Canadian Spirit Resources Inc. Announces Year End 2019 Financial Results

CALGARY, Alberta, April 28, 2020 (GLOBE NEWSWIRE) -- Canadian Spirit Resources Inc. (“CSRI” or the “Corporation”) (TSXV:SPI) (OTCBB:CSPUF) announces the release of its financial results for the three and twelve months ended December 31, 2019 including the filing of its 2019 annual audited Financial Statements, Management Discussion and Analysis (“MD&A”), and Forms 51-101F1, F2 and F3.

This news release summarizes information contained in the audited Financial Statements and MD&A for the year ended December 31, 2019 and should not be considered a substitute for reading these full disclosure documents, and the Forms 51-101F1, F2 and F3, which are available on SEDAR at www.sedar.com or the Corporation’s website at www.csri.ca.

CSRI is a natural resources company focused 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)

	Three months ended December 31,						Twelve months ended December 31,
		2019			2018			2019			2018
Average sales volumes of natural gas (mcf/d)		-			-			-			541
Average sales price of natural gas ($/mcf)		-			-			-		$	1.77
Petroleum and natural gas sales	$	-		$	-		$	-		$	114,749
Operating netback	$	(68,573	)	$	(25,194	)	$	(304,586	)	$	(78,488	)
Cash flow from operating activities	$	(252,443	)	$	(168,031	)	$	(1,169,546	)	$	(903,961	)
Earnings (loss) and comprehensive loss	$	105,565		$	(6,376,867	)	$	(1,421,434	)	$	(7,362,931	)
- per share basic and diluted	$	-		$	(0.03	)	$	(0.01	)	$	(0.04	)
Capital expenditures	$	83,172		$	143,576		$	179,833		$	650,263