CALGARY, AB, Feb. 28, 2024 (Globe Newswire) — Canadian Spirit Resources Inc. (“CSRI” or the “Corporation”) (TSXV:SPI) (OTCBB:CSPUF) announces the release of its unaudited interim financial statements (“”).financial statements”) and management discussion and analysis (”MD&A), for three-month and six-month periods ending December 31, 2023, respectively.
2nd quarter financial results
This news release is a summary of 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 from the Company's profile on SEDAR+ below. www.sedarplus.com.
Due to the change in our company's fiscal year-end from December 31st to June 30th, which was approved by our board of directors,board”) The August 25, 2023 financial statements and MD&A include our financial results for the three and six months ended December 31, 2023 and the three and six months ended December 31, 2022. Comparisons of monthly and six-month financial performance are presented.The Company received year-end change approval from the Canada Revenue Agency on November 30, 2023.
Selected financial data
The following is an excerpt of certain financial data from our financial statements for the three and six months ended December 31, 2023.
|
|
3 months are over |
Half a year is over |
||||||||||
|
|
2023 |
2022 |
2023 |
2022 |
||||||||
|
|
||||||||||||
|
Natural gas sales (after royalty deduction) |
$ |
119,127 |
$ |
248,195 |
$ |
119,164 |
$ |
273,462 |
||||
|
operating costs |
(105,723 |
) |
(241,099 |
) |
(146,653 |
) |
(324,878 |
) |
||||
|
Netback operation in progress (loss) |
$ |
13,404 |
$ |
7,096 |
$ |
(27,489 |
) |
$ |
(51,416 |
) |
||
|
Other income and profits |
61,656 |
7,223 |
64,806 |
15,342 |
||||||||
|
Other costs |
(534,425 |
) |
(775,518 |
) |
(919,645 |
) |
(1,025,278 |
) |
||||
|
Comprehensive loss for the period |
$ |
(459,365 |
) |
$ |
(761,199 |
) |
$ |
(882,328 |
) |
$ |
(1,061,352 |
) |
The Company's gas production for the three and six months ended December 31, 2023 averaged 668 mcf and 334 mcf per day, respectively (for the three and six months ended December 31, 2022: 1,084mcf and 593mcf per day respectively). The company's wells produced an average of 1,307 mcf (net to the company) per day during his 47 days in production from November 2023 to December 2023.
Considering strategic alternatives
We continue to work with Thayer Energy Advisors to evaluate strategic alternatives and maximize the value of our Monney resource bases in Farrell Creek and Altares.
For more information about the strategy process, contact CSRI CEO Louisa DeCarlo at 403-618-2113 or Tom Pavic at Sayer Energy Advisors at 403-266-6133.
exercise of warrant
The Company also owns Elmag Investments Inc. (“Elmag'') exercised the Company's remaining 10,000,000 share warrants issued to Elmag on March 15, 2022 to purchase an additional 10,000,000 common shares of the Company's capital stock (“'').common stock”) is priced at $0.08 per common share.
Information about CSRI is available on SEDAR+. www.sedarplus.com or our website (below) www.csri.ca.
on behalf of the board of directors
Canadian Spirit Resources Ltd.
“Luisa DeCarlo”
Representative Director and President
For more information, please contact us below.
Canadian Spirit Resources Inc.
Attention: Luisa DeCarlo
Phone: (403) 618-2113
Email: louisa.decarlo@csri.ca
Neither TSX VENTURE EXCHANGE nor its Regulation Services Provider (as that term is defined in the policies of TSX VENTURE EXCHANGE) accepts responsibility for the adequacy or accuracy of this news release.
