Canadian Spirit Resources Inc. Announces Amendment To Private Placement

CALGARY, ALBERTA--(Marketwire - Dec. 7, 2011) - Canadian Spirit Resources Inc. ("CSRI" or the "Corporation") (TSX VENTURE:SPI) (OTCBB:CSPUF) announces that further to its news release of November 18, 2011 announcing a non-brokered private placement of units (the "Units"), the Corporation has amended the offering price and has extended the closing date of the private placement. Subject to TSX Venture Exchange approval, the Corporation anticipates closing the non-brokered private placement of up to 4.0 million Units at a price of C$0.75 per Unit on or about December 12, 2011. Each Unit will consist of one Common Share and one-half of one Share Purchase Warrant (the "Warrants"). Each whole Warrant will entitle the holder to purchase an additional Common Share of the Corporation for two years at an exercise price of C$1.10 per share.

The Corporation may pay a finder's fee of up to 6% in cash, excluding subscriptions by directors, officers or employees of the Corporation.

All the securities issued pursuant to the private placement will be subject to a four month restricted resale period.

Proceeds of the proposed private placement will be used to further develop the Corporation's principal resource property at Farrell Creek, British Columbia and for general corporate purposes.

Pursuant to the policies of the TSX Venture Exchange and to Multilateral Instrument 61-101, the private placement is classified as a "related party transaction" as Elmag Investments Inc. and Sheldon Inwentash and joint actors, shareholders who each own or have control and direction over more than 10% of the outstanding shares of the Corporation, intend to subscribe for approximately 1.5 million Units or 38% of the offering. The private placement was unanimously approved by the directors of the Corporation who have determined that exemptions from formal valuation and minority shareholder approval requirements under Multilateral Instrument 61-101 are available as the fair market value of the securities being issued does not exceed 25% of the Corporation's market value.

This news release does not constitute an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration.

CSRI is a natural resources company focusing on the identification and development of opportunities in the unconventional gas sector of the energy industry. The Corporation is currently evaluating the productive capability of the Montney Formation at its principal resource property at Farrell Creek, British Columbia which began production in January 2011.

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.