CALGARY, May 01, 2018 (GLOBE NEWSWIRE) — Canadian Spirit Resources Inc. (“CSRI” or the “Corporation”) (TSXV:SPI) (OTCBB:CSPUF) and its joint venture partner, Canbriam Energy Inc., have elected to suspend their joint venture natural gas production at Farrell Creek/South Altares effective April 30, 2018 due to low natural gas prices.
The continued deterioration in North American natural gas prices accompanied by the further discounted price experienced by producers in northeastern British Columbia producing into the Enbridge Westcoast Energy main pipeline has resulted in a negative netback on joint venture natural gas production at Farrell Creek/South Altares.
With no clear indication of a near term return to a positive natural gas pricing environment, this temporary shut in of production is viewed as a prudent business decision. The natural gas processing facility and associated wells will be reactivated once natural gas prices return to a profitable situation.
CSRI’s net production over the past 60 days at Farrell Creek/South Altares has averaged 0.58 MMcf/day.
CSRI is a natural resources company focused on the identification and development of opportunities in the Montney Formation resource play in northeastern British Columbia.