Canadian Spirit Resources Inc. Announces The Second Quarter December 31, 2023 Financial Results
February 28 2024 - 9:01PM
Canadian Spirit Resources Inc. (“CSRI” or the
“Corporation”) (TSXV:SPI) (OTCBB:CSPUF) announces the
release of its unaudited interim financial statements (the
“
Financial Statements”) and management discussion
and analysis (the “
MD&A”), each for the three
and six month periods ended December 31, 2023.
Second Quarter Financial
Results
This news release summarizes certain information
contained in the Financial Statements and MD&A and should not
be considered a substitute for reading these full disclosure
documents which are available on the Corporation's profile on
SEDAR+ at www.sedarplus.com.
In accordance with the Corporation's change of
year-end from December 31 to June 30 that was approved by the board
of directors of the Corporation (the “Board”) on
August 25, 2023, the Financial Statements and MD&A provide a
comparison of the financial performance of the Corporation for the
three and six month periods ended December 31, 2023, to the three
and six month periods ended December 31, 2022. The Corporation
obtained approval for the change of its year-end from the Canada
Revenue Agency on November 30, 2023.
Selected Financial Data
The following summarizes certain selected
financial data from the Financial Statements for the three and six
months ended December 31, 2023:
|
|
Three months endedDecember 31, |
Six months endedDecember 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
Natural gas sales (net of royalties) |
$ |
119,127 |
|
$ |
248,195 |
|
$ |
119,164 |
|
$ |
273,462 |
|
|
Operating costs |
|
(105,723 |
) |
|
(241,099 |
) |
|
(146,653 |
) |
|
(324,878 |
) |
|
|
|
|
|
|
|
Operating netback (loss) |
$ |
13,404 |
|
$ |
7,096 |
|
$ |
(27,489 |
) |
$ |
(51,416 |
) |
|
Other income and gains |
|
61,656 |
|
|
7,223 |
|
|
64,806 |
|
|
15,342 |
|
|
Other expenses |
|
(534,425 |
) |
|
(775,518 |
) |
|
(919,645 |
) |
|
(1,025,278 |
) |
|
|
|
|
|
|
|
Net comprehensive loss for the period |
$ |
(459,365 |
) |
$ |
(761,199 |
) |
$ |
(882,328 |
) |
$ |
(1,061,352 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
The Corporation’s gas production for the three
and six months ended December 31, 2023 averaged 668 and 334mcf per
day respectively (three and six months ended December 31, 2022:
1,084 and 593 mcf per day respectively). The Corporation’s wells
produced an average of 1,307 mcf per day (net to the Corporation)
for 47 days they were on production during November and December
2023.
Review of Strategic
Alternatives
The Corporation continues to work with Sayer
Energy Advisors to review strategic alternatives and maximize the
value of the Corporation's Montney resource base at Farrell Creek
and Altares.
For further information regarding the strategic
process, please contact CSRI’s CEO, Louisa DeCarlo at 403-618-2113,
or Tom Pavic at Sayer Energy Advisors at 403-266-6133.
Warrant Exercise
The Corporation also announces that Elmag
Investments Inc. (“Elmag”), has exercised the
remaining 10,000,000 warrants of the Corporation issued to Elmag on
March 15, 2022 to purchase an additional 10,000,000 common shares
in the capital of the Corporation (a “Common
Share”) at a price of $0.08 per Common Share.
Information regarding CSRI is available on
SEDAR+ at www.sedarplus.com or the Corporation’s website at
www.csri.ca.
On behalf of the Board of Directors
CANADIAN SPIRIT RESOURCES INC.
"Louisa DeCarlo"
President and Chief Executive Officer
For further information, please contact:
Canadian Spirit Resources Inc.
Attention: Louisa
DeCarloTelephone: (403)
618-2113Email:
louisa.decarlo@csri.ca
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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