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Canadian Spirit Resources Inc. Announces Third Quarter 2012 Financial Results
Published : November 28, 2012
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Keywords :   Canadian Spirit | Natural Gas | Total |

CALGARY, ALBERTA--(Marketwire - Nov. 28, 2012) - Canadian Spirit Resources Inc. ("CSRI" or the "Corporation") (News - Market indicators) (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

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

CODE : SPI.V
ISIN : CA1366371054
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Corporate Presentations of Canadian Spirit Resources Inc.
9/3/2009Corporate presentation september 2009
Financings of Canadian Spirit Resources Inc.
8/10/2010Announces Exercise of Warrants and Montney Drilling Update
Financials of Canadian Spirit Resources Inc.
8/19/2013Announces Second Quarter 2013 Financial Results
5/29/2013Announces First Quarter 2013 Financial Results
4/29/2013Announces 2012 Financial Results and Filing of Annual Disclo...
11/28/2012Announces Third Quarter 2012 Financial Results
6/29/2011Announces First Quarter 2011 Financial Results
4/28/2011Announces 2010 Financial Results and Filing of Annual Disclo...
4/29/2010Announces 2009 Financial Results and Filing of Annual Disclo...
5/28/2009First quarter 2009 financial results
4/30/20092008 Financial results and filing annual disclosure document...
Project news of Canadian Spirit Resources Inc.
5/16/2011Announces Initial Proved Plus Probable Reserves- Montney For...
7/22/2010(Farrell Creek)Announces Successful Horizontal Well Test in the Lower Montn...
6/30/2010(Farrell Creek)Announces 92 Percent Increase in Montney Land Position
6/11/2009(Farrell Creek)First gas sales from its gheting pilot project at farrell cr...
3/30/2009(Farrell Creek)Increases Land Position
Corporate news of Canadian Spirit Resources Inc.
12/5/2012Announces Corporate Update
10/19/2012Announces Operational Update
6/22/2011Resumes Montney Completion Program
6/17/2011Announces Election of New Director
4/18/2011Announces Intention to Make a Normal Course Issuer Bid
4/7/2011Announces Resource Assessment- Montney Formation
2/18/2011Announces Grant of Stock Options
12/10/2010Announces Positive Test Results From Lower Montney
8/12/2009Website "new look"
6/17/2009Corporate Profile
5/5/2009E-Update for may 2009
4/3/2009Insider Share Purchases
3/12/2009NEWS RELEASE DATED MARCH 12, 2009 - CSRI ANNOUNCES EXTENSION...
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TSX-V (SPI.V)OTHER OTC (CSPUF)
0.500+21.95%0.460+21.05%
TSX-V
CA$ 0.500
04/17 15:43 0.090
21.95%
Prev close Open
0.410 0.450
Low High
0.450 0.500
Year l/h YTD var.
0.250 -  0.500 92.31%
52 week l/h 52 week var.
0.180 -  0.500 100.00%
Volume 1 month var.
327,656 13.64%
24hGold TrendPower© : 9
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DateVariationHighLow
2014100.00%0.500.24
201313.64%0.350.15
2012-60.00%0.650.16
2011-70.27%1.900.55
201023.33%2.341.01
 
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