Canadian Spirit Resources Inc. Announces Third Quarter 2016 Financial Results

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Canadian Spirit Resources Inc. Announces Third Quarter 2016 Financial Results

CALGARY, ALBERTA--(Marketwired - Nov. 28, 2016) - Canadian Spirit Resources Inc. ("CSRI" or the "Corporation") (TSX VENTURE:SPI)(OTCBB:CSPUF) announces the release of its interim financial results and Management Discussion and Analysis ("MD&A") for the three and nine month periods ended September 30, 2016.

This news release summarizes information contained in the unaudited interim condensed financial statements and MD&A for the three and nine month periods ended September 30, 2016 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 unconventional natural gas sector of the energy industry.

SELECTED FINANCIAL DATA

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

         
  For the three month   For the nine month  
  periods ended September 30,   periods ended September 30,  
  2016   2015   2016   2015  
                 
Average sales volumes of natural gas (Mcf/d)   -     741     212     769  
Average sales price of natural gas (per Mcf) $ -   $ 1.82   $ 1.41   $ 2.00  
Natural gas sales, before royalties $ -   $ 122,683   $ 83,978   $ 417,282  
Operating netbacks, after royalty credits applied $ (53,627 ) $ 20,833   $ (153,504 ) $ 48,638  
Net cash flows from operating activities $ 202,645   $ (143,834 ) $ (368,350 ) $ (615,877 )
Net income (loss) and comprehensive income (loss) $ 111,113   $ (978,006 ) $ (712,929 ) $ (1,871,416 )
Income (loss) per share, basic & diluted $ 0.00   $ (0.01 ) $ (0.01 ) $ (0.02 )
Gross capital expenditures $ 275,180   $ 200,271   $ 3,762,434   $ 569,455  
                         
                         
          As at September 30,  
          2016   2015  
                         
Net working capital             $ 1,214,057   $ 1,772,375  
Total assets             $ 74,561,973   $ 71,738,260  
Total debt             $ -   $ -  
Shareholders' capital             $ 71,858,827   $ 69,310,813  
Number of common shares outstanding               152,592,192     128,867,192  
                         

HIGHLIGHTS

  • CSRI ended the third quarter 2016 with a strong working capital position and no debt.
  • The Corporation perforated three zones in the Montney Formation in the c-69-H/94-B-1 well that was drilled and cased in the first quarter 2016. Pressure recorders were placed across these perforations and were retrieved in the third quarter 2016. The pressures recorded in the Montney formation were regionally over pressured but not to the extreme extent experienced while drilling the well.
  • The recovery in natural gas prices justified the reactivation of the joint venture processing facility and associated wells at Farrell Creek/Altares on October 4, 2016.
  • On October 27, 2016, the Corporation announced the engagement of Peters & Co. as financial advisors to assist in its review of strategic alternatives to maximize the value of its Montney formation resource base at Farrell Creek/Altares.

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

Canadian Spirit Resources Inc.
(403) 539-5005
Rich Couillard
rich.couillard@csri.ca

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