CALGARY, Alberta, Aug. 29, 2018 (GLOBE NEWSWIRE) — Canadian Spirit Resources Inc. (“CSRI” or the “Corporation”) (TSXV:SPI) (OTCBB:CSPUF) announces the release of its interim financial results and Management Discussion and Analysis (“MD&A”) for the three and six month periods ended June 30, 2018.
This news release summarizes information contained in the unaudited interim condensed financials statements and MD&A for the three and six month periods ended June 30, 2018 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 Montney Formation resource play in northeastern British Columbia.
SELECTED FINANCIAL DATA
(all amounts are presented in Canadian dollars, unless otherwise indicated)
| For the three month | For the six month | ||||||||||||||||||
| periods ended June 30, | periods ended June 30, | ||||||||||||||||||
| 2018 | 2017 | 2018 | 2017 | ||||||||||||||||
| Average sales volumes of natural gas (Mcf/d) | 551 | (1 | ) | 609 | 541 | (1 | ) | 674 | |||||||||||
| Average sales price of natural gas (per Mcf) | $ | 1.43 | $ | 2.39 | $ | 1.77 | $ | 2.44 | |||||||||||
| Natural gas sales, before royalties | $ | 23,719 | $ | 132,245 | $ | 114,749 | $ | 296,347 | |||||||||||
| Operating netbacks, after royalty credits applied | $ | (35,848 | ) | $ | 37,209 | $ | (31,548 | ) | $ | 125,439 | |||||||||
| Net cash flows from operating activities | $ | (217,650 | ) | $ | (196,451 | ) | $ | (492,837 | ) | $ | (299,995 | ) | |||||||
| Net loss and comprehensive loss | $ | (325,508 | ) | $ | (347,761 | ) | $ | (652,268 | ) | $ | (648,269 | ) | |||||||
| Loss per share, basic & diluted | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | |||||||
| Net capital expenditures | $ | 155,106 | $ | 293,946 | $ | 330,075 | $ | 338,713 | |||||||||||
| As at June 30, | |||||||||||||||||||
| 2018 | 2017 | ||||||||||||||||||
| Net working capital | $ | 1,209,304 | $ | 731,681 | |||||||||||||||
| Total assets | $ | 45,323,352 | $ | 45,115,433 | |||||||||||||||
| Total debt | $ | – | $ | – | |||||||||||||||
| Shareholders’ capital | $ | 42,928,861 | $ | 42,623,359 | |||||||||||||||
| Number of common shares outstanding | 177,494,004 | 159,458,860 | |||||||||||||||||
| Note: | |||||||||||||||||||
| 1. Production was shut-in by the Corporation’s joint venture partner effective May 1, 2018. The second quarter 2018 production results therefore represent one month of natural gas production, and the year-to-date production results therefore represent four months of natural gas production. | |||||||||||||||||||