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