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