Spitfire Energy Ltd.
TSX VENTURE : SEL

Spitfire Energy Ltd.

December 29, 2006 17:05 ET

Spitfire Closes Financing

CALGARY, ALBERTA--(CCNMatthews - Dec. 29, 2006) -

(NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA)

SPITFIRE ENERGY LTD. ("Spitfire" or the "Corporation") (TSX VENTURE:SEL) announces that it has closed a Private Placement of 439,000 common shares of Spitfire for total gross proceeds of $504,850 issued on a "flow-thru" basis at $1.15 per share. The Corporation will renounce to the subscribers Canadian Exploration Expense, for the 2006 taxation year, $1.15 per share. The common shares will be subject to a hold period and may not be sold until it expires on April 30, 2007. The closing of the Private Placement remains subject to regulatory approval.

Spitfire Energy Ltd. is a junior oil and gas company engaged in the exploration for, development, and production of natural gas and crude oil reserves. Spitfire's common shares trade on the TSX Venture Exchange under the symbol "SEL".

The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this press release.

Contact Information

  • Spitfire Energy Ltd.
    Keith N. Chase
    President and Chief Executive Officer
    (403) 205-3400 x224
    or
    Spitfire Energy Ltd.
    Danny Zivkusic
    Chief Financial Officer
    (403) 205-3400 x228