Spitfire Energy Ltd.

Spitfire Energy Ltd.

March 21, 2006 16:47 ET

Spitfire Energy Strengthens Management Team

CALGARY, ALBERTA--(CCNMatthews - March 21, 2006) - Spitfire Energy Ltd. (TSX VENTURE:SEL) strengthened its management team today with the hiring of Mr. G. M. (Greg) Kondro, P. Eng., as its Vice President, Operations effective May 1, 2006. Prior to the effective date, Greg has agreed to provide consulting services to Spitfire on a limited basis.

Mr. Kondro has spent the last six years with a junior oil and gas exploration company as its Vice President, Operations and has held various engineering and operations positions over twenty-five years in the oil and gas industry. He is a registered Professional Engineer with designations in British Columbia, Alberta and Saskatchewan.

Keith Chase, Spitfire s President and CEO, said Spitfire is pleased to welcome Mr. Kondro to the team. "Greg brings to the company extensive drilling, completions and operations experience as well as the attitude and energy necessary to take this company to the next level."

Mr. Kondro has agreed to participate in a private placement for 350,000 common shares of Spitfire at a price equal to $0.66 which is the March 16, 2005 closing price (the date in which he agreed to join the team) less the maximum discount to market allowed by the TSX Venture Exchange. Additionally, the Corporation has agreed to grant Mr. Kondro an option to acquire 250,000 common shares at $0.82 per share under the terms of the Corporation s approved employee Stock Option Agreement. The offering is subject to regulatory and exchange approvals.

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