/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S./
CALGARY, Alberta, Oct. 04, 2022 (GLOBE NEWSWIRE) -- Canadian Spirit Resources Inc. ("CSRI" or the "Corporation") (TSXV:SPI) (OTCBB:CSPUF) is pleased to announce the reactivation its joint venture natural gas processing facility and the ongoing reactivation of the associated wells at Farrell Creek/South Altares area of northeastern British Columbia approximately 15 km north of the town of Hudson's Hope described in the Corporation's Form 51-102F1 – Statement of Reserves Data and Other Oil and Gas Information dated April 18, 2022 and filed on the Corporation's SEDAR profile accessible at www.sedar.com.
Currently, one well (C-A48-I) of five wells subject to the Corporation's reactivation program has been returned to production. Based on the Corporation's net average production over 60 days prior to the suspension of its joint venture operations and shut-in of the Corporation's five Farrell Creek/South Altares wells, the Corporation anticipates a production rate of 0.58 MMcf/d once all five wells have been reactivated.
The Corporation expects to release additional production information when the remaining wells (C-45-I, B-17-I, C-18-I and C-B18-I) have been returned to production.
CHANGE IN AUDITORS
The Corporation further announces that the board of directors of the Corporation (the "Board of Directors") has appointed KPMG LLP ("KPMG") as auditors of the Corporation, effective September 27, 2022, to replace the former auditors of the Corporation, Crowe MacKay LLP ("CMK"), that resigned as auditors of the Corporation at the request of the Board of Directors on May 20, 2022.
The resignation of CMK and the appointment of KPMG were considered and recommended by the audit committee of the Board of Directors (the "Audit Committee") and approved by the Board of Directors. There were no reservations or modified opinions in CMK's audit reports in connection with the financial statements relating to the relevant period during which CMK was the Corporation's auditor. There are no "reportable events" (as defined in Section 4.11 of National Instrument 51-102 – Continuous Disclosure Obligations) between the Corporation and CMK or with respect of the change of auditor. The Audit Committee and Board of Directors have reviewed the Notice of Change of Auditors, together with the letter from CMK and the letter from KPMG, all of which are posted on the Corporation's SEDAR profile accessible at www.sedar.com.
CSRI is a natural resource company focusing on the identification and development of opportunities in the unconventional natural gas sector of the energy industry.
Information regarding CSRI is available on SEDAR at www.sedar.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.
Telephone (403) 618-2113
Louisa DeCarlo (louisa@danrichresources.com)
Forward-looking Information Cautionary Statement
This press release contains forward-looking statements. More particularly, this press release contains statements concerning: potential facility throughputs; reactivation operations; the potential production and cash flow increases; oil and gas prices; and the potential timing of reactivation of the Corporation's wells at the Corporation's Farrell Creek/South Altares properties. 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, 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 CSRI, the timing and availability of external financing on acceptable terms, 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.
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
