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Increases Land Position
Mar 30, 2009 03:50AM
March 30, 2009
Canadian Spirit Resources Inc. Increases Land Position
CALGARY, ALBERTA--(Marketwire - March 30, 2009) - Canadian Spirit Resources Inc. ("CSRI" or the "Company") (TSX VENTURE:SPI) (PINK SHEETS:CSPUF) is pleased to announce that on behalf of the joint venture, the Company was successful in acquiring eight sections (5120 acres) of Montney Formation and other deep rights and two sections (1280 acres) of Gething Formation and other shallow rights at a recent British Columbia crown sale. All of the sections acquired are adjacent to existing CSRI Gething and Montney rights on the east portion of the Farrell Creek property and adds to the material size of this unconventional gas project.
At Farrell Creek, the Company now holds a total of approximately 50 sections of Gething and other shallow rights (32,000 acres) and approximately 46 sections of Montney and other deep rights (29,440 acres).
CSRI is a natural resources company focusing on the identification and development of opportunities in the unconventional gas sector of the energy industry. The mission of the Company is to develop 1 trillion cubic feet of natural gas from unconventional resource plays in western Canada.
The Company is currently evaluating the productive capability of both its shallow Gething play and its deeper Montney play through joint ventures with two well-capitalized partners. Both of these plays are located on the Company's principal resource property at Farrell Creek, British Columbia. CSRI is well funded with $11.1 million of working capital ($0.23 per share) and has minimal current capital requirements associated with the Farrell Creek property.