Canadian Spirit Resources Inc. Announces The Second Quarter December 31, 2023 Financial Results

CALGARY, Alberta, Feb. 28, 2024 (GLOBE NEWSWIRE) -- Canadian Spirit Resources Inc. (“CSRI” or the “Corporation”) (TSXV:SPI) (OTCBB:CSPUF) announces the release of its unaudited interim financial statements (the “Financial Statements”) and management discussion and analysis (the “MD&A”), each for the three and six month periods ended December 31, 2023.

Second 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 six month periods ended December 31, 2023, to the three and six month periods ended December 31, 2022. 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 for the three and six months ended December 31, 2023:

	Three months ended December 31,						Six months ended December 31,
		2023			2022			2023			2022
Natural gas sales (net of royalties)	$	119,127		$	248,195		$	119,164		$	273,462
Operating costs		(105,723	)		(241,099	)		(146,653	)		(324,878	)
Operating netback (loss)	$	13,404		$	7,096		$	(27,489	)	$	(51,416	)
Other income and gains		61,656			7,223			64,806			15,342
Other expenses		(534,425	)		(775,518	)		(919,645	)		(1,025,278	)
Net comprehensive loss for the period	$	(459,365	)	$	(761,199	)	$	(882,328	)	$	(1,061,352	)

The Corporation’s gas production for the three and six months ended December 31, 2023 averaged 668 and 334mcf per day respectively (three and six months ended December 31, 2022: 1,084 and 593 mcf per day respectively). The Corporation’s wells produced an average of 1,307 mcf per day (net to the Corporation) for 47 days they were on production during November and December 2023.