Canadian Spirit Resources Inc. Announces Third Quarter 2013 Financial Results
November 27 2013 - 5:16PM
Marketwired Canada
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 nine month
periods ended September 30, 2013.
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, 2013 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 sector of the energy
industry.
SUMMARY QUARTERLY DATA
(all amounts are presented in Canadian dollars)
For the nine months ended and as at September 30, 2013 2012
----------------------------------------------------------------------------
Average sales volumes of natural gas (Mcf/d) 1,294 1,793
Average sales price of natural gas (per Mcf) $ 3.02 $ 2.05
Natural gas sales, before royalties $ 1,070,916 $ 1,004,941
Operating netbacks, after royalty credits applied $ 536,574 $ 248,382
Cash flow from operating activities $ (367,205) $(1,367,369)
Net loss and comprehensive loss $(1,398,645) $(2,848,340)
Loss per share, basic & diluted $ (0.02) $ (0.04)
Net working capital $ 1,481,064 $ 3,369,970
Total assets $61,029,689 $63,109,836
Shareholders' capital $59,180,491 $60,925,108
Common shares outstanding 90,548,661 90,548,661
Net capital expenditures $ 1,100,990 $ 2,036,530
PRODUCTION
Sales volumes of natural gas during the nine months ended September 30, 2013
averaged 1.3 MMcf/d (net) (2012: 1.8 MMcf/d (net)). The Corporation has 5 (1.75
net) Montney wells being produced through its 10 MMcf/d (3.5 MMcf/d net) gas
plant located on the western portion of its lands at Farrell Creek, British
Columbia.
FARRELL CREEK OUTLOOK
Farrell Creek represents a significant natural gas resource in the Montney
Formation. CSRI has identified that over 1,100 gross well locations will be
required to recover a portion of approximately 5 Tcf (net to CSRI) of natural
gas-in-place. CSRI continues to focus on its eastern lands due to their
prospectivity for natural gas liquids and is evaluating options to increase
existing production from its western lands. As part of any associated fracking
operation, CSRI will be sourcing fresh water from its 25% owned water pipeline.
This pipeline was commissioned during 2012 and is able to deliver up to 10,000
m3/d of fresh water from the Williston Reservoir to the Farrell Creek/Altares
area on a year-round basis.
Recent activity in and around the Farrell Creek area has supported the value of
CSRI's Farrell Creek Montney project which consists of over 26,000 net acres of
land. On November 8, 2013, Petronas announced the acquisition of Talisman's
Montney properties located at Farrell Creek and Cypress for $1.5 billion. The
parties have ascribed the land value for this deal at $5,000 per acre. Also on
the same date, Enerplus announced that they had sold their Montney acreage at
Julienne Creek for $130 million. This sale included 33,000 net acres with no
production or reserves.
FINANCIAL RESOURCES
The Corporation had $1.5 million of working capital as at September 30, 2013 and
has no debt.
Information regarding CSRI is available on SEDAR at www.sedar.com or the
Corporation's website at www.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
FOR FURTHER INFORMATION PLEASE CONTACT:
Canadian Spirit Resources Inc.
Alfred Sorensen
(403) 539-5005
alfred.sorensen@csri.ca
Canadian Spirit Resources Inc.
Phil Geiger
(403) 539-5005
phil.geiger@csri.ca
www.csri.ca
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