CALGARY, ALBERTA–(Marketwired – Aug. 27, 2015) – 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 six month periods ended June 30, 2015.
This news release summarizes the results contained in the unaudited interim condensed financial statements and MD&A for the three and six month periods ended June 30, 2015 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 focusing on the identification and development of opportunities in the unconventional natural gas sector of the energy industry. The Corporation has 5 (1.75 net) Montney wells being produced through its 10 MMcf/d (3.5 net) capacity joint venture gas plant located on its western lands at Farrell Creek/Altares, 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, | |||||||||||
| 2015 | 2014 | 2015 | 2014 | |||||||||
| Average sales volumes of natural gas (Mcf/d) | 745 | 952 | 783 | 1,002 | ||||||||
| Average sales price of natural gas (per Mcf) | $ | 2.07 | $ | 4.40 | $ | 2.08 | $ | 4.79 | ||||
| Natural gas sales, before royalties | $ | 140,280 | $ | 380,992 | $ | 294,599 | $ | 866,062 | ||||
| Operating netbacks, after royalty credits applied | $ | (3,558 | ) | $ | 200,094 | $ | 27,805 | $ | 586,730 | |||
| Cash flow from operating activities | $ | (268,977 | ) | $ | 155,032 | $ | (472,043 | ) | $ | (65,732 | ) | |
| Net loss and comprehensive loss | $ | (472,681 | ) | $ | (402,123 | ) | $ | (893,410 | ) | $ | (2,558,468 | ) |
| Loss per share, basic & diluted | $ | (0.01 | ) | $ | (0.00 | ) | $ | (0.01 | ) | $ | (0.02 | ) |
| Gross capital expenditures | $ | 133,918 | $ | 1,355,007 | $ | 369,184 | $ | 5,948,405 | ||||
| As at June 30, | ||||||||||||
| 2015 | 2014 | |||||||||||
| Net working capital | $ | 2,143,641 | $ | 8,309,664 | ||||||||
| Total assets | $ | 72,722,215 | $ | 75,000,431 | ||||||||
| Total debt (line of credit and/or long-term) | $ | – | $ | – | ||||||||
| Shareholders’ capital | $ | 70,262,383 | $ | 71,508,034 | ||||||||
| Number of common shares outstanding | 128,867,192 | 128,050,592 | ||||||||||
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Canadian Spirit Resources Inc.
Rich Couillard
(403) 539-5005
rich.couillard@csri.ca
www.csri.ca