Northern Spirit Resources Inc. ("Northern Spirit" or the "Corporation") (TSX
VENTURE:NS) is pleased to announce that it has entered into a formal, definitive
agreement (the "Amalgamation Agreement") to acquire (the "Acquisition") all of
the issued and outstanding common shares (the "Cascade Shares") of Cascade
Resources Inc. ("Cascade"), a private Alberta company actively engaged in oil
and gas development and exploration activities in east central Alberta and west
central Saskatchewan. The Amalgamation Agreement is dated as of September 16,
2011. The Acquisition is expected to constitute a reverse takeover of Northern
Spirit by Cascade as defined in the policies of the TSX Venture Exchange Inc.
("TSXV") and the Acquisition and all related transactions remain subject to the
approval of the TSXV.
Cascade is a Calgary based emerging, junior, privately-held petroleum and
natural gas exploration, development and production company. Cascade's assets
include proved producing and proved non-producing and probable properties in the
Cadogan, Klein, Sounding Lake and Veteran areas of Alberta and the Hoosier area
of Saskatchewan. Since June 2007, Cascade has grown its production to over 200
BOE/d (prior to its recent sale of 80 BOE/d) through land acquisitions and
drilling. Cascade was founded by Kevin R. Baker, Q.C., President and Chief
Executive Officer, Sheldon B. Kasper, P. Eng., Vice President Engineering and
Operations, and Eric O. Boechler, P. Geol., Vice President Exploration. Messrs.
Baker, Kasper and Boechler, together with Messrs. John H. Cassels, Cascade's
Vice President and Chief Financial Officer, and James Long, Cascade's Vice
President, Land, bring over 120 years of combined oil and gas exploration and
development experience to Cascade and have, collectively, successfully founded,
developed and sold a number of private and public oil and gas and energy
services companies.
Summary of the Proposed Transaction
Northern Spirit has created a wholly-owned subsidiary ("AcquisitionCo") which
will amalgamate with Cascade and continue as a new corporation ("Amalco").
Amalco will be wholly owned by Northern Spirit. On the closing of the
Acquisition, the shareholders of Cascade ("Cascade Shareholders") will receive
9.00 (the "Exchange Ratio") common shares of Northern Spirit ("Northern Spirit
Shares") in exchange for each issued and outstanding Cascade share owned. For
the purposes of the Acquisition, Cascade has been valued at approximately
$23,136,300. Pursuant to the Amalgamation Agreement, Northern Spirit will
acquire from Cascade Shareholders approximately 24,600,000 issued and
outstanding Cascade Shares as at the closing date of the Acquisition, which
includes approximately 3,990,000 Cascade Shares to be issued upon exercise of
all outstanding options ("Cascade Options") to purchase Cascade Shares. Each
fully diluted Cascade Share is accordingly valued at $0.94 per share. It is
expected that all holders of options to purchase Northern Spirit Shares will
agree to exercise or terminate such options for nominal consideration in
connection with the closing of the Acquisition. Based on the Exchange Ratio, and
including the acquisition of the Cascade Shares issued on exercise of all
Cascade Options, it is expected that Northern Spirit will issue an aggregate of
approximately 221,400,000 Northern Spirit Shares at a deemed price of $0.1045
per share. Northern Spirit will issue new share purchase options after closing
to new officers, directors, employees and consultants of the Corporation
pursuant to the option plan of the Corporation, with the exercise price of such
options being determined based on the market price of the Northern Spirit Shares
at the time of granting.
The Northern Spirit Shares to be issued to the Cascade Shareholders in the
Acquisition will be issued pursuant to exemptions from the prospectus
requirements of applicable securities legislation and may be subject to escrow
conditions as required by the TSXV.
It is anticipated that, assuming completion of the Acquisition, the Corporation
will be classified as a Tier 1 Oil and Gas Issuer on the TSXV.
Conditions to the Completion of the Acquisition
The obligations of Northern Spirit and Cascade to consummate the Acquisition are
subject to, among other things: (i) the receipt of all necessary regulatory and
TSXV approval; (ii) the receipt of all necessary shareholder and board of
director approvals; (iii) the confirmation of the representations and warranties
of each party to the Amalgamation Agreement; (iv) the absence of any material
adverse effect on the financial and operational condition or the assets of each
of the parties; (v) the delivery of standard completion documentation; and (vi)
other conditions precedent customary for a transaction such as the Acquisition.
