CALGARY, Alberta, Aug. 25, 2022 (GLOBE NEWSWIRE) — Canadian Spirit Resources Inc. (“CSRI” or the “Company”) (TSXV:SPI) (OTCBB:CSPUF) announces the release of its preliminary financial results and management discussion and analysis (“MD&A“), for the three and six month periods ended June 30, 2022.
Second quarter of 2022
This press 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 information for the three and six months ended June 30, 2022:
| (all amounts are in Canadian dollars unless otherwise noted) | ||||||||||||
| Three months ended on June 30, |
six months ended on June 30, |
|||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||
| sale of natural gas | $ | – | $ | – | $ | – | $ | – | ||||
| operational recovery (cost) | (273,760 | ) | (105,687 | ) | (315.210 | ) | (141.159 | ) | ||||
| Net back in operation | $ | (273,760 | ) | $ | (105,687 | ) | $ | (315.210 | ) | $ | (141.159 | ) |
| Other income and profits | 21,250 | 44 | 151,925 | 87 | ||||||||
| Other expenses | (290,067 | ) | (285,477 | ) | (601.315 | ) | (484,582 | ) | ||||
| Total net loss for the period | $ | (542,577 | ) | $ | (391.120 | ) | $ | (764,600 | ) | $ | (625,654 | ) |
The Company’s loss and total loss for the six months ended June 30, 2022 was $764,600 (June 30, 2021 – $625,654). Compared to the six months ended June 30, 2021, the loss increased by $138,946 primarily as a result of:
- Operating expenses increased by $174,051 to $315,210 (June 30, 2021 – $141,159) as a result of the restart of the Farrell Creek gas facility and associated equipment required to produce from the joint venture’s existing Montney wells;
- Fees increased by $53,225 to $132,471 (2021 – $79,246) primarily due to higher audit costs;
- Investor…
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