Quarterly / Earnings Reports | Third Quarter (3Q) Update | Drilling Activity
Canadian Spirit Keeps Activity Low in Q3 as it Explores Strategic Alternatives
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Canadian Spirit Resources reported its Q3 2016 results.
CSRI ended the third quarter 2016 with a strong working capital position and no debt.
The Corporation perforated three zones in the Montney Formation in the c-69-H/94-B-1 well that was drilled and cased in the first quarter 2016. Pressure recorders were placed across these perforations and were retrieved in the third quarter 2016. The pressures recorded in the Montney formation were regionally over pressured but not to the extreme extent experienced while drilling the well.
The recovery in natural gas prices justified the reactivation of the joint venture processing facility and associated wells at Farrell Creek/Altares on October 4, 2016.
On October 27, 2016, the Corporation announced the engagement of Peters & Co. as financial advisors to assist in its review of strategic alternatives to maximize the value of its Montney formation resource base at Farrell Creek/Altares.
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