The conditions listed above are for the benefit of, and may be waived by,
Northern Spirit and Cascade as they relate to the obligations of the other party
to perform.
Northern Spirit and Cascade Shareholder Consents
The Acquisition is subject to the approval of Northern Spirit, as the sole
shareholder of AcquisitionCo, and the unanimous approval of all of the Cascade
Shareholders, such approvals to be secured in writing pursuant to written
shareholder resolutions, each in an agreed upon form. In addition, as a reverse
takeover under TSXV policies, the Acquisition is subject to the approval of the
shareholders of Northern Spirit ("Northern Spirit Shareholders"), which approval
will be sought, pursuant to the policies of the TSXV, by way of written consent
of holders of greater than 50% of the outstanding Northern Spirit Shares,
excluding certain holders who are "Non-Arm's Length Parties" in respect of the
Acquisition (the "Northern Spirit Consent"). In connection with seeking the
consent of Northern Spirit Shareholders, Northern Spirit and Cascade will
prepare a filing statement (the "Filing Statement") for submission to Northern
Spirit Shareholders and the TSXV in this connection, which Filing Statement will
be prepared in accordance with the applicable TSXV rules and policies. The
Filing Statement will include, amongst other required information, a more
detailed description of the Acquisition, audited financial statements of Cascade
and Northern Spirit for at least their most recently completed financial years,
quarterly financial statements of the two companies for their second quarters
and pro forma financial statements regarding Cascade and Northern Spirit, all as
required pursuant to TSXV rules and policies.
Non-Arm's Length Parties to the Acquisition
Although the Acquisition is an Arm's Length Transaction, as defined in the rules
and policies of the TSXV and it is not a "business combination" or "related
party transaction" as defined in Multilateral Instrument 61-101, the Acquisition
involves one "Non- Arm's Length Party", as such term is defined in the rules and
policies of the TSXV. Mr. Sheldon Kasper, a shareholder of Northern Spirit, is
also an officer and shareholder of Cascade. Mr. Kasper and his affiliates and
associates currently own approximately 2,076,152 Northern Spirit Shares, or
13.0% (basic) of the current issued and outstanding Northern Spirit Shares. Mr.
Kasper and his affiliates and associates currently hold approximately 10.3%
(basic) of the current issued and outstanding Cascade Shares and approximately
12.5% (diluted) of the current issued and outstanding Cascade Shares. All of the
Northern Spirit Shares held by Mr. Kasper and his associates and affiliates will
be withheld from providing consent with respect to the Northern Spirit Consent
to be obtained in connection with the Acquisition.
Proposed Directors and Officers
Concurrent with the completion of the Acquisition, the current directors of
Northern Spirit will resign from the Board of the Corporation to allow for the
appointment of the following as the new board of directors of Northern Spirit:
Mr. Kevin R. Baker, Q.C., Mr. Sheldon B. Kasper, Mr. R. Bruce Allford and Mr.
Patrick G. Bell. It is expected that the Board of Directors and officers of
Northern Spirit following completion of the Acquisition be composed of the
following:
Kevin R. Baker, Q.C., President, Chief Executive Officer and Director
Calgary, Alberta
Mr. Baker is currently President and Chief Executive Officer of Cascade, which
company he co-founded with Messrs. Kasper and Boechler. Mr. Baker is a director
of Calfrac Well Services Ltd. and also served as President and Chief Executive
Officer and a Director of Century Oilfield Services Inc. from August 2005 until
November 10, 2009, when that company was acquired by Calfrac Well Services Ltd.
He also has served as the President of Baycor Capital Inc. (and its predecessor
companies), a company whose principal business is that of a private merchant
bank, since January 1990. He is a director and was the President and Chief
Executive Officer of Loncor Resources Inc. from September 2000 until November
2009.
Sheldon B. Kasper, P.Eng., Vice President Engineering and Chief Operating
Officer and Director
Calgary, Alberta
Mr. Kasper is a Professional Engineer. Mr. Kasper has been providing consulting
engineering services to a number of junior exploration and production companies
since 2001. Prior to 2001, Mr. Kasper was Chief Engineer for Fletcher Challenge
Energy Canada in addition to Engineering Manager and Senior Exploration
Engineer. Prior thereto, Mr. Kasper was a Production and Facilities Engineer for
Amoco Canada Petroleum Company.
Mr. Kasper is currently Vice President, Engineering of Cascade, which company he
co-founded with Messrs. Baker and Boechler.
