Canadian Spirit Resources Inc. Announces First Quarter 2014 Financial Results
May 29 2014 - 3:58PM
Marketwired
Canadian Spirit Resources Inc. Announces First Quarter 2014
Financial Results
CALGARY, ALBERTA--(Marketwired - May 29, 2014) - Canadian Spirit
Resources Inc. ("CSRI" or the "Corporation") (TSX-VENTURE:SPI)
(OTCBB:CSPUF) announces the release of its interim financial
results and Management Discussion and Analysis ("MD&A") for the
three month period ended March 31, 2014.
This news release
summarizes information contained in the unaudited interim condensed
financial statements and MD&A for the three month period ended
March 31, 2014 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.
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 QUARTERLY DATA |
(all amounts are presented in Canadian dollars) |
|
|
|
|
|
|
|
For the three months ended, and as at, March 31, |
|
2014 |
|
|
2013 |
|
|
|
Average sales volumes of natural gas (Mcf/d) |
|
1,052 |
|
|
1,400 |
|
Average sales price of natural gas (per Mcf) |
$ |
5.18 |
|
$ |
3.00 |
|
Natural gas sales, before royalties |
$ |
485,070 |
|
$ |
378,014 |
|
Operating netbacks, after royalty credits applied |
$ |
386,636 |
|
$ |
197,758 |
|
Cash
flow from operating activities |
$ |
39,786 |
|
$ |
(182,312 |
) |
Net
loss and comprehensive loss |
$ |
(2,156,345 |
) |
$ |
(516,790 |
) |
Loss
per share, basic & diluted |
$ |
(0.02 |
) |
$ |
(0.01 |
) |
Net
working capital |
$ |
2,413,101 |
|
$ |
1,928,244 |
|
Total
assets |
$ |
70,658,926 |
|
$ |
62,169,311 |
|
Shareholders' capital |
$ |
64,569,463 |
|
$ |
60,020,347 |
|
Common shares outstanding |
|
110,124,691 |
|
|
90,548,661 |
|
Total
capital expenditures |
$ |
4,593,398 |
|
$ |
836,776 |
|
PRODUCTION
CSRI's natural gas
sales volume averaged 1.05 MMcf/d (net) during the three months
ended March 31, 2014 (2013: 1.40 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
- Cash flow from operating activities improved to $40 thousand
(positive) in the first quarter 2014. This represents an increase
of $222 thousand over the first quarter of 2013 due to higher
natural gas prices, lower operating costs and lower general and
administrative expenses.
- 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
approximately 9 sections of 100% working interest 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
general corporate purposes.
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
Canadian Spirit Resources Inc.Alfred Sorensen(403)
539-5005alfred.sorensen@csri.caCanadian Spirit Resources Inc.Phil
Geiger(403) 539-5005phil.geiger@csri.cawww.csri.ca
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