Canadian Spirit Resources Inc. Announces Third Quarter 2019 Financial Results and Corporate Update
November 26 2019 - 5:15PM
Canadian Spirit Resources Inc. (“CSRI” or the
“Corporation”) (TSXV:SPI) (OTCBB: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 & CEOCanadian Spirit Resources Inc.Telephone (403)
539-5005rich.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
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