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    SPI Canadian Spirit restarts natural gas production


    October 4, 2022 - Canada StockWatch

     

      Canadian Spirit Resources Inc (TSX-V:SPI)

      Shares Issued 268,177,583

      Last Close 9/30/2022 $0.095

      Tuesday October 04 2022 - News Release

      Ms. Louisa DeCarlo reports

      CANADIAN SPIRIT RESOURCES INC. ANNOUNCES REACTIVATION OF NATURAL GAS PRODUCTION AND CHANGE OF AUDITOR

      Canadian Spirit Resources Inc. has reactivated its joint venture natural gas processing facility and is continuing reactivation of the associated wells at Farrell Creek/South Altares area of northeastern British Columbia, approximately 15 kilometres north of the town of Hudson's Hope described in the corporation's Form 51-102F1, Statement of Reserves Data and Other Oil and Gas Information, dated April 18, 2022, and filed on the corporation's SEDAR profile.

      Currently, one well (C-A48-I) of five wells subject to the Corporation's reactivation program has been returned to production. Based on the Corporation's net average production over 60 days prior to the suspension of its joint venture operations and shut-in of the Corporation's five Farrell Creek/South Altares wells, the Corporation anticipates a production rate of 0.58 MMcf/d once all five wells have been reactivated.

      The Corporation expects to release additional production information when the remaining wells (C-45-I, B-17-I, C-18-I and C-B18-I) have been returned to production.

      CHANGE IN AUDITORS

      The Corporation further announces that the board of directors of the Corporation (the "Board of Directors") has appointed KPMG LLP ("KPMG") as auditors of the Corporation, effective September 27, 2022, to replace the former auditors of the Corporation, Crowe MacKay LLP ("CMK"), that resigned as auditors of the Corporation at the request of the Board of Directors on May 20, 2022.

      The resignation of CMK and the appointment of KPMG were considered and recommended by the audit committee of the Board of Directors (the "Audit Committee") and approved by the Board of Directors. There were no reservations or modified opinions in CMK's audit reports in connection with the financial statements relating to the relevant period during which CMK was the Corporation's auditor. There are no "reportable events" (as defined in Section 4.11 of National Instrument 51-102 - Continuous Disclosure Obligations) between the Corporation and CMK or with respect of the change of auditor. The Audit Committee and Board of Directors have reviewed the Notice of Change of Auditors, together with the letter from CMK and the letter from KPMG, all of which are posted on the Corporation's SEDAR profile accessible at www.sedar.com.

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

      We seek Safe Harbor.

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