News Column

CSRI ANNOUNCES 1Q2014 FINANCIAL RESULTS

June 2, 2014



ENP Newswire - 02 June 2014

Release date- 30052014 - Calgary, AB - Canadian Spirit Resources Inc. (TSXV: SPI) (OTCBB: CSPUF) announces the release of its interim financial results and Management Discussion and Analysis for the three month period ended March 31, 2014.

This news release summarizes information contained in the unaudited interim condensed financial statements and MD&A for the three month period ended March 31, 2014 and should not be considered a substitute for reading these full disclosure documents which are available on SEDAR at www.sedar.com or the Corporation's website at www.csri.ca.

CSRI is a natural resources company focusing on the identification and development of opportunities in the unconventional natural gas sector of the energy industry.

PRODUCTION

CSRI's natural gas sales volume averaged 1.05 MMcf/d (net) during the three months ended March 31, 2014 (2013: 1.40 MMcf/d (net)). The Corporation has 5 (1.75 net) Montney wells being produced through its 10 MMcf/d (3.5 net) gas plant located on its western lands at Farrell Creek, British Columbia.

HIGHLIGHTS

Cash flow from operating activities improved to $40 thousand (positive) in the first quarter 2014. This represents an increase of $222 thousand over the first quarter of 2013 due to higher natural gas prices, lower operating costs and lower general and administrative expenses.

In March 2014, CSRI drilled a 100% working interest horizontal well at its 1-1-83-25W6 location. The well, which qualified for Canadian Exploration Expense treatment, was drilled for land retention purposes and will allow the Corporation to retain approximately 9 sections of 100% working interest land for an additional term of 5 years.

In December 2013, the Corporation raised gross funding totaling $6.1 million. The funding was comprised of units ($1.0 million), Flow-through shares ($2.1 million), and a convertible debenture ($3.0 million) which was converted into units in February 2014. The use of proceeds included the drilling of the 1-1-83-25W6 well and general corporate purposes.

Information regarding CSRI is available on SEDAR at www.sedar.com or the Corporation's website at www.csri.ca.

Contact:

Canadian Spirit Resources Inc.

Alfred Sorensen

Tel: (403) 539-5005

Email: alfred.sorensen@csri.ca

Phil Geiger

Email: phil.geiger@csri.ca

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.


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Source: ENP Newswire


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