CALGARY, Alberta, May 29, 2019 (GLOBE NEWSWIRE) -- Canadian Spirit Resources Inc. (“CSRI” or the “Corporation”) (TSXV:SPI) (OTCBB:CSPUF) is pleased to announce the release of its interim financial results and Management Discussion and Analysis (“MD&A”) for the three month period ended March 31, 2019 and the election of Louisa DeCarlo of Calgary, Alberta as a director of the Corporation.
First Quarter 2019
This news release summarizes information contained in the unaudited interim condensed financial statements and MD&A for the three months ended March 31, 2019 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.
The following summarizes certain selected financial data for the three months ended March 31, 2019 (all amounts are presented in Canadian dollars, unless otherwise indicated):
| For the three months | ||||||
| ended March 31, | ||||||
| 2019 | 2018 | |||||
| Average sales volumes of natural gas (mcf/d) | n/a | 538 | ||||
| Average sales price of natural gas ($/mcf) | n/a | $ | 1.88 | |||
| Petroleum and natural gas sales | $ | nil | $ | 91,030 | ||
| Operating netback | $ | 49,895 | $ | 4,300 | ||
| Cash flow from operating activities | $ | (271,190 | ) | $ | (275,187 | ) |
| Loss and comprehensive loss | $ | 327,659 | $ | 326,760 | ||
| - per share basic and diluted | $ | 0.00 | $ | 0.00 | ||
| Capital expenditures | $ | 71,028 | $ | 186,872 | ||
| As at March 31, | ||||
| 2019 | 2018 | |||
| Working capital | $ | 1,617,665 | $ | 1,596,785 |
| Total assets | $ | 39,962,150 | $ | 45,661,357 |
| Total debt | $ | nil | $ | nil |
| Shareholders’ equity | $ | 37,433,393 | $ | 43,242,702 |
| Number of common shares outstanding | 196,177,583 | 177,494,004 | ||
ELECTION OF NEW DIRECTOR
Ms. DeCarlo is currently President of Danrich Resources Corp., an independent oil and gas consultancy. Her successful career in oil and gas included positions ranging from engineer to COO and EVP in the upstream oil and gas industry including ExxonMobil, Canadian Hunter, Talisman, and Zodiac Exploration. As a co-founder and COO of Zodiac Exploration Ltd., she was directly involved in all aspects of the company as it grew from private start-up to a public company with a market cap of approximately $400 million.
Ms. DeCarlo is a member of the Association of Professional Engineers and Geoscientists of Alberta (APEGA) and the Institute of Corporate Directors. She graduated with a Bachelor of Science in Mechanical Engineering and a Bachelor of Arts from the University of Alberta.
Commenting on Ms. DeCarlo’s appointment as a director of CSRI, Rich Couillard, Chairman of the Board, stated that “Louisa’s extensive background in acquisitions and divestitures, and her expertise in all aspects of the oil and gas industry, corporate strategy, and capital markets will contribute to the strength of the CSRI Board of Directors as the Corporation continues to maximize shareholder value across its large unconventional resource base in British Columbia”.
ABOUT CSRI
CSRI is a natural resources company focusing on the identification and development of opportunities in the unconventional gas sector of the energy industry. For further information please visit the Corporation’s website at www.csri.ca.
For further information, please contact:
Rich Couillard, President & CEO
Canadian Spirit Resources Inc.
Telephone (403) 539-5005
rich.couillard@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 forecasted.
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