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

Canadian Spirit Resources Inc.

December 18, 2009 18:03 ET

Canadian Spirit Resources Inc. Extends Expiry Date of Warrants

CALGARY, ALBERTA--(Marketwire - Dec. 18, 2009) - Canadian Spirit Resources Inc. ("CSRI" or the "Company") (TSX VENTURE:SPI) (PINK SHEETS:CSPUF) announces that it has extended the expiry date on 1,246,660 share purchase warrants (the "Warrants") from January 9, 2010 to July 9, 2010. The exercise price of $1.40 and all other terms of the Warrants remain unchanged. Each whole warrant entitles the holder to acquire one additional share of the Company. This extension is subject to approval by the TSX Venture Exchange.

This extension will enable CSRI to complete and announce the results of the evaluation and production testing program associated with the Montney Formation in the west Farrell Creek area before the warrants expire. This program includes the stimulation testing of wells located at b-17-I/94-B-1 (Vertical) and c-A48-I/94-B-1 (Horizontal).

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$9.7 million of working capital (C$0.20 per share), no debt and minimal capital requirements associated with the Farrell Creek property through the first half of 2010.

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 ADE QUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • Canadian Spirit Resources Inc.
    Phil Geiger
    (403) 539-5005
    (403) 262-4177 (FAX)
    phil.geiger@csri.ca
    or
    Canadian Spirit Resources Inc.
    Don Gardner
    Chief Executive Officer & Secretary
    (403) 539-5005
    (403) 262-4177 (FAX)
    don.gardner@csri.ca
    or
    Canadian Spirit Resources Inc.
    Adam Buchanan
    Investor Relations
    (403) 539-5005
    (403) 262-4177 (FAX)
    adam.buchanan@csri.ca
    www.csri.ca