CALGARY, Alberta, May 30, 2024 (GLOBE NEWSWIRE) -- Canadian Spirit Resources Inc. ("CSRI" or the "Corporation") (TSXV:SPI) (OTCBB:CSPUF) announces the release of its unaudited interim third quarter financial statements (the "Financial Statements") and management discussion and analysis (the "MD&A"), each for the three and nine month periods ended March 31, 2024.
Third Quarter Financial Results
This news release summarizes 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 on the Corporation's profile on SEDAR+ at www.sedarplus.com.
In accordance with the Corporation's change of year-end from December 31 to June 30 that was approved by the board of directors of the Corporation (the "Board") on August 25, 2023, the Financial Statements and MD&A provide a comparison of the financial performance of the Corporation for the three and nine month periods ended March 31, 2024 compared to the three and nine month periods ended March 31, 2023. The Corporation obtained approval for the change of its year-end from the Canada Revenue Agency on November 30, 2023.
Selected Financial Data
The following summarizes certain selected financial data from the Financial Statements:
| Three months ended March 31, | Nine months ended March 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Natural gas sales (net of royalties) | $ | 144,929 | $ | 267,217 | $ | 264,093 | $ | 540,679 | |||||||
| Operating costs | (207,001 | ) | (181,299 | ) | (353,654 | ) | (506,175 | ) | |||||||
| Operating netback (loss) | $ | (62,072 | ) | $ | 85,918 | $ | (89,561 | ) | $ | 34,504 | |||||
| Other income and gains | 15,607 | 61,366 | 80,413 | 76,708 | |||||||||||
| Other expenses | (5,210,663 | ) | (523,999 | ) | (6,130,308 | ) | (1,549,279 | ) | |||||||
| Net comprehensive loss for the period | $ | (5,257,128 | ) | $ | (376,715 | ) | $ | (6,139,456 | ) | $ | (1,438,067 | ) | |||
The Corporation's gas production for the three and nine months ended March 31, 2024 averaged 709 and 454 mcf per day respectively (three and nine months ended March 31, 2023: 1,163 and 780 mcf per day respectively). The average gas price received for the three and nine months ended March 31, 2024 was $2.48 per mcf and $2.23 per mcf (three and nine months ended March 31, 2023: $3.03 per mcf and $2.81 per mcf).
Information regarding CSRI is available on SEDAR+ at www.sedarplus.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. | |
| Attention: | Louisa DeCarlo |
| Telephone: | (403) 618-2113 |
| Email: | louisa.decarlo@csri.ca |
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