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Canadian Spirit Resources Inc. Announces Third Quarter 2019 Financial Results and Corporate Update

CALGARY, Alberta, Nov. 26, 2019 (GLOBE NEWSWIRE) -- Canadian Spirit Resources Inc. (“CSRI” or the “Corporation”) (SPI.V) (CSPUF) is pleased to announce the release of its interim financial results and Management Discussion and Analysis (“MD&A”) for the three and nine month periods ended September 30, 2019 and a corporate update.

Third Quarter 2019
This news release summarizes information contained in the unaudited interim condensed financial statements and MD&A for the three and nine month periods ended September 30, 2019 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.

The following summarizes certain selected financial data for the three and nine months ended September 30, 2019 (all amounts are presented in Canadian dollars, unless otherwise indicated):

  For the three months For the nine months
  ended September 30, ended September 30,
    2019     2018     2019     2018  
Average sales volumes of natural gas (mcf/d)   n/a     n/a     n/a     541  
Average sales price of natural gas ($/mcf)   n/a     n/a     n/a   $  1.77  
Petroleum and natural gas sales $ nil   $ nil   $ nil   $    114,749  
Operating netback $  (94,928 ) $  (21,746 ) $   (236,013 ) $  (53,294 )
Cash flow from operating activities $  (319,177 ) $  (243,093 ) $   (917,103 ) $   (735,930 )
Loss and comprehensive loss $   606,634   $    333,796   $  1,526,999   $  986,064  
- per share basic and diluted $   0.00   $    0.00   $   0.01   $    0.01  
Capital expenditures (net of dispositions) $    444   $   147,833   $   96,661   $    506,687  


  As at September 30,
    2019   2018
Working capital $  889,816 $  871,124
Total assets $  39,193,918 $  44,994,418
Total debt $ nil $ nil
Shareholders’ equity $   36,259,873 $   42,673,302
Number of common shares outstanding     196,177,583   177,494,004
     

CORPORATE UPDATE

Effective November 26, 2019, Ms. Louisa DeCarlo, current director of CSRI, was appointed Non-Executive Chairman of the Board. 

ABOUT CSRI

CSRI is a natural resources company focusing on the identification and development of opportunities in the unconventional gas sector of the energy industry. For further information please visit the Corporation’s website at www.csri.ca.

For further information, please contact:
Rich Couillard, President & CEO
Canadian Spirit Resources Inc.
Telephone (403) 539-5005
rich.couillard@csri.ca

The corporate information contained in this news release may contain forward-looking forecast information. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonably accurate by CSRI at the time of preparation, may prove to be incorrect. The actual results achieved during the forecast period will vary from the information provided herein and the variations may be material. Consequently, there is no representation by CSRI that actual results achieved during the forecast period will be the same in whole or in part as those forecasted.

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