Alfred Sorensen
(403) 539-5005
(403) 262-4177
alfred.sorensen@csri.ca
Canadian Spirit Resources Inc.
Phil Geiger
(403) 539-5005
(403) 262-4177
phil.geiger@csri.ca
www.csri.ca
This news release summarizes information contained in the audited financial statements and MD&A for the year ended December 31, 2012 and should not be considered a substitute for reading these full disclosure documents, as well as the Forms 51-101F1, F2 and F3, which are available on SEDAR atwww.sedar.com or the Corporation’s website at www.csri.ca.
CSRI is a natural resources company focusing on the identification and development of opportunities in the unconventional natural gas sector of the energy industry.
SUMMARY ANNUAL DATA | ||||||
(all amounts are presented in Canadian dollars) | ||||||
For the year ended, and as at, December 31, | 2012 | 2011 | ||||
Average sales volumes of natural gas (Mcf/d) | 1,719 | 1,601 | ||||
Average sales price of natural gas ($/Mcf) | $ | 2.28 | $ | 3.30 | ||
Natural gas sales, before royalties | $ | 1,416,116 | $ | 1,731,024 | ||
Operating netbacks, after royalty credits applied | $ | 480,904 | $ | 745,879 | ||
Cash flow from operating activities | $ | (1,510,030 | ) | $ | (930,790 | ) |
Net loss and comprehensive loss | $ | (3,447,246 | ) | $ | (17,575,219 | ) |
Loss per share, basic & diluted | $ | (0.04 | ) | $ | (0.24 | ) |
Net working capital | $ | 2,975,379 | $ | 2,520,655 | ||
Total assets | $ | 62,335,567 | $ | 62,927,463 | ||
Shareholders’ capital | $ | 60,495,447 | $ | 59,208,853 | ||
Common shares outstanding | 90,548,661 | 76,238,661 | ||||
Total capital expenditures | $ | 2,322,852 | $ | 19,390,622 |
PRODUCTION
CSRI’s natural gas sales volume averaged 1.7 MMcf/d (net) during the twelve months ended December 31, 2012 (2011: 1.6 MMcf/d (net)). The Corporation has 5 (1.75 net) Montney wells being produced through its 10 MMcf/d (3.5 net) gas plant located on its western lands at Farrell Creek, British Columbia.
FARRELL CREEK OPERATIONAL HIGHLIGHTS
FINANCIAL RESOURCES
The Corporation had C$3.0 million of working capital as at December 31, 2012 and has no debt.
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.