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CALGARY,
AB, June 25, 2024 /CNW/ - Canadian Spirit
Resources Inc. ("CSRI" or the "Corporation") (TSXV: SPI)
(OTCBB: CSPUF) is pleased to announce that it has entered into
a definitive purchase and sale agreement to sell certain oil and
natural gas assets in Northeastern
British Columbia (the "Asset Disposition"), for gross
cash proceeds to the Corporation of $5.0
million (the "Purchase Price"), subject to closing
adjustments.
The Asset Disposition includes approximately 10,350 net acres of
undeveloped Montney lands located
in the Farrell Creek and
Attachie areas of Northeastern British Columbia (the
"Assets"). There is no production, facilities, or reserves
associated with the Assets.
The effective date of the Asset Disposition is March 1, 2024 and the closing date is
June 25, 2024.
The Asset Disposition is a result of the Corporation's
previously announced strategic review process conducted with Sayer
Energy Advisors ("Sayer").
Sayer continues to work with the Corporation to review strategic
alternates, which may include, among other alternatives, the
addition of capital to further develop the potential of the
remaining assets, the sale of the Corporation or a portion of its
assets, a merger, farm-in or joint venture, or other such options
as may be determined by the board of directors of CSRI to be in the
best interests of the Corporation and its shareholders.
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
Forward-looking Information Cautionary Statement
This press release contains forward-looking statements. More
particularly, this press release contains statements concerning the
completion of the Asset Disposition and the Corporation's ongoing
review of strategic alternates process with Sayer. Forward-looking
statements are frequently characterized by words such as "plan",
"continue", "expect", "project", "intend", "believe", "anticipate",
"estimate", "may", "will", "potential", "proposed" and other
similar words, or statements that certain events or conditions
"may" or "will" occur. The forward-looking statements in this press
release are based on certain expectations and assumptions made by
the Corporation. These assumptions include, but are not limited to,
the performance of activities by third parties, oil and gas prices,
timing and success of operations, weather, well productivity, the
Corporation's finances, and changes in the Corporation's business
plans. Although the Corporation believes that the expectations and
assumptions on which the forward-looking statements are based are
reasonable, undue reliance should not be placed on the
forward-looking statements because the Corporation can give no
assurance that they will prove to be correct. Since forward-looking
statements address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Actual
results could differ materially from those currently anticipated
due to a number of factors and risks. These include, but are not
limited to, general business, economic, competitive, political and
social uncertainties, general capital market conditions and market
prices for securities, the actual results of future operations,
competition, changes in legislation, including environmental
legislation affecting the Corporation, the timing and availability
of external financing on acceptable terms or at all, and loss of
key individuals. Forward-looking statements are based on estimates
and opinions of management of the Corporation at the time the
statements are presented. The Corporation may, as considered
necessary in the circumstances, update or revise such forward-
looking statements, whether as a result of new information, future
events or otherwise, but the Corporation undertakes no obligation
to update or revise any forward-looking statements, except as
required by applicable securities laws.
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
SOURCE Canadian Spirit Resources Inc.
