CALGARY, ALBERTA--(Marketwire - May 2, 2011) -Canadian Spirit Resources Inc. ("CSRI" or the "Corporation") (TSX VENTURE:SPI) (OTCBB:CSPUF) is pleased to announce that at a recent British Columbia land sale, the Corporation acquired additional Montney Formation rights in 5.3 net sections (3,390 net acres) in the Farrell Creek area of northeastern British Columbia.
The lands acquired are contiguous to the Corporation's existing lands at Farrell Creek and increase the Corporation's net land position in the Montney shale play by approximately 15 percent to over 39 net sections (25,374 net acres). The drilling licences acquired include rights from the base of the Nikanassin Formation to basement including the Montney, Doig and other prospective formations.
Following this land acquisition the Corporation's working capital position stands at approximately C$17.9 million with no debt.
CSRI is a natural resources company focusing on the identification and development of opportunities in the unconventional gas sector of the energy industry.
On behalf of the Board of Directors,
CANADIAN SPIRIT RESOURCES INC.
Don Gardner, Chief Executive Officer
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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE