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NS

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Share Name Share Symbol Market Type
TSXV:NS TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Northern Spirit Resources Inc. Announces Operations Update

17/07/2014 6:01pm

Marketwired Canada


Northern Spirit Resources Inc. ("Northern Spirit" or the "Company") (TSX
VENTURE:NS) is pleased to provide the following operational update.


The primary focus of Northern Spirit's development drilling program in 2013 and
2014 has been at Provost in East Central Alberta, which includes the Klein and
Cadogan areas. The Company owns 23,300 gross or 16,700 net acres (26 sections)
in the area of which 7,600 net acres is undeveloped (12 sections).


In 2013 Northern Spirit drilled 4 gross (2.2 net) successful horizontal wells at
Klein. During the first half of 2014 the Company drilled 4 gross (3.5 net)
horizontal wells and drilled 1 gross (0.9 net) vertical well in the Klein area.
Further, in June 2014 the Company recompleted 1 gross (1 net) vertical well at
Cadogan. All of the 2014 newly drilled wells targeted Sparky medium gravity oil
and all were drilled and cased to full planned depth. 


At Klein South, a horizontal well (WI 55%) was drilled in March 2014. The well
was completed after spring break up and is currently being equipped for
production. The well is estimated to be on production in August 2014. A vertical
well (WI 86%) was drilled in Klein South in order to further delineate a Sparky
target. This vertical well is currently being completed and tested.


At Klein North, 3 horizontal wells (WI 100%) were drilled in June 2014 from a
common surface pad. Completion activity is currently underway and with success
all 3 wells are estimated to be tied in and on production in August 2014. The
recompleted vertical well at Cadogan is estimated to be on production in early
August 2014.


Total capital expenditures to date for the Company's 2014 development drilling
program are estimated to be $4.4 million.


About Northern Spirit Resources Inc.

Northern Spirit Resources Inc. is a public oil and gas company active in the
exploration and development of oil and natural gas in East Central, Alberta.


ADVISORY ON FORWARD-LOOKING STATEMENTS: This press release contains certain
forward-looking information and statements within the meaning of applicable
securities laws. The use of any of the words "expect", "continue", "estimate",
"may", "will", "should", "believe", "plans", "cautions" and similar expressions
are intended to identify forward-looking information or statements. In
particular, but without limiting the forgoing, this press release contains
statements concerning the timing for certain wells drilled on its Klein and
Cadogan properties to be tied in and on production and the capital costs
associated with such drilling. 


Forward-looking statements or information are based on a number of material
factors, expectations or assumptions of Northern Spirit which have been used to
develop such statements and information but which may prove to be incorrect.
Although Northern Spirit believes that the expectations reflected in these
forward-looking statements are reasonable, undue reliance should not be placed
on them because Northern Spirit can give no assurance that they will prove to be
correct. Since forward-looking statements address future events and conditions,
by their very nature they involve inherent risks and uncertainties. In
particular, in addition to other factors and assumptions which may be identified
herein, no assurances can be given respecting: whether the Company's continued
exploration and development activities on its lands in the Provost will be
successful or that additional material volumes of petroleum and natural gas
reserves will be encountered, or if encountered can be produced on a commercial
basis; the ultimate size and scope of any hydrocarbon bearing formations on the
Company's lands; that additional drilling and completion operations at Provost
will be successful such that further development activities in this area is
warranted; that Northern Spirit will continue to conduct its operations in a
manner consistent with past operations; results from drilling and development
activities will be consistent with past operations; the general stability of the
economic and political environment in which Northern Spirit operates; drilling
results; field production rates and decline rates; the general continuance of
current industry conditions; the timing and cost of pipeline, storage and
facility construction and expansion and the ability of Northern Spirit to secure
adequate product transportation; future commodity prices; currency, exchange and
interest rates; regulatory framework regarding royalties, taxes and
environmental matters in the jurisdictions in which Northern Spirit operates;
and the ability of Northern Spirit to successfully market its oil and natural
gas products. 


Further, events or circumstances may cause actual results to differ materially
from those predicted as a result of numerous known and unknown risks,
uncertainties and other factors, many of which are beyond the control of the
Company, including, without limitation: changes in commodity prices; changes in
the demand for or supply of the Company's products; unanticipated operating
results or production declines; changes in tax or environmental laws, royalty
rates or other regulatory matters; changes in development plans of Northern
Spirit or by third party operators of Northern Spirit's properties, increased
debt levels or debt service requirements; inaccurate estimation of Northern
Spirit's oil and gas reserve and resource volumes; limited, unfavourable or a
lack of access to capital markets; increased costs; a lack of adequate insurance
coverage; the impact of competitors; and certain other risks detailed from
time-to-time in Northern Spirit's public disclosure documents. Additional
information regarding some of these risk factors may be found under "Risk
Factors" in the Company's Management Discussion and Analysis prepared for the
year ended December 31, 2013. The reader is cautioned not to place undue
reliance on this forward-looking information. The forward-looking statements
contained in this press release are made as of the date hereof and Northern
Spirit undertakes no obligations to update publicly or revise any
forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable
securities laws.


Neither 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Northern Spirit Resources Inc.
850, 396 - 11th Avenue SW
Calgary, Alberta T2R 0C5
Fax: (403) 269-1715


Northern Spirit Resources Inc.
Kevin R. Baker Q.C.
President & Chief Executive Officer
Dir: (403) 476-7010


Northern Spirit Resources Inc.
John H. Cassels
Vice President Finance, Chief Financial Officer & Secretary
Dir: (403) 476-7008

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