Canadian Spirit Resources Inc.Announces Third Quarter 2021

CALGARY, Alberta, November 26, 2021 (GLOBE NEWSWIRE) – Canadian Spirit Resources Inc. (“CSRI” or the “Company”) (TSXV: SPI) (OTCBB: CSPUF) announces the publication of its interim financial results and its management report (“MD&A”) for the nine-month period ended September 30, 2021.

Third quarter 2021
This press release summarizes the information contained in the unaudited interim financial statements and MD&A for the nine-month period ended September 30, 2021, and should not be considered a substitute for reading these documents. complete information which is available on SEDAR at www.sedar.com or the Company’s website at www.csri.ca.

The following summarizes some selected financial data for the three and nine months ended September 30, 2021:

(all amounts are presented in Canadian dollars, unless otherwise indicated)

Three months ended
September 30
Nine months ended
September 30
2021 2020 2021 2020
Natural gas sales $ $ $ $
Operating costs (45,437 ) (59,363 ) (186,596 ) (198,568 )
Net operating income $ (45,437 ) $ (59,363 ) $ (186,596 ) $ (198,568 )
Other income and earnings 44 44 131 23 203
Other expenses (219,422 ) (286,856 ) (704,004 ) (942,020 )
Settlement of complaints (514 552 )
Comprehensive net income for the period $ (264 815 ) $ (346,175 ) $ (890,469 ) $ (1,631,937 )

The Company’s loss and comprehensive income for the nine-month period ended September 30, 2021 amounted to $ 890,469 (September 30, 2020 – $ 1,631,937). Compared to the previous period, the decrease in loss of $ 741,648 for the nine months was mainly due to the transition from employees to consultants resulting in savings of $ 199,982, with the use of a virtual office resulting in a reduction of these costs of $ 41,559 and a decrease in the use of professional fees in the amount of $ 44,340; Settlement of claims due to settlement fees accrued upon termination of two executive employment contracts during the previous period was extinguished during the prior period, with settlement totaling $ 555,513 being made in January 2021. The Cost reduction was offset by the loss of comparative income from interest and earnings. on the sale of unused property, plant and equipment representing a reduction in other income of $ 23,072 and stock-based compensation which increased by 62,891. Other costs over the 9 months have remained fairly constant.

As of September 30, As of December 31
2021 2020
Working capital:
Current assets $ 1,342,940 $ 464,264
Current liabilities (320 663 ) $ (899 827 )
Working capital 1,342,940 $ 464,264
Total assets $ 39 230 123 $ 39 132 048
Equity $ 36 836 433 $ 36 047 484
Number of ordinary shares outstanding 248 177 583 196 177 583


UPDATE

With growing demand for gas and high natural gas prices in North America, the Company and its joint venture partner continue to monitor natural gas prices and assess the potential to reactivate its closed wells.

Through the provincially funded well and inactive site programs, the company abandoned 10 wells and plans to abandon 12 shallow (non-Montney) inactive wells by Q4 / 2021, which represents approximately 70% of inactive wells. operated by the company.

The CSRI continues to actively seek and evaluate strategic alternatives.

Information regarding the CIRB is available on SEDAR at www.sedar.com or the Company’s website at www.csri.ca.

For more information, please contact:
Canadian Spirit Resources Inc.
Phone (403) 618-2113
Louisa DeCarlo (louisa@danrichresources.com)

The company information contained in this press release may contain forward-looking information. The The reader is cautioned that the assumptions used in the preparation of this information, although considered reasonably accurate by CSRI at the time of preparation, may prove to be inaccurate. The actual results obtained during the the forecast period will vary from the information provided herein and the variations may be significant. Consequently, he CSRI does not claim that the actual results obtained during the forecast period will be the same in whole or in part than expected.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATORY SERVICES PROVIDER (AS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.


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