Canadian Spirit Resources Inc. Announces Third Quarter 2013 Financial Results
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 11/27/13 -- 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 and nine month periods ended September 30, 2013.
This news release summarizes information contained in the unaudited interim condensed financial statements and MD&A for the three and nine month periods ended September 30, 2013 and should not be considered a substitute for reading these full disclosure documents which are available on SEDAR at or the Corporation's website at .
CSRI is a natural resources company focusing on the identification and development of opportunities in the unconventional sector of the energy industry.
PRODUCTION
Sales volumes of natural gas during the nine months ended September 30, 2013 averaged 1.3 MMcf/d (net) (2012: 1.8 MMcf/d (net)). The Corporation has 5 (1.75 net) Montney wells being produced through its 10 MMcf/d (3.5 MMcf/d net) gas plant located on the western portion of its lands at Farrell Creek, British Columbia.
FARRELL CREEK OUTLOOK
Farrell Creek represents a significant natural gas resource in the Montney Formation. CSRI has identified that over 1,100 gross well locations will be required to recover a portion of approximately 5 Tcf (net to CSRI) of natural gas-in-place. CSRI continues to focus on its eastern lands due to their prospectivity for natural gas liquids and is evaluating options to increase existing production from its western lands. As part of any associated fracking operation, CSRI will be sourcing fresh water from its 25% owned water pipeline. This pipeline was commissioned during 2012 and is able to deliver up to 10,000 m3/d of fresh water from the Williston Reservoir to the Farrell Creek/Altares area on a year-round basis.
Recent activity in and around the Farrell Creek area has supported the value of CSRI's Farrell Creek Montney project which consists of over 26,000 net acres of land. On November 8, 2013, Petronas announced the acquisition of Talisman's Montney properties located at Farrell Creek and Cypress for $1.5 billion. The parties have ascribed the land value for this deal at $5,000 per acre. Also on the same date, Enerplus announced that they had sold their Montney acreage at Julienne Creek for $130 million. This sale included 33,000 net acres with no production or reserves.
FINANCIAL RESOURCES
The Corporation had $1.5 million of working capital as at September 30, 2013 and has no debt.
Information regarding CSRI is available on SEDAR at or the Corporation's website at .
The corporate information contained in this news release may contain forward-looking forecast information. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonably accurate by CSRI at the time of preparation, may prove to be incorrect. The actual results achieved during the forecast period will vary from the information provided herein and the variations may be material. Consequently there is no representation by CSRI that actual results achieved during the forecast period will be the same in whole or in part as those forecast.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
Contacts:
Canadian Spirit Resources Inc.
Alfred Sorensen
(403) 539-5005
Canadian Spirit Resources Inc.
Phil Geiger
(403) 539-5005
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Datum: 27.11.2013 - 23:16 Uhr
Sprache: Deutsch
News-ID 320944
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CALGARY, ALBERTA
Kategorie:
Oil & Gas
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