In This Article:
CALGARY, Alberta, Aug. 25, 2022 (GLOBE NEWSWIRE) -- Canadian Spirit Resources Inc. ("CSRI" or the "Corporation") (TSXV:SPI) (OTCBB:CSPUF) announces the release of its interim financial results and Management Discussion and Analysis (“MD&A”), for the three and six month periods ended June 30, 2022.
Second Quarter 2022
This news release summarizes information contained in the unaudited interim financial statements and MD&A for the three and six month periods ended June 30, 2022 and should not be considered a substitute for reading these full disclosure documents which are available on SEDAR at www.sedar.com. The following summarizes certain selected financial data for the three and six months ended June 30, 2022:
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| Three months | Six months | ||||||||||
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| 2022 |
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| 2021 |
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| 2022 |
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| 2021 |
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| Natural gas sales | $ | - |
| $ | - |
| $ | - |
| $ | - |
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| Operating recovery (costs) |
| (273,760 | ) |
| (105,687 | ) |
| (315,210 | ) |
| (141,159 | ) |
| Operating netback | $ | (273,760 | ) | $ | (105,687 | ) | $ | (315,210 | ) | $ | (141,159 | ) |
| Other income and gains |
| 21,250 |
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| 44 |
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| 151,925 |
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| 87 |
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| Other Expenses |
| (290,067 | ) |
| (285,477 | ) |
| (601,315 | ) |
| (484,582 | ) |
| Net comprehensive loss for the period | $ | (542,577 | ) | $ | (391,120 | ) | $ | (764,600 | ) | $ | (625,654 | ) |
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The Corporation’s loss and comprehensive loss for the six months ended June 30, 2022 was $764,600 (June 30, 2021 - $625,654). When compared to six months ended June 30, 2021, there is an increase in loss of $138,946 resulting primarily from the following:
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Operating costs increase of $174,051 to $315,210 (June 30, 2021 – $141,159) resulting from the recommissioning of the Farrell Creek gas plant and associated facilities required to produce the existing joint venture Montney wells;
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Professional fees increase of $53,225 to $132,471 (2021 – $79,246) mostly due to higher audit costs;
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Investor relations and filing fees, and Insurance costs increase of $18,108 to $64,727 (2021 - $46,619);
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Share-based compensation of $71,029 (2021 – $41,029) increase of $30,000 due to the timing of vesting of the stock options.
Offsetting these cost increases was the Gain on sale of property, plant and equipment for the proceeds of $147,750 on the Farrell Creek Gething fully depreciated idle equipment.
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| As at |
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| As at |
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| June 30, |
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| December 31, |
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| 2022 |
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| 2021 |
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| Working Capital: |
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| Current assets | $ | 1,768,992 |
| $ | 1,354,860 |
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| Current liabilities |
| (753,761 | ) |
| (445,368 | ) | |
| Working capital |
| 1,015,231 |
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| 909,492 |
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| Total assets | $ | 39,696,644 |
| $ | 38,997,891 |
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| Shareholders' equity |
| 37,006,021 |
| $ | 36,649,592 |
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| Number of common shares outstanding |
| 268,177,583 |
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| 248,177,583 |
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OPERATIONAL UPDATE
The Corporation and its joint venture partner are pleased to announce the completion of the field work required to reactivate the Farrell Creek natural gas processing facility and associated Montney wells. The Corporation anticipates a final field start up in late August, or early September, of this year, pending acceptable natural gas prices.