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Canadian Spirit Resources Inc. Announces Third Quarter 2012 Financial Results

Wednesday, November 28, 2012 6:00 AM


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CALGARY, ALBERTA -- (Marketwire) -- 11/28/12 -- 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 nine month periods ended September 30, 2012.

This news release summarizes information contained in the unaudited interim condensed financial statements and MD&A for the three and nine month periods ended September 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 nine months ended, and as at, September                             
 30,                                                     2012          2011 
----------------------------------------------------------------------------
                                                                            
Average sales volumes of natural gas (Mcf/d)            1,793         1,355 
Average sales price of natural gas ($/Mcf)       $       2.05  $       3.41 
Natural gas sales, before royalties              $  1,004,941  $  1,088,593 
Operating netbacks, after royalty credits                                   
 applied                                         $    248,382  $    535,793 
Cash flow from operating activities              $ (1,367,369) $   (733,386)
Net loss and comprehensive loss                  $ (2,848,340) $ (2,324,386)
Loss per share, basic & diluted                  $      (0.04) $      (0.03)
Net working capital                              $  3,369,970  $  1,962,692 
Total assets                                     $ 63,109,836  $ 80,060,887 
Shareholders' capital                            $ 60,925,108  $ 72,603,878 
Common shares outstanding                          90,548,661    73,792,361 
Total capital expenditures                       $  2,036,530  $ 17,705,524 

PRODUCTION

CSRI's natural gas sales September 30, 2012. The its 10 MMcf/d (3.5 net) gas volume averaged 1.8 MMcf/d (net) during the nine months ended Corporation has 5 (1.75 net) Montney wells being produced through plant located on its western lands at Farrell Creek, British Columbia.

FARRELL CREEK OPERATIONS

CSRI, along with its joint venture partner, successfully fracked and flow-tested in the third quarter 2012 a previously drilled vertical well at 12-7-83-24W6 located on the eastern portion of its Farrell Creek property. The drilling and completion of this well enabled the Corporation to retain seven sections of land for an additional term of five years. The well was fracture stimulated in the upper, middle and lower zones in the Montney Formation. Although there was no evidence of free condensate being produced, the prospectivity of natural gas in all three zones was confirmed.

The joint venture has also approved a well to be located at 3-24-83-25W6 on its eastern lands at Farrell Creek. It is expected that the drilling operations will commence early in the first quarter 2013. Fracture stimulation of this well is expected to occur after spring break-up 2013.

FINANCIAL RESOURCES

The Corporation currently has no debt, and has C$3.4 million of working capital as at September 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.

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

Contacts:
Canadian Spirit Resources Inc.
Alfred Sorensen
(403) 539-5005
(403) 262-4177 (FAX)
alfred.sorensen@csri.ca

Canadian Spirit Resources Inc.
Phil Geiger
(403) 539-5005
(403) 262-4177 (FAX)
phil.geiger@csri.ca
www.csri.ca

(Source: Market Wire )
(Source: Quotemedia)

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