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Canadian Spirit Resources Inc. Announces Year End 2019 Financial Results

CALGARY, Alberta, April 28, 2020 (GLOBE NEWSWIRE) -- Canadian Spirit Resources Inc. (“CSRI” or the “Corporation”) (SPI.V) (CSPUF) announces the release of its financial results for the three and twelve months ended December 31, 2019 including the filing of its 2019 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, 2019 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)

  Three months ended
December 31,
Twelve months ended
December 31,
    2019     2018     2019     2018  
         
Average sales volumes of natural gas (mcf/d)   -     -     -     541  
Average sales price of natural gas ($/mcf)   -     -     -   $ 1.77  
Petroleum and natural gas sales $ -   $ -   $ -   $ 114,749  
Operating netback $ (68,573 ) $ (25,194 ) $ (304,586 ) $ (78,488 )
Cash flow from operating activities $ (252,443 ) $ (168,031 ) $ (1,169,546 ) $ (903,961 )
Earnings (loss) and comprehensive loss $ 105,565   $ (6,376,867 ) $ (1,421,434 ) $ (7,362,931 )
- per share basic and diluted $ -   $ (0.03 ) $ (0.01 ) $ (0.04 )
Capital expenditures $ 83,172   $ 143,576   $ 179,833   $ 650,263  


  As at December 31,
    2019     2018  
     
Working capital $ 588,325   $ 1,920,171  
Total assets $ 38,595,074   $ 40,200,580  
Total debt $ -   $ -  
Shareholders' capital $ 36,377,845   $ 37,748,577  
Number of common shares outstanding   196,177,583     196,177,583  


CORPORATE UPDATE

The Corporation also announces the resignation of Mr. Alfred Sorensen from the Board of Directors. The board wishes to thank Mr. Sorensen for his contribution.

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

For further information, please contact:
Canadian Spirit Resources Inc.
Telephone (403) 618-2113
Louisa DeCarlo (louisa@danrichresources.com)

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 forecast.

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