CALGARY, Alberta, May 30, 2024 (GLOBE NEWSWIRE) — Canadian Spirit Resources Inc. (“CSRI” or the “Corporation”) (TSXV:SPI) (OTCBB:CSPUF) Unaudited third quarter interim financial statements (“Financial Statements”) and management discussion and analysis (“business administration(hereinafter referred to as “the Investment Corporation”) has decided to reduce its investment amount by 10% for the three-month and nine-month periods ending on March 31, 2024, respectively.
Third Quarter Results
This news release summarizes certain information contained in the financial statements and MD&A and is not a substitute for reading those full disclosure documents, which are available under the Company's profile on SEDAR+ at www.sedarplus.com .
With the approval of the Board of Directors, the Company changed its fiscal year end from December 31 to June 30 (“boardBased on the “Financial Performance for the Three and Nine Months Ended March 31, 2023” dated August 25, 2024, the financial statements and MD&A compare the Company's financial performance for the three and nine months ended March 31, 2024 to the three and nine months ended March 31, 2023. The Company received approval from the Canada Revenue Agency on November 30, 2023 for the fiscal year-end change.
Selected Financial Data
The following is a summary of certain selected financial data from the financial statements.
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3 months over |
9 months over |
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2024 |
2023 |
2024 |
2023 |
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|
Natural gas sales (after royalties) |
$ |
144,929 |
$ |
267,217 |
$ |
264,093 |
$ |
540,679 |
|||||||
|
Operational costs |
(207,001 |
) |
(181,299 |
) |
(353,654 |
) |
(506,175 |
) |
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Operating Netback (Loss) |
$ |
(62,072 |
) |
$ |
85,918 |
$ |
(89,561 |
) |
$ |
34,504 |
|||||
|
Other income and profits |
15,607 |
61,366 |
80,413 |
76,708 |
|||||||||||
|
Other Expenses |
(5,210,663 |
) |
(523,999 |
) |
(6,130,308 |
) |
(1,549,279 |
) |
|||||||
|
Net loss |
$ |
(5,257,128 |
) |
$ |
(376,715 |
) |
$ |
(6,139,456 |
) |
$ |
(1,438,067 |
) |
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The Company's gas production averaged 709 mcf and 454 mcf per day for the three and nine months ended March 31, 2024 (1,163 mcf and 780 mcf per day for the three and nine months ended March 31, 2023, respectively). The average gas price for the three and nine months ended March 31, 2024 was $2.48 and $2.23 per mcf (3.03 and $2.81 per mcf for the three and nine months ended March 31, 2023, respectively).
Information about CSRI can be found on SEDAR+ at www.sedarplus.com or on our website at www.csri.ca.
On behalf of the Board of Directors
Canadian Spirit Resources Inc.
“Luisa DeCarlo”
President and Chief Executive Officer
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For further information, please contact: |
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Canadian Spirit Resources |
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Note: |
Luisa DeCarlo |
|
phone: |
(403) 618-2113 |
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Email: |
louisa.decarlo@csri.ca |
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.
