Canadian Spirit Resources Inc. to Shut in Natural Gas Production at Farrell Creek, Northeastern British Columbia

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. to Shut in Natural Gas Production at Farrell Creek, Northeastern British Columbia

CALGARY, ALBERTA--(Marketwired - Mar 21, 2016) - Canadian Spirit Resources Inc. ("CSRI" or the "Corporation") (TSX VENTURE:SPI) (OTCBB:CSPUF) and its joint venture partner, Canbriam Energy Inc., have elected to shut in their natural gas production at Farrell Creek effective March 31, 2016.

The continued deterioration in North American natural gas prices accompanied by the further discounted price experienced by producers in northeastern British Columbia producing into the Spectra main pipeline has resulted in a negative netback on joint venture natural gas production at Farrell Creek.

With no clear indication of a near term return to a positive natural gas pricing environment, this temporary shut in of production is viewed as a prudent business decision. The natural gas processing facility and associated wells will be reactivated once natural gas prices return to a profitable situation.

CSRI's net production over the past 60 days at Farrell Creek has averaged 625 Mcf/day.

In commenting on the shut in of production, Mr. Richard Couillard, President and Chief Executive Officer of CSRI stated: "This is an easy business decision. It makes no economic sense to produce our natural gas at a loss and at the same time deplete our reserves."

CSRI is a natural resource company focusing on the identification and development of opportunities in the unconventional natural gas sector of the energy industry.

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

On behalf of the Board of Directors

CANADIAN SPIRIT RESOURCES INC.

Richard Couillard, President & Chief Executive Officer

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.
Richard Couillard
(403) 539-5005
rich.couillard@csri.ca
www.csri.ca

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).