/EINPresswire.com/ -- CALGARY, ALBERTA -- (Marketwired) -- 08/29/16 -- 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 six month periods ended June 30, 2016.

This news release summarizes information contained in the unaudited interim condensed financials statements and MD&A for the three and six month periods ended June 30, 2016 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 focused on the identification and development of opportunities in the unconventional natural gas sector of the energy industry.

SELECTED FINANCIAL DATA

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

                              For the three month         For the six month                           periods ended June 30,    periods ended June 30,                          --------------------------------------------------                                 2016        2015         2016         2015----------------------------------------------------------------------------Average sales volumes of natural gas (Mcf/d)                -         745          317          783Average sales price of natural gas (per Mcf)     $        -  $     2.07  $      1.41  $      2.08Natural gas sales, before royalties                 $        -  $  140,280  $    83,978  $   294,599Operating netbacks, after royalty credits applied   $  (80,073) $   (3,558) $   (99,877) $    27,805Net cash flows from operating activities      $ (163,676) $ (268,977) $  (570,995) $  (472,043)Net loss and comprehensive loss                      $ (682,293) $ (472,681) $  (824,042) $  (893,410)Loss per share, basic & diluted                   $    (0.01) $    (0.01) $     (0.01) $     (0.01)Gross capital expenditures $  391,004  $  133,918  $ 3,487,254  $   369,184                                                     As at June 30,                                            --------------------------------                                                        2016            2015----------------------------------------------------------------------------Net working capital                           $    1,259,395  $    2,143,641Total assets                                  $   74,484,523  $   72,722,215Total debt                                    $            -  $            -Shareholders' capital                         $   71,726,833  $   70,262,383Number of common shares outstanding              152,592,192     128,867,192

HIGHLIGHTS

--  CSRI ended the second quarter 2016 with a strong working capital    position and no debt.--  Despite difficult equity markets, the Corporation has raised a total of    $4.1 million of equity capital in the period from December 2015 to June    2016. The principal use of the proceeds was to drill a 100% working    interest vertical stratigraphic test well at c-69-H/94-B-1 in West    Farrell Creek for land retention and resource delineation purposes.--  The c-69-H/94-B-1 well was successfully drilled and cased, and was rig    released on March 6, 2016 at a final total depth of 2,762 metres. The    tenure on 8.35 sections of lands, CSRI (8 sections at 100%) and joint    venture (1 section at 35%), has been extended for an additional 10    years. While drilling through the Doig and Montney Formations, extremely    high pressures were encountered. On June 25, 2016 the Corporation    perforated three zones in the Montney Formation in the c-69-H/94-B-1    well. Pressure recorders were placed across these perforations and will    be retrieved at the end of the third quarter 2016.--  As previously announced, the Corporation and its joint venture partner    shut in their natural gas production at Farrell Creek/Altares effective    March 31, 2016. With improving natural gas prices, the processing    facility and associated wells are due to be reactivated on or about    October 1, 2016.--  Management and the Board of Directors of CSRI are continuing to focus on    and pursue strategic alternatives for the Corporation. These include but    are not limited to considering alternative financing methods and meeting    with potential acquirers or merger partners.

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

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.
Rich Couillard
(403) 539-5005
rich.couillard@csri.ca
www.csri.ca