R. Bruce Allford, Director
Calgary, Alberta
Mr. Allford is a partner with the Calgary law firm, Burnet, Duckworth & Palmer
LLP. Mr. Allford is a director or corporate secretary of several other companies
in the energy and energy services sectors.
Patrick G. Bell, P. Eng., Director
Calgary, Alberta
Mr. Bell is a Professional Engineer and is currently the President of Kamarata
Holdings Ltd., a private Alberta company. Additionally, Mr. Bell was previously
a founder and Vice President of Century Oilfield Services Inc., a private oil
and gas services company, from 2005 to 2009 when that company was acquired by
Calfrac Well Services Ltd. Mr. Bell has also provided consulting engineering
services to exploration and production companies, including Clearbrook Resources
Inc., Enhance Energy Inc. and EnCana Corporation. Prior thereto, Mr. Bell held
senior management positions with each of Anderson Exploration Ltd. and the
Saskatchewan Oil and Gas Corporation.
Eric O. Boechler, P. Geol., Vice President, Exploration
Calgary, Alberta
Mr. Boechler is a Professional Geologist. Mr. Boechler co-founded Cascade with
Messrs. Baker and Kasper. Mr. Boechler was Senior Geologist with Bowview
Petroleum Inc. ("Bowview") from 2004 to 2007 when Bowview was sold. Prior to
that, Mr. Boechler was Senior Geologist with ICE Energy Limited.
John H. Cassels, CA, Vice President, Chief Financial Officer and Secretary
Calgary, Alberta
Mr. Cassels is a Chartered Accountant in Canada with 30 years of experience in
the Canadian natural gas and oil industry, serving as a senior officer and
director of nine natural gas and oil companies. Mr. Cassels is currently a
director of Gastar Exploration Ltd., a company listed on the American Stock
Exchange. He was a partner and Chief Financial Officer of Purdy & Partners Inc.,
a private equity/merchant bank in Calgary, from December 2009 until May 2011.
Prior thereto, Mr. Cassels was a financial consultant to a Canadian oil and gas
exploration company operating in both Argentina and Canada. Earlier, he was a
founding shareholder, chief executive officer and director of Highview
Resources, a publicly traded firm that built an inventory of natural gas and oil
prospects in Alberta and Saskatchewan. Mr. Cassels holds a BA degree from
Bishop's University in Sherbrooke, Quebec and a Chartered Accountant
designation.
James Long, B.A. Econ., Vice President, Land
Calgary, Alberta
Mr. Long is a Professional Petroleum Landman. Mr. Long has over 28 years
experience in business development of oil and gas both domestically, as well as
in South America and Australia, in both public and private companies. Mr. Long
served as Vice President, Land of Morgan Hydrocarbons Inc. until October 1996,
as well as a director and officer of several private companies since 1996 and
has been the President of Timberline Ventures Ltd., a private company owned by
Mr. Long and his spouse, since November 1996.
Cascade Resources Inc.
Cascade is an emerging, junior, privately-held petroleum and natural gas
exploration, development and production company, incorporated on June 10, 1997
under the laws of Alberta and headquartered in Calgary, Alberta. Cascade became
active in June 2007. Cascade's assets include proved producing and proved
non-producing and probable properties in the Cadogan, Klein, Sounding Lake and
Veteran areas of Alberta and in the Hoosier area of Saskatchewan. Since 2007,
Cascade has grown its production through strategic acquisitions and drilling.
In April 2011, Cascade sold certain properties located in the Silver Heights
area of Alberta for cash of $940,000.
Cascade has grown its initial production base from nil at the time of activation
to its current production of 120 BOE/d in just over three years, after its
recent sale of 80 BOE/d. Cascade continues to explore and develop its reserves
on a land base of 31,527 net acres with over 27,423 net acres of undeveloped
land. Cascade's production is expected to exit the year end at 180 BOE/d with
the upcoming development program.
Alberta Activities
Cascade has recompletion plans at Cactus, Klein, Veteran and Cadogan from its
current inventory of up to 16 locations, with current plans to re-enter wells in
Cadogan, Cactus, Veteran and Klein. Cascade holds a 100% working interest in
each of these areas.
