Spitfire Energy Ltd.

Spitfire Energy Ltd.

April 13, 2007 11:11 ET

Spitfire Energy Strengthens Growth-Oriented Management Team

CALGARY, ALBERTA--(CCNMatthews - April 13, 2007) - Spitfire Energy Ltd. (TSX VENTURE:SEL) strengthened its management team with the hiring of Ms. Karen Spencer, P. Eng., as its Vice President, Reservoir Engineering effective May 1, 2007.

Ms. Spencer brings to the company over twenty-five years of asset evaluation and reservoir exploitation experience in the Western Canadian Sedimentary Basin, the majority of which with Amoco and Canadian Hunter. It is anticipated that she will help Spitfire take advantage of its identified opportunities for growth.

With the addition of Ms. Spencer, Spitfire has all relevant disciplines represented with in excess of twenty-five average years of experience. Spitfire operates more than 90% of its production, maintains high working interests and seeks high quality, long-life reserves to add to its existing portfolio of similar assets.

Ms. Spencer strengthens Spitfire's ability to evaluate asset acquisitions and corporate mergers. Management believes that the Canadian energy industry is due for a period of consolidation. Companies such as Spitfire, with solid management teams and access to capital, have the opportunity to grow significantly by merger and acquisition. Spitfire, along with its financial partner, Harken Energy Corporation, is well poised to be successful in these efforts.

The Corporation has agreed to grant Ms. Spencer an option to acquire 250,000 common shares at $0.70 per share under the terms of the Corporation's approved employee Stock Option Agreement. Prior to the effective date, Ms. Spencer will provide consulting services to Spitfire.

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
    Spitfire Energy Ltd.
    1610, 311-6 Avenue SW
    Calgary, AB T2P 3H2