CALGARY,
AB, May 1, 2024 /CNW/ - Canadian Spirit
Resources Inc. ("CSRI" or the "Corporation") (TSXV: SPI)
(OTCBB: CSPUF) advises that, as a result of the continued
deterioration of the North American natural gas prices accompanied
by the further discounted price experienced by producers in
northeastern British Columbia
producing into the Spectra main pipeline, it has shut-in natural
gas production at Farrell
Creek/South Altares due to a negative netback on joint
venture natural gas production.
CSRI's net production over the past 60 days at Farrell Creek/South Altares prior to the
shut-in averaged 629 Mcf per day (net to the Corporation).
The natural gas processing facility and associated wells will be
reactivated once natural gas prices return to price where there is
not a negative netback on the joint venture natural gas production.
At this time, it is unknown when this will occur. The Corporation
will provide another update to this evolving situation when
appropriate.
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.
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
Forward-looking Information Cautionary Statement
This press release contains forward-looking statements. More
particularly, this press release contains statements concerning:
the re-starting of the Farrell
Creek facility and associated Montney wells; natural gas prices return to
price where there is not a negative netback on the joint venture
natural gas production; reactivation operations; and the potential
benefits to the Corporation, if any, as a result of the strategic
alternatives review process. The forward-looking statements in this
press release are based on certain expectations and assumptions
made by the Corporation. These assumptions include, but are not
limited to, the performance of activities by third parties, oil and
gas prices, timing and success of operations, weather, well
productivity, the Corporation's finances, and changes in the
Corporation's business plans. Although the Corporation believes
that the expectations and assumptions on which the forward-looking
statements are based are reasonable, undue reliance should not be
placed on the forward-looking statements because the Corporation
can give no assurance that they will prove to be correct. Since
forward-looking statements address future events and conditions, by
their very nature they involve inherent risks and uncertainties.
Actual results could differ materially from those currently
anticipated due to a number of factors and risks. These include,
but are not limited to, general business, economic, competitive,
political and social uncertainties, general capital market
conditions and market prices for securities, the actual results of
future operations, competition, changes in legislation, including
environmental legislation affecting the Corporation, the timing and
availability of external financing on acceptable terms or at all,
and loss of key individuals. Forward-looking statements are based
on estimates and opinions of management of the Corporation at the
time the statements are presented. The Corporation may, as
considered necessary in the circumstances, update or revise such
forward- looking statements, whether as a result of new
information, future events or otherwise, but the Corporation
undertakes no obligation to update or revise any forward-looking
statements, except as required by applicable securities laws.
Oil and Gas Advisories
Mcf means one thousand cubic feet of natural gas.
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
SOURCE Canadian Spirit Resources Inc.