CALGARY, Alberta, Nov. 26, 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 and nine month periods ended September 30, 2019 and a corporate update.
Third Quarter 2019
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, 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 and nine months ended September 30, 2019 (all amounts are presented in Canadian dollars, unless otherwise indicated):
| For the three months | For the nine months | |||||||||||
| ended September 30, | ended September 30, | |||||||||||
| 2019 | 2018 | 2019 | 2018 | |||||||||
| Average sales volumes of natural gas (mcf/d) | n/a | n/a | n/a | 541 | ||||||||
| Average sales price of natural gas ($/mcf) | n/a | n/a | n/a | $ | 1.77 | |||||||
| Petroleum and natural gas sales | $ | nil | $ | nil | $ | nil | $ | 114,749 | ||||
| Operating netback | $ | (94,928 | ) | $ | (21,746 | ) | $ | (236,013 | ) | $ | (53,294 | ) |
| Cash flow from operating activities | $ | (319,177 | ) | $ | (243,093 | ) | $ | (917,103 | ) | $ | (735,930 | ) |
| Loss and comprehensive loss | $ | 606,634 | $ | 333,796 | $ | 1,526,999 | $ | 986,064 | ||||
| – per share basic and diluted | $ | 0.00 | $ | 0.00 | $ | 0.01 | $ | 0.01 | ||||
| Capital expenditures (net of dispositions) | $ | 444 | $ | 147,833 | $ | 96,661 | $ | 506,687 | ||||
| As at September 30, | |||||
| 2019 | 2018 | ||||
| Working capital | $ | 889,816 | $ | 871,124 | |
| Total assets | $ | 39,193,918 | $ | 44,994,418 | |
| Total debt | $ | nil | $ | nil | |
| Shareholders’ equity | $ | 36,259,873 | $ | 42,673,302 | |
| Number of common shares outstanding | 196,177,583 | 177,494,004 | |||
CORPORATE UPDATE
Effective November 26, 2019, Ms. Louisa DeCarlo, current director of CSRI, was appointed Non-Executive Chairman of the Board.
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.
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