Canadian Spirit Resources Inc. Announces 2012 Financial Results and Filing of Annual Disclosure Documents

Canadian Spirit Resources Inc. ("CSRI" or the "Corporation") (TSX VENTURE:SPI)
(OTCBB:CSPUF) announces the release of its financial results for the year ended
December 31, 2012 and the filing of its 2012 annual audited Financial
Statements, Management Discussion and Analysis ("MD&A") and Forms 51-101F1, F2
and F3.


This news release summarizes information contained in the audited financial
statements and MD&A for the year ended December 31, 2012 and should not be
considered a substitute for reading these full disclosure documents, as well as
the Forms 51-101F1, F2 and F3, which are available on SEDAR at www.sedar.com or
the Corporation's website at www.csri.ca.


CSRI is a natural resources company focusing on the identification and
development of opportunities in the unconventional natural gas sector of the
energy industry.




SUMMARY ANNUAL DATA                                                         
(all amounts are presented in Canadian dollars)                             
                                                                            
For the year ended, and as at, December 31,            2012            2011 
----------------------------------------------------------------------------
                                                                            
Average sales volumes of natural gas (Mcf/d)          1,719           1,601 
Average sales price of natural gas ($/Mcf)    $        2.28   $        3.30 
Natural gas sales, before royalties           $   1,416,116   $   1,731,024 
Operating netbacks, after royalty credits                                   
 applied                                      $     480,904   $     745,879 
Cash flow from operating activities           $  (1,510,030)  $    (930,790)
Net loss and comprehensive loss               $  (3,447,246)  $ (17,575,219)
Loss per share, basic & diluted               $       (0.04)  $       (0.24)
Net working capital                           $   2,975,379   $   2,520,655 
Total assets                                  $  62,335,567   $  62,927,463 
Shareholders' capital                         $  60,495,447   $  59,208,853 
Common shares outstanding                        90,548,661      76,238,661 
Total capital expenditures                    $   2,322,852   $  19,390,622 



PRODUCTION

CSRI's natural gas sales volume averaged 1.7 MMcf/d (net) during the twelve
months ended December 31, 2012 (2011: 1.6 MMcf/d (net)). The Corporation has 5
(1.75 net) Montney wells being produced through its 10 MMcf/d (3.5 net) gas
plant located on its western lands at Farrell Creek, British Columbia.


FARRELL CREEK OPERATIONAL HIGHLIGHTS 



--  In the second quarter 2012, CSRI acquired approximately 64,000 acres
    (100 sections) of shallow rights land directly offsetting the
    Corporation's other shallow rights land in Farrell Creek. It is the
    Corporation's intent to evaluate the capability of these formations for
    produced water disposal in an effort to reduce produced water disposal
    costs associated with its and other operators' Montney production. 
    
--  The Williston Reservoir Water Pipeline Project (25% owned by CSRI)
    received approval during 2012 to deliver up to 10,000 m3/d of fresh
    water from the Williston Reservoir to the Farrell Creek/Altares area in
    northeastern British Columbia. The project will materially reduce the
    cost of delivering a secure supply of fresh water used in the fracture
    stimulation of both vertical and horizontal wells. The water pipeline
    was commissioned in July 2012. 
    
--  In the third quarter 2012, a previously drilled vertical well at 12-7-
    83-24W6 was successfully fracture stimulated and flow-tested. This well
    confirmed the prospectivity of natural gas in various zones of the
    Montney Formation and also enabled the Corporation to retain seven
    sections of land for an additional term of five years. 
    
--  A vertical well at 3-24-83-25W6 was drilled in March 2013 and allowed
    CSRI to retain 8 sections of land for an additional term of 5 years.
    This well was designed to be re-entered at a later date subject to
    improved natural gas prices. 



FINANCIAL RESOURCES 

The Corporation had C$3.0 million of working capital as at December 31, 2012 and
has no debt.


Information regarding CSRI is available on SEDAR at www.sedar.com or the
Corporation's website at www.csri.ca.


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Canadian Spirit Resources Inc.
Alfred Sorensen
[phone]
[phone] (FAX)
[e-mail]


Canadian Spirit Resources Inc.
Phil Geiger
[phone]
[phone] (FAX)
[e-mail]
www.csri.ca