CALGARY, Alberta, April 26, 2018 (GLOBE NEWSWIRE) — Canadian Spirit Resources Inc. (“CSRI” or the “Corporation”) (TSXV:SPI) (OTCBB:CSPUF) announces the release of its financial results for the three and twelve months ended December 31, 2017 including the filing of its 2017 annual audited Financial Statements, Management Discussion and Analysis (“MD&A”), and Forms 51-101F1, F2 and F3.
This news release summarizes information contained in the audited Financial Statements and MD&A for the year ended December 31, 2017 and should not be considered a substitute for reading these full disclosure documents, and the Forms 51-101F1, F2 and F3, 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 twelve month | ||||||||||||||||
| periods ended December 31, | periods ended December 31, | ||||||||||||||||
| 2017 | 2016 | 2017 | 2016 | ||||||||||||||
| Average sales volumes of natural gas (Mcf/d) | 568 | 1,098 | 639 | 433 | |||||||||||||
| Average sales price of natural gas (per Mcf) | $ | 0.53 | $ | 2.37 | $ | 1.63 | $ | 2.04 | |||||||||
| Natural gas sales, before royalties | $ | 27,495 | $ | 240,136 | $ | 378,912 | $ | 324,114 | |||||||||
| Operating netbacks, after royalty credits applied | $ | (47,108 | ) | $ | 190,444 | $ | 59,188 | $ | 36,940 | ||||||||
| Net cash flows from operating activities | $ | (184,516 | ) | $ | (133,382 | ) | $ | (654,309 | ) | $ | (501,732 | ) | |||||
| Net loss and comprehensive loss | $ | (858,487 | ) | $ | (29,356,168 | ) | $ | (1,988,470 | ) | $ | (30,069,097 | ) | |||||
| Loss per share, basic & diluted | $ | (0.00 | ) | $ | (0.19 | ) | $ | (0.01 | ) | $ | (0.20 | ) | |||||
| Net capital expenditures | $ | 215,140 | $ | 182,539 | $ | 620,519 | $ | 3,944,973 | |||||||||
| As at December 31, | |||||||||||||||||
| 2017 | 2016 | ||||||||||||||||
| Net working capital | $ | 1,962,236 | $ | 1,155,907 | |||||||||||||
| Total assets | $ | 46,022,981 | $ | 45,672,540 | |||||||||||||
| Total debt | $ | – | $ | – | |||||||||||||
| Shareholders’ capital | $ | 43,553,128 | $ | 42,977,838 | |||||||||||||
| Number of common shares outstanding | 177,494,004 | 156,758,860 | |||||||||||||||
HIGHLIGHTS
- CSRI ended 2017 with a strong working capital position and no debt.
- Despite difficult equity markets, the Corporation raised a total of $2.4 million of equity capital in the period from December 2016 to December 2017 via a rights offering and the exercise of previously issued share purchase warrants.
- The Board and management continue to review strategic alternatives in order to maximize the value of its Montney Formation resource base at Attachie and Farrell Creek/Altares.
Information regarding CSRI is available on SEDAR at www.sedar.com or the Corporation’s website at www.csri.ca.