Saskatchewan Activities
Cascade's primary exploration project in Saskatchewan will be its Hoosier oil
prospect located near the town of Kindersley. Cascade has a 100% working
interest in over 600 net acres of land in a multi-zone potential area. This
project has the potential to add reserves and production to Cascade. The Hoosier
prospect is characterized by a McLaren sand defined by a producing well and 2D
seismic and Cascade believes that the Hoosier prospect has potential for
horizontal drilling.
Budget Summary of Proposed Exploration Programs
Cascade has a preliminary budget of $657,000 allocated for the remainder of
2011. The $657,000 will be spent on re-entries, equipping and facilities.
Cascade's preliminary budget is subject to, among other factors, recompletion
success, commodity prices, access to service equipment and production levels.
Into 2012, Cascade will concentrate on exploitation activities financed by cash
flow and available credit facilities and will expand the capital program to
include the drilling of up to seven gross wells (6.3 net wells) into 2012 based
on successful equity and/or debt financing efforts.
Reserve Report
AJM Deloitte ("AJM") prepared an independent evaluation (the "Reserve
Evaluation") of the proved and probable crude oil and natural gas reserves and
the net present value of those reserves for the petroleum and natural gas
interests of Cascade as of March 31, 2011. The Reserve Evaluation was prepared
and presented in accordance with the Association of Professional Engineers,
Geologists and Geophysicists of Alberta ("APEGGA") - Practice Standards for
Evaluations of Oil and Gas Reserves for Public Disclosure; the APEGGA Code of
Ethics; the Canadian standards set out in the Canadian Oil and Gas Evaluations
Handbook ("COGEH") and National Instrument 51-101 ("NI 51-101"). AJM is a
qualified reserves evaluator and independent from both Cascade and Northern
Spirit in accordance with NI 51-101. The properties evaluated include
essentially all of Cascade's conventional petroleum and natural gas interests in
Western Canada.
The future net revenues and net present values presented below were calculated
using forecast prices and costs based on the crude oil, natural gas and natural
gas liquids prices as published in AJM's March 31, 2011 price deck. Forecast
prices have been adjusted for transportation differentials and quality in
Cascade's properties based on the lease operating statements provided to AJM by
Cascade. Operating expenses and operating-expense forecasts were determined
based on approximately 12 months of historical operating expenses for each
property. In certain situations, future expenses, either higher or lower than
current expenses may have been used because of anticipated changes in operating
conditions. Escalation has been applied to operating expenses to account for
inflation. Gross abandonment costs were estimated for each property and were
projected to occur in the last year of economic production of each reserves
entity and for non-reserves wells 2 years from the effective date of the
Reserves Evaluation. Future capital costs were estimated using current capital
cost forecasts provided to AJM by Cascade and, where necessary, were scaled and
adjusted to fit the scenario being evaluated. Escalation has been applied to
capital costs to account for inflation.
Cascade's share of proved remaining and probable additional crude oil and
natural gas reserves as of March 31, 2011 and the respective net present values
assigned to these reserves based on forecast prices and costs were estimated to
be as follows.
Summary and Conclusions
The estimated forecast price case Cascade gross and net proved, probable, and
possible reserves, as of March 31, 2011, of the properties evaluated herein are
summarized as follows, expressed in thousands of barrels (Mbbl) for oil and NGL
and millions of cubic feet (MMcf) for sales gas:
TOTAL COMPANY COMPANY SHARE - FORECAST PRICE CASE
-----------------------------------------------------
Remaining Reserves as of March 31, 2011
-----------------------------------------------------
Light and Medium
Crude Oil Heavy Crude Oil Natural Gas
-----------------------------------------------------
Reserves Category Gross Net Gross Net Gross Net
----------------------------------------------------------------------------
Mbbl Mbbl Mbbl Mbbl MMcf MMcf
Proved Developed
Producing 31.4 29.4 - - 864.4 762.4
Non-Producing 36.4 33.3 - - 518.2 435.3
Proved Undeveloped 82.4 68.8 - - 479.3 382.2
-----------------------------------------------------
Total Proved 150.2 131.5 - - 1,861.9 1,579.9
Probable 712.2 581.6 70.0 65.3 5,126.9 4,629.6
-----------------------------------------------------
Total Proved Plus
Probable 862.4 713.1 70.0 65.3 6,988.8 6,209.5
-----------------------------------------------------
Estimated future net revenue and net present value of future net revenue before
income tax attributable to Cascade's net interests in the proved developed
producing, total proved developed, total proved, proved-plus-probable, and
proved-plus-probable-plus possible reserves are summarized as follows, expressed
in thousands of Canadian dollars (M$):
TOTAL COMPANY COMPANY SHARE - FORECAST PRICE CASE
------------------------------------------------
Future Net Revenue Before Income Tax as of March
31, 2011(1)
------------------------------------------------
Undiscounted Discounted
------------------------------------------------
Reserves Category at 5% at 10% at 15% at 20%
---------------------------- -----------------------------------
M$ M$ M$ M$ M$
Proved Developed
Producing 3,322.6 2,912.8 2,583.2 2,317.7 2,101.8
Non-Producing 3,038.3 2,616.5 2,285.1 2,021.1 1,807.6
Proved Undeveloped 4,585.4 3,788.1 3,215.2 2,781.9 2,441.6
------------------------------------------------
Total Proved 10,946.3 9,317.4 8,083.5 7,120.7 6,350.9
Probable 52,928.4 36,362.6 26,723.9 20,512.3 16,222.5
------------------------------------------------
Total Proved Plus Probable 63,874.9 45,680.0 34,807.5 27,633.0 22,573.5
------------------------------------------------
Note:
(1) It should not be assumed that the estimates of future net revenues presented
in the table above represent the fair market value of the reserves.
