Spirit Exploration, Inc.

Spirit Exploration, Inc.

December 10, 2007 09:16 ET

Spirit Exploration, Inc. Completes Underwriting Syndicate for $20m in Asset Backed Notes

VICTORIA, BRITISH COLOMBIA--(Marketwire - Dec. 10, 2007) - Spirit Exploration, Inc. (PINK SHEETS:SPXP) Spirit announced the completion of the underwriting syndicate securing $20m in asset backed notes. Quote Platform Syndicate is working with Spirit in this transaction. The notes will be for a 5 year term and are comprised of 20,000 units with an issue price of US$1,000 per unit. The Notes are secured by the Company's Muluncay concession in Ecuador. This financing will be closed upon completion of final documents in December 2007.

Upon closing, the Company will commence acquisition of processing equipment to expand its production facility at its Muluncay Project in Southern Ecuador and exercise further options to acquire other highly prospective gold projects. Peter Laipnieks, President of Spirit stated "this financing will accelerate the company's business plan, allowing Spirit to more rapidly become a 1000 ton per day producer. With gold now around $800 per ounce we want to expand our production as quickly as possible and capitalize on this gold "bull" market. Many analysts are predicting $1000 gold in the near future which would make our business model even more profitable than when we originally developed it in March 2007, when gold was around $650 an ounce. These new gold prices may make our shareholders far more profits than we originally anticipated".

Quote Platform Syndicate Inc. is a syndicate of brokerages, investors, and institutional financiers domiciled in Europe and Asia. Their niche market is high yield instruments in the world's emerging markets.

About Spirit Exploration, Inc.: Spirit Exploration, Inc., a Nevada Corporation, is an early production mining company. Through its subsidiary ECUADORGOLDCORP, S.A., of which we own 99%, we are in the business of acquiring, exploring and developing mineral (gold, silver, copper) concessions in Ecuador. Spirit is in the process of bringing several mines into production. We have acquired, and we have options to acquire, a diverse range of mineral production and exploration properties in Ecuador. Included in these properties are several land packages that can be joint-ventured, allowing us to advance these properties with little of our own capital while still participating in the upside.

Forward-Looking Statements: Certain information and statements included in this release are intended to constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied in such forward-looking statements.

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