  731,681  
Total assets    $  45,323,352   $  45,115,433  
Total debt    $   -    $  -   
Shareholders' capital    $  42,928,861   $  42,623,359  
Number of common shares outstanding       177,494,004      159,458,860  
          
Note:        
1.  Production was shut-in by the Corporation's joint venture partner effective May 1, 2018. The second quarter 2018 production results therefore represent one month of natural gas production, and the year-to-date production results therefore represent four months of natural gas production. 
          

Information regarding CSRI is available on SEDAR at www.sedar.com or the Corporation’s website at www.csri.ca.

For further information, please contact:
Canadian Spirit Resources Inc.
Telephone (403) 539-5005
Rich Couillard (rich.couillard@csri.ca)

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 forecast.

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

 

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