Spirit Exploration, Inc.

Spirit Exploration, Inc.

December 12, 2007 18:04 ET

Spirit Exploration, Inc. Finalizes Documentation on $20 Million Notes and Has Been Advised That the Notes Are Oversold

VICTORIA, BRITISH COLUMBIA--(Marketwire - Dec. 12, 2007) - Spirit Exploration, Inc. (PINK SHEETS:SPXP) -

Spirit is pleased to announce that with the filing of its audits and the 10-SB registration statement with the Securities Exchange Commission, it has completed the extensive documentation required by Quote Platform Syndicate Inc. on its $20 Million in Asset Backed Notes. Quote Platform Syndicate Inc. has further advised us that the notes have been oversubscribed. We will be advised of the oversold amount within the next week. This additional funding will allow Spirit to implement its aggressive business strategy for 2008.

"These oversold notes confirm that the investment community is convinced of the future of the world gold market and validates Spirit Exploration's position in the industry," stated Terry Fields, CEO.

Quote Platform Syndicate Inc. is a syndicate of brokerages, investors, and institutional financiers domiciled in Europe and Asia. Their niche market is high yield instruments in the world's emerging markets.

About Spirit Exploration, Inc.: Spirit Exploration, Inc., a Nevada Corporation, is an early production mining company. Through its subsidiary ECUADORGOLDCORP, S.A., of which we own 99%, we are in the business of acquiring, exploring and developing mineral (gold, silver, copper) concessions in Ecuador. Spirit is in the process of bringing several mines into production. We have acquired, and we have options to acquire, a diverse range of mineral production and exploration properties in Ecuador. Included in these properties are several land packages that can be joint-ventured, allowing us to advance these properties with little of our own capital while still participating in the upside.

Forward-Looking Statements: Certain information and statements included in this release are intended to constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied in such forward-looking statements.

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