Canadian Spirit Resources Inc.
TSX VENTURE : SPI

Canadian Spirit Resources Inc.

November 23, 2006 06:00 ET

Canadian Spirit Resources Inc. Announces Corporate Update

CALGARY, ALBERTA--(CCNMatthews - Nov. 23, 2006) - Canadian Spirit Resources Inc. ("CSRI" or the "Company") (TSX VENTURE:SPI) is pleased to announce that it has successfully fracture stimulated its b-02-I test hole. This is the fourth hole that the Company has fractured and it is currently flowing water and natural gas to a temporary facility. Within the next week, the Company plans to run production tubing and to tie-in this test hole to a more permanent facility which will allow proper measurement of water and natural gas.

The Company is also pleased to announce that Dean G. Hill, CA has agreed to join CSRI in the capacity of Vice President, Finance effective December 4, 2006. Mr. Hill, a Chartered Accountant, holds a Bachelor of Commerce degree from the University of Alberta and brings to CSRI a depth of financial and accounting experience gained in public audit and private industry roles.

CSRI is a natural resources company focused on the development of a significant unconventional natural gas opportunity in northeastern British Columbia. Since inception the Company has successfully discovered up to 2 Tcf of contingent natural gas resource within its high working interest land position of over 40,000 acres. Currently entering the "pilot" phase of development, the Company has demonstrated repeated drilling success with the production test of three wells and the recent completion of a fourth well. The Company is now focusing on cost enhancements and optimization. Preliminary engineering design and regulatory approval for tie-in to an existing pipeline are also being conducted.

On behalf of the Board of Directors,

Canadian Spirit Resources Inc.

Phillip D.C. Geiger, President & COO

The corporate information contained in this news release contains 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

  • Canadian Spirit Resources Inc.
    Phil Geiger
    (403) 539-5005
    (403) 262-4177 (FAX)
    Email: phil.geiger@csri.ca
    or
    Canadian Spirit Resources Inc.
    Don Gardner
    (403) 539-5005
    (403) 262-4177 (FAX)
    Email: don.gardner@csri.ca
    or
    BRISCO Capital Partners Corp.
    Gordon W. Aldcorn
    Investor Relations
    (403) 262-9888
    (403) 263-1339 (FAX)
    Email: ir@csri.ca