Canadian Spirit Resources Inc.
TSX VENTURE : SPI
PINK SHEETS : CSPUF

Canadian Spirit Resources Inc.

October 01, 2009 06:00 ET

Canadian Spirit Resources Inc. Announces Amendment to Normal Course Issuer Bid

CALGARY, ALBERTA--(Marketwire - Oct. 1, 2009) - Canadian Spirit Resources Inc. ("CSRI" or the "Company") (TSX VENTURE:SPI) (PINK SHEETS:CSPUF) announces the amendment of its Normal Course Issuer Bid (the "Bid") through the facilities of the TSX Venture Exchange (the "Exchange") pursuant to Exchange Policy 5.6 (see prior News Releases dated November 26, 2008 and March 12, 2009).

The Company has received approval from the Exchange to increase the maximum number of common shares the Company may acquire under the terms of the Bid from 1,000,000 to 1,600,000 common shares. The approved amendment also provides for a change in the designated broker acting on behalf of the Company.

As of September 30, 2009, the Company has acquired a total of 974,500 common shares of its capital stock, representing 2.0 percent of the issued and outstanding common shares of CSRI at the beginning of the program. The number of common shares currently issued and outstanding is 48,403,401. Effective October 1, 2009, the Bid will be conducted on behalf of the Company by CIBC World Markets Inc., 161 Bay Street, Toronto, Ontario, M5J 2S8. The duration of the Bid, to November 30, 2009, remains unchanged.

CSRI has amended the Bid in order to continue its planned program in light of low natural gas prices and continued volatility in global equity markets. CSRI is of the opinion that prior trading in the Company's shares did not reasonably reflect the strong working capital position of the Company, the current and planned capital spending by its joint venture partners on the Gething and Montney Formations in northeastern British Columbia, nor the value of its material land position in the Farrell Creek area.

CSRI is a natural resources company focusing on the identification and development of opportunities in the unconventional gas sector of the energy industry. The mission of the Company is to develop 1 trillion cubic feet of natural gas from unconventional resource plays in western Canada.

The Company is currently evaluating the productive capability of both its shallow Gething play and its deeper Montney play through joint ventures with two well-capitalized partners. Both of these plays are located on the Company's principal resource property at Farrell Creek, British Columbia. Currently, CSRI is well funded with C$10.1 million of working capital (C$0.21 per share) and no debt and has minimal capital commitments associated with the Farrell Creek property through the end of 2009.

Information regarding CSRI is available on SEDAR at www.sedar.com or the Company's website at www.csri.ca.

On behalf of the Board of Directors,

CANADIAN SPIRIT RESOURCES INC.

Don Gardner, Chief Executive Officer & Secretary

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.

THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

Contact Information