Canadian Spirit Resources Inc. Announces First Quarter 2023 Financial Results
May 30 2023 - 5:05PM
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 month period ended March
31, 2023.
First Quarter
2023This news release summarizes information
contained in the unaudited interim financial statements and
MD&A for the three months ended March 31, 2023, and should not
be considered a substitute for reading these full disclosure
documents which are available on SEDAR at www.sedar.com.
The following summarizes certain selected
financial data for the three months ended March 31, 2023:
(all amounts
are presented in
Canadian dollars,
unless otherwise
indicated)
|
|
Three months ended March 31, |
|
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
Natural gas
sales |
|
$ |
316,664 |
|
$ |
- |
|
Royalties |
|
|
(49,447 |
) |
|
- |
|
Drilling and other
credits applied against royalties |
|
|
49,447 |
|
|
- |
|
Operating
costs |
|
|
(181,299 |
) |
|
(41,449 |
) |
|
|
|
|
|
Operating
netback |
|
$ |
135,365 |
|
$ |
(41,449 |
) |
Other income and
gains |
|
|
11,919 |
|
|
130,250 |
|
Other Expenses |
|
|
(523,999 |
) |
|
(311,250 |
) |
|
|
|
|
|
Net
comprehensive loss for the period |
|
$ |
(376,715 |
) |
$ |
(222,024 |
) |
The Corporation had a working capital deficit as at March 31,
2023 of $202,107 (December 31, 2022 – working capital of $259,569).
The Corporation’s shareholders equity is $36,267,249 at March 31,
2023 (December 31, 2022 - $36,512,423).
The Corporation will continue to pursue financing alternatives
to maintain the Corporation as a going concern as it seeks and
evaluates strategic alternatives. Additional necessary financing
may be secured through either the issue of new equity or debt
instruments or entering into new joint venture or farm-in
arrangements.
|
|
|
March 31, 2023 |
December 31, 2022 |
|
|
|
|
|
Working capital: |
|
|
|
|
Current assets |
|
|
$ |
896,205 |
|
$ |
984,518 |
|
Current
liabilities |
|
|
|
(1,098,312 |
) |
|
(724,949 |
) |
|
|
|
|
(202,107 |
) |
|
259,569 |
|
Shareholders’ Equity |
|
|
|
36,267,249 |
|
|
36,512,423 |
|
|
|
|
|
|
|
|
|
$ |
36,065,142 |
|
$ |
36,771,992 |
|
CSRI is a natural resource company focusing on
the identification and development of opportunities in the
unconventional natural gas sector of the energy industry.
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) 618-2113Louisa DeCarlo
(louisa.decarlo@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 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
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