Canadian Spirit Resources Announces Resumption of Natural Gas Production and Change of Auditor, Canadian Business Journal

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CALGARY, ALBERTA, OCTOBER 4, 2022 (GLOBE NEWSWIRE) — Canadian Spirit Resources, Inc. (“CSRI” or “Corporation”) (TSXV:SPI) (OTCBB:CSPUF) Reactivation of a joint venture natural gas processing facility in the Farrell Creek/South Altares area, approximately 15km north of the town of Hudson’s Hope in northeastern British Columbia, and associated well reactivation is underway. We are pleased to announce that – Reserves Data and Other Oil and Gas Information Statement Filed on April 18, 2022 in our SEDAR profile accessible at www.sedar.com.

One of the five wells currently under the company’s revitalization program (C-A48-I) has returned to production. Based on the company’s net average production for the 60 days prior to the decommissioning of the joint venture and the closure of five Farrell Creek/South Altares wells, production after all five wells have been closed is: expected to be 0.58 MMcf/d. Reactivated.

The company plans to release additional production information when the remaining wells (C-45-I, B-17-I, C-18-I and C-B18-I) are returned to production. .

Change of auditor

The Corporation shall further appoint a Board of Directors of the Corporation (“board of directors“) is KPMG LLP (“KPMG“) On September 27, 2022, Crowe MacKay LLP, a former auditor of the company (“CMKOn May 20, 2022, at the request of the Board of Directors, I resigned as Audit & Supervisory Board Member of the Company.

CMK’s resignation and KPMG’s appointment were made by the Board’s Audit Committee (“Audit Committee”), approved by the Board of Directors. There were no reserved or amended opinions in CMK’s audit report relating to the financial statements relating to the relevant period in which CMK was the auditor of the Corporation. There are no “reportable events” (as defined in Section 4.11 of National Instrument 51-102 – Ongoing Disclosure Obligation) between us and CMK or with respect to changes in auditors. The Audit Committee and Board have confirmed the auditor’s change notice, along with a letter from CMK and a letter from KPMG. All of this can be found in our SEDAR profile accessible at www.sedar.com.

CSRI is a natural resources company focused on identifying and developing opportunities in the unconventional natural gas sector of the energy industry.

Information about CSRI is available in SEDAR at: www.sedar.com or company website www.csri.ca.

On behalf of the Board of Directors
Canadian spirit means Ltd.

“Luisa Decallo”

President and Chief Executive Officer

For more information, please contact:
Canadian Spirit Resources Inc.
Phone (403) 618-2113
Luisa DeCarlo ([email protected])

Positive information Notes statement

This press release contains forward-looking statements. More specifically, this press release contains statements regarding: Revitalization operation; potential output and cash flow increase. oil and gas prices; and the potential timing of reactivation of the Corporation’s wells on the Corporation’s Farrell Creek/South Altares property. Forward-looking statements in this press release are based on certain expectations and assumptions made by the Company. These assumptions include, but are not limited to, changes in oil and gas prices, the timing and success of operations, weather, well productivity, our finances and our business plans. Although we believe that the expectations and assumptions on which our forward-looking statements are based are reasonable, we cannot give any assurance that the forward-looking statements will prove correct. undue reliance should not be placed on Forward-looking statements address future events or circumstances and, therefore, are inherently subject to risks and uncertainties. Actual results may differ materially from those currently anticipated due to a number of factors and risks. These include general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices of securities; actual results of future business; This includes, but is not limited to, changes in legislation, including environmental laws. Timing and availability of external funding on acceptable terms and loss of key persons. Forward-looking statements are based on the estimates and opinions of our management at the time the statements are made. We may, from time to time, update or revise such forward-looking statements as a result of new information, future events, or otherwise; or under no obligation to correct. When required by applicable securities laws.

Neither the TSX Venture Exchange nor its regulated service providers (as that term is defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this news release.

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