CALGARY, ALBERTA–(Marketwired – May 29, 2014) – 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 month period ended March 31, 2014.
This news release summarizes information contained in the unaudited interim condensed financial statements and MD&A for the three month period ended March 31, 2014 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 focusing on the identification and development of opportunities in the unconventional natural gas sector of the energy industry.
| SUMMARY QUARTERLY DATA | ||||||
| (all amounts are presented in Canadian dollars) | ||||||
| For the three months ended, and as at, March 31, | 2014 | 2013 | ||||
| Average sales volumes of natural gas (Mcf/d) | 1,052 | 1,400 | ||||
| Average sales price of natural gas (per Mcf) | $ | 5.18 | $ | 3.00 | ||
| Natural gas sales, before royalties | $ | 485,070 | $ | 378,014 | ||
| Operating netbacks, after royalty credits applied | $ | 386,636 | $ | 197,758 | ||
| Cash flow from operating activities | $ | 39,786 | $ | (182,312 | ) | |
| Net loss and comprehensive loss | $ | (2,156,345 | ) | $ | (516,790 | ) |
| Loss per share, basic & diluted | $ | (0.02 | ) | $ | (0.01 | ) |
| Net working capital | $ | 2,413,101 | $ | 1,928,244 | ||
| Total assets | $ | 70,658,926 | $ | 62,169,311 | ||
| Shareholders’ capital | $ | 64,569,463 | $ | 60,020,347 | ||
| Common shares outstanding | 110,124,691 | 90,548,661 | ||||
| Total capital expenditures | $ | 4,593,398 | $ | 836,776 | ||
PRODUCTION
CSRI’s natural gas sales volume averaged 1.05 MMcf/d (net) during the three months ended March 31, 2014 (2013: 1.40 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.
HIGHLIGHTS
Information regarding CSRI is available on SEDAR at www.sedar.com or the Corporation’s website at www.csri.ca.
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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.
Alfred Sorensen
(403) 539-5005
alfred.sorensen@csri.ca
Canadian Spirit Resources Inc.
Phil Geiger
(403) 539-5005
phil.geiger@csri.ca
www.csri.ca
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