Canadian Spirit Resources Inc. Announces Third Quarter March 31, 2024 Financial Results
31 May 2024 - 10:53AM
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 endedMarch 31, |
Nine months endedMarch 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 |
| |
|
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
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