CALGARY, ALBERTA--(Marketwired - April 29, 2014) - Canadian Spirit Resources Inc. ("CSRI" or the "Corporation") (TSX VENTURE:SPI)(OTCBB:CSPUF) announces the release of its financial results for the year ended December 31, 2013 and the filing of its 2013 annual audited Financial Statements, Management Discussion and Analysis ("MD&A") and Forms 51-101F1, F2 and F3.
This news release summarizes information contained in the audited Financial Statements and MD&A for the year ended December 31, 2013 and should not be considered a substitute for reading these full disclosure documents, and the Forms 51-101F1, F2 and F3, which are available on SEDAR at www.sedar.com or the Corporation's website at www.csri.ca.
CSRI is a natural resources company focusing on the identification and development of opportunities in the unconventional natural gas sector of the energy industry.
| SUMMARY ANNUAL DATA | ||||||
| (all amounts are presented in Canadian dollars) | ||||||
| SELECTED FINANCIAL DATA | ||||||
| For the year ended and as at December 31, | 2013 | 2012 | ||||
| Average sales volumes of natural gas (Mcf/d) | 1,251 | 1,719 | ||||
| Average sales price of natural gas (per Mcf) | $ | 3.11 | $ | 2.28 | ||
| Natural gas sales, before royalties | $ | 1,417,310 | $ | 1,416,116 | ||
| Operating netbacks, after royalty credits applied | $ | 793,778 | $ | 480,904 | ||
| Cash flow from operating activities | (464,717.00 | ) | (1,510,030.00 | ) | ||
| Net loss and comprehensive loss | (1,911,295.00 | ) | (3,447,246.00 | ) | ||
| Loss per share, basic & diluted | (0.02 | ) | (0.04 | ) | ||
| Net working capital | $ | 3,586,837 | $ | 2,975,379 | ||
| Total assets | $ | 66,866,341 | $ | 62,335,567 | ||
| Shareholders' capital | $ | 61,191,243 | $ | 60,495,447 | ||
| Common shares outstanding | 100,124,691 | 90,548,661 | ||||
| Net capital expenditures | $ | 1,344,663 | $ | 2,322,852 | ||
PRODUCTION
CSRI's natural gas sales volume averaged 1.25 MMcf/d (net) during the twelve months ended December 31, 2013 (2012: 1.72 MMcf/d (net)). The Corporation has 5 (1.75 net) Montney wells being produced through its 10 MMcf/d (3.5 net) gas plant located on its western lands at Farrell Creek, British Columbia.
HIGHLIGHTS
- A vertical well at 3-24-83-25W6 was drilled in March 2013 which allowed CSRI to retain 8 sections of land for an additional term of 5 years. This well was designed to be re-entered at a later date.
- In March 2014, CSRI drilled a 100% working interest horizontal well at its 1-1-83-25W6 location. The well, which qualified for Canadian Exploration Expense treatment, was drilled for land retention purposes and will allow the Corporation to retain 9 sections of land for an additional term of 5 years.
- In December 2013, the Corporation raised gross funding totaling $6.1 million. The funding was comprised of units ($1.0 million), Flow-through shares ($2.1 million), and a convertible debenture ($3.0 million) which was converted into units in February 2014. The use of proceeds included the drilling of the 1-1-83-25W6 well and for general corporate purposes.
FINANCIAL RESOURCES
The Corporation had $3.6 million of working capital as at December 31, 2013.
Information regarding CSRI is available on SEDAR at www.sedar.com or the Corporation's website at www.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 forecast.
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
Contact Information:
Alfred Sorensen
(403) 539-5005
alfred.sorensen@csri.ca
Canadian Spirit Resources Inc.
Phil Geiger
(403) 539-5005
phil.geiger@csri.ca
www.csri.ca