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

Canadian Spirit Resources Inc.

March 30, 2009 06:00 ET

Canadian Spirit Resources Inc. Increases Land Position

CALGARY, ALBERTA--(Marketwire - March 30, 2009) - Canadian Spirit Resources Inc. ("CSRI" or the "Company") (TSX VENTURE:SPI) (PINK SHEETS:CSPUF) is pleased to announce that on behalf of the joint venture, the Company was successful in acquiring eight sections (5120 acres) of Montney Formation and other deep rights and two sections (1280 acres) of Gething Formation and other shallow rights at a recent British Columbia crown sale. All of the sections acquired are adjacent to existing CSRI Gething and Montney rights on the east portion of the Farrell Creek property and adds to the material size of this unconventional gas project.

At Farrell Creek, the Company now holds a total of approximately 50 sections of Gething and other shallow rights (32,000 acres) and approximately 46 sections of Montney and other deep rights (29,440 acres).

CSRI is a natural resources company focusing on the identification and development of opportunities in the unconventional gas sector of the energy industry. The mission of the Company is to develop 1 trillion cubic feet of natural gas from unconventional resource plays in western Canada.

The Company is currently evaluating the productive capability of both its shallow Gething play and its deeper Montney play through joint ventures with two well-capitalized partners. Both of these plays are located on the Company's principal resource property at Farrell Creek, British Columbia. CSRI is well funded with $11.1 million of working capital ($0.23 per share) and has minimal current capital requirements associated with the Farrell Creek property.

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

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.

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
    Chief Executive Officer & Secretary
    (403) 539-5005
    (403) 262-4177 (FAX)
    Email: don.gardner@csri.ca
    or
    Canadian Spirit Resources Inc.
    Adam Buchanan
    Investor Relations
    (403) 539-5005
    (403) 262-4177 (FAX)
    Email: adam.buchanage@csri.ca
    Website: www.csri.ca