CALGARY, May 01, 2018 (GLOBE NEWSWIRE) -- Canadian Spirit Resources Inc. (“CSRI” or the “Corporation”) (TSXV:SPI) (OTCBB:CSPUF) and its joint venture partner, Canbriam Energy Inc., have elected to suspend their joint venture natural gas production at Farrell Creek/South Altares effective April 30, 2018 due to low natural gas prices.
The continued deterioration in North American natural gas prices accompanied by the further discounted price experienced by producers in northeastern British Columbia producing into the Enbridge Westcoast Energy main pipeline has resulted in a negative netback on joint venture natural gas production at Farrell Creek/South Altares.
With no clear indication of a near term return to a positive natural gas pricing environment, this temporary shut in of production is viewed as a prudent business decision. The natural gas processing facility and associated wells will be reactivated once natural gas prices return to a profitable situation.
CSRI’s net production over the past 60 days at Farrell Creek/South Altares has averaged 0.58 MMcf/day.
CSRI is a natural resources company focused on the identification and development of opportunities in the Montney Formation resource play in northeastern British Columbia.
On behalf of the Board of Directors
CANADIAN SPIRIT RESOURCES INC.
President & Chief Executive Officer
For further information, please contact:
Canadian Spirit Resources Inc.
Telephone (403) 539-5005
Richard Couillard (firstname.lastname@example.org)
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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