Canadian Spirit Resources Inc. Announces Second Quarter 2012 Financial Results
15 Agosto 2012 - 7:00AM
Marketwired Canada
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 and six month
periods ended June 30, 2012.
This news release summarizes information contained in the unaudited interim
condensed financial statements and MD&A for the three and six month periods
ended June 30, 2012 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 six months ended, and as at, June 30, 2012 2011
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Average sales volumes of natural gas (Mcf/d) 1,882 1,478
Average sales price of natural gas ($/Mcf) $ 1.98 $ 3.44
Natural gas sales, before royalties $ 678,235 $ 756,576
Operating netbacks, after royalty credits
applied $ 145,096 $ 394,249
Cash flow from operating activities $ (1,177,030) $ (470,321)
Net loss and comprehensive loss $ (2,247,750) $ (1,702,873)
Loss per share, basic & diluted $ (0.03) $ (0.02)
Net working capital $ 4,704,624 $ 14,927,507
Total assets $ 63,334,637 $ 76,304,148
Shareholders' capital $ 61,498,754 $ 73,658,037
Common shares outstanding 90,548,661 74,233,761
Total capital expenditures $ 863,803 $ 3,496,269
PRODUCTION
CSRI's natural gas sales volume averaged 1.9 MMcf/d (net) during the six months
ended June 30, 2012. 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.
FARRELL CREEK OUTLOOK
Due to the depressed state of natural gas prices, and the fact that the natural
gas currently being produced has no associated natural gas liquids, the
Corporation has no immediate plans for further development activity on its
western lands.
CSRI continues to focus on its eastern lands due to their prospectivity for
natural gas liquids. Along with the operator, Canbriam Energy, the Corporation
intends to frac and test the previously drilled vertical well at 12-7 in the
third quarter 2012. This well will be used to help optimize where future
horizontal wells will be placed into the Montney Formation (upper, middle,
lower) such that natural gas and natural gas liquids production can be
maximized.
With a successful test at 12-7, the Corporation intends to drill and frac a new
horizontal well on its eastern lands at 1-25. Frac water for these activities
will be supplied by the water pipeline (25% owned by CSRI) from the Williston
Reservoir which was commissioned recently.
FINANCIAL RESOURCES
The Corporation currently has no debt, and has C$4.7 million of working capital
as at June 30, 2012.
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.
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