Canadian Spirit Resources Inc. Announces Operational Update and Grant of Options
July 12 2023 - 2:59PM
Canadian Spirit Resources Inc. (“CSRI” or the
“Corporation”) (TSXV:SPI) (OTCBB:CSPUF) advises that, as a
result of the continued deterioration of the North American natural
gas prices accompanied by the further discounted price experienced
by producers in northeastern British Columbia producing into the
Spectra main pipeline, it has shut-in natural gas production at
Farrell Creek due to a negative netback on joint venture natural
gas production. At this time it is unknown when this production
will resume. The Corporation will provide another update to this
evolving situation when appropriate.
The Corporation granted to certain directors,
executive officers and consultants of the Corporation incentive
stock options to purchase a total of up to an aggregate of
5,250,000 common shares in the capital of the Corporation pursuant
to the terms of the Corporation's amended and restated stock option
plan. Certain stock options issued to independent directors vest
immediately. The remainder of stock options issued vest as to
one-quarter on the date of grant and one-quarter on each of the
dates that are 6 months, 12 months and 18 months subsequent to the
effective date of the grant. All of the stock options have a term
of five years and may be exercised at a price of $0.070 per share.
Following the grant of stock options, the Corporation has an
aggregate of 16,675,000 stock options issued and outstanding at a
weighted average exercise price of $0.081 per stock option.
CSRI is a natural resource company focusing on
the identification and development of opportunities in the
unconventional natural gas sector of the energy industry.
Information regarding CSRI is available on SEDAR
at www.sedar.com or the Corporation’s website at www.csri.ca.
For further information, please contact:
Canadian Spirit Resources Inc.Telephone (403) 618-2113Louisa
DeCarlo (louisa.decarlo@csri.ca)
Forward-looking
Information Cautionary
Statement
This press release contains forward-looking
statements. More particularly, this press release contains
statements concerning: the re-starting of the Farrell Creek
facility and associated Montney wells; reactivation operations; the
potential production and cash flow increases; oil and gas prices;
and with respect to receiving regulatory and exchange approvals
with respect to the grant of the options. The forward-looking
statements in this press release are based on certain expectations
and assumptions made by the Corporation. These assumptions include,
but are not limited to, the performance of rectification activities
by third parties, oil and gas prices, timing and success of
operations, weather, well productivity, the Corporation's finances,
and changes in the Corporation's business plans. Although the
Corporation believes that the expectations and assumptions on which
the forward-looking statements are based are reasonable, undue
reliance should not be placed on the forward-looking statements
because the Corporation can give no assurance that they will prove
to be correct. Since forward-looking statements address future
events and conditions, by their very nature they involve inherent
risks and uncertainties. Actual results could differ materially
from those currently anticipated due to a number of factors and
risks. These include, but are not limited to, general business,
economic, competitive, political and social uncertainties, general
capital market conditions and market prices for securities, the
actual results of future operations, competition, changes in
legislation, including environmental legislation affecting the
Corporation, the timing and availability of external financing on
acceptable terms, and loss of key individuals. Forward-looking
statements are based on estimates and opinions of management of the
Corporation at the time the statements are presented. The
Corporation may, as considered necessary in the circumstances,
update or revise such forward- looking statements, whether as a
result of new information, future events or otherwise, but the
Corporation undertakes no obligation to update or revise any
forward-looking statements, except as required by applicable
securities laws.
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
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