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

Canadian Spirit Resources Inc.

April 18, 2011 16:00 ET

Canadian Spirit Resources Inc. Announces Intention to Make a Normal Course Issuer Bid

CALGARY, ALBERTA--(Marketwire - April 18, 2011) -Canadian Spirit Resources Inc. ("CSRI" or the "Corporation") (TSX VENTURE:SPI) (PINK SHEETS:CSPUF) announces its intention to make a Normal Course Issuer Bid (the "NCIB") through the facilities of the TSX Venture Exchange (the "Exchange") pursuant to Exchange Policy 5.6.

The NCIB, which is subject to Exchange acceptance, would consist of the acquisition by CSRI of up to 3,700,000 common shares of its capital stock, representing 4.96% of the 74,561,061 common shares of CSRI issued and outstanding. Purchases may commence on April 19, 2011.

The NCIB would be conducted on behalf of CSRI by CIBC World Markets Inc., BCE Place, 5th Floor, 161 Bay Street, Toronto, Ontario M5J 2S8.

CSRI is of the opinion that, due to low average trading volumes, the market price of its shares from time to time does not reasonably reflect the strong working capital position of the Corporation, the planned 2011 capital spending by its joint venture partner on the Montney Formation in northeastern British Columbia nor the value of its material land position in the Farrell Creek area. CSRI may utilize a portion of its existing cash resources to effect purchases under the proposed NCIB. Share purchases under the proposed NCIB will be made at management's discretion based on market conditions.

During the period April 16, 2010 through April 14, 2011, the Corporation purchased 1,307,000 common shares at an average price of C$1.47 per share pursuant to an existing NCIB that expired April 16, 2011. These purchases represent 2.41% of the total number of common shares outstanding at the commencement of the prior NCIB.

CSRI is a natural resources company focusing on the identification and development of opportunities in the unconventional gas sector of the energy industry.

Information regarding CSRI is available on SEDAR at www.sedar.com or the Corporation's website at www.csri.ca.

On behalf of the Board of Directors,

CANADIAN SPIRIT RESOURCES INC.

Don Gardner, Chief Executive Officer

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.

Contact Information