Canadian Spirit Resources Inc. Announces First Quarter 2016 Financial Results

CALGARY, ALBERTA--(Marketwired - May 30, 2016) - 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 month period ended March 31, 2016.

This news release summarizes information contained in the unaudited interim condensed financials statements and MD&A for the three month period ended March 31, 2016 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.

SELECTED FINANCIAL DATA
(all amounts are presented in Canadian dollars, unless otherwise indicated)
	For the three month
	periods ended March 31,
	2016			2015
Average sales volumes of natural gas (Mcf/d)		635			821
Average sales price of natural gas (per Mcf)	$	1.41		$	2.10
Natural gas sales, before royalties	$	83,978		$	154,319
Operating netbacks, after royalty credits applied	$	(19,804	)	$	31,363
Net cash flows from operating activities	$	(407,319	)	$	(203,066	)
Net loss and comprehensive loss	$	(141,749	)	$	(420,729	)
Loss per share, basic & diluted	$	(0.00	)	$	(0.00	)
Gross capital expenditures	$	3,096,250		$	235,266
	As at March 31,
	2016			2015
Net working capital	$	1,232,078		$	2,648,426
Total assets	$	75,649,021		$	73,256,934
Total debt	$	-		$	-
Shareholders' capital	$	71,771,628		$	70,687,067
Number of common shares outstanding		146,192,192			128,867,192

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