Canadian Spirit Resources Inc.

Canadian Spirit Resources Inc.

March 12, 2009 18:45 ET

Canadian Spirit Resources Inc. Announces Extension of Normal Course Issuer Bid

CALGARY, ALBERTA--(Marketwire - March 12, 2009) - Canadian Spirit Resources Inc. ("CSRI" or the "Company") (TSX VENTURE:SPI) (PINK SHEETS:CSPUF) announces the extension of its Normal Course Issuer Bid (the "Bid") until November 30, 2009 through the facilities of the TSX Venture Exchange (the "Exchange") pursuant to Exchange Policy 5.6 (see News Release dated November 26, 2008).

As of March 12, 2009, the Company has acquired a total of 617,500 common shares of its capital stock, representing 1.3 percent of the issued and outstanding common shares of CSRI at the beginning of the program. The number of shares currently issued and outstanding is 48,057,901. The Bid is being conducted on behalf of CSRI by Wolverton Capital Markets, a division of Wolverton Securities Ltd., Suite 2100, 335 8th Avenue S.W., Calgary, Alberta T2P 1C9.

CSRI has extended the Bid in order to continue its planned program in light of 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 well funded with C$11.1 million of working capital (C$0.23 per share), has no debt and no immediate capital requirements under its joint venture projects.

CSRI is a natural resources company with the mission to develop 1 trillion cubic feet of natural gas from unconventional resource plays in western Canada. Through two joint ventures, the Company is currently evaluating the productive capability of both its shallow Gething play (see News Release dated July 17, 2008) and its deeper Montney play (see News Release dated March 19, 2008). Both of these plays are located on the Company's principal resource property at Farrell Creek, British Columbia.

Information regarding CSRI is available on SEDAR at or the Company's website at

On behalf of the Board of Directors,


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.

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