The following is a summary of financial information of Cascade for the periods
indicated below:
As at and for the year As at and for the three
ended December 31, months ended March 31,
2010(1) 2011(1)
-----------------------------------------------
(unaudited(2) and (unaudited(3) and
prepared under Canadian prepared under Canadian
GAAP) GAAP(1))
Total Revenues $1,760,089 $357,389
Total Expenses $2,047,232 $491,451
Net Loss ($287,143) ($134,062)
Total Assets $6,441,378 $4,960,246
Total Liabilities $1,526,540 $1,613,052
Working Capital (Deficiency) ($220,664) $1,528
Notes:
1. The Filing Statement will contain audited year end and unaudited interim
financial statements of Cascade as required under the rules and policies
of the TSXV and applicable securities laws. Such interim financial
statements for periods ended after January 1, 2011 will be prepared
under International Financial Reporting Standards ("IFRS") and are not
expected to differ materially from the above financial information.
2. Unaudited financial information for the year ended December 31, 2010 has
been prepared by management of Cascade and Cascade's auditor has not
completed its audit of these financial statements.
3. Unaudited interim financial information for the three months ended March
31, 2011 has been prepared by management of Cascade and Cascade's
auditor has not performed a review of these financial statements.
Cascade currently has issued and outstanding 20,610,000 Cascade Shares and stock
options to purchase up to 3,990,000 Cascade Shares at $0.25 per share. Cascade
management, directors and officers currently control approximately 39.6% of the
current issued and outstanding Cascade Shares (basic) and approximately 49.4% of
the current issued and outstanding Cascade Shares (diluted).
Northern Spirit Resources Inc.
Northern Spirit is an early stage Canadian oil and gas exploration and
production company listed on the TSXV under the symbol "NS", with lands and
assets in Alberta and British Columbia. The Corporation acquired exploration
lands in Belize and has sold its working interest in the Belize properties
retaining a gross overriding royalty and a first right of refusal on farm-outs.
The Corporation is a former "Capital Pool Corporation" pursuant to TSXV policies
and carried out its Qualifying Transaction on January 6, 2009 by acquiring two
oil and gas properties, Bowden/ Innisfail in Alberta and Noel in British
Columbia. Northern Spirit then acquired two additional sections of land to the
south of the Bowden/Innisfail lands. Northern Spirit completed and was producing
one well on these lands from the Belly River zone. Subsequent to Northern
Spirit's Qualifying Transaction, the Corporation acquired 1250900 Alberta Ltd.,
which held properties in the Gold Creek area of Northern Alberta. On November
25, 2010, Northern Spirit sold its interest in the Gold Creek properties for a
price of $1,001,193 and recognized a loss of $593,378 on the sale. Since that
time, Northern Spirit has been identifying and evaluating new oil and gas and
merger opportunities, resulting in the negotiations that lead to the Acquisition
of Cascade.
Sponsorship
Northern Spirit has requested that the TSXV exempt the requirement for a
Sponsorship Report in connection with the Acquisition. There are no guarantees
that the TSXV will accept Northern Spirit's request to exempt the Sponsorship
Report requirement, in which case Northern Spirit will engage a Sponsor to
prepare such a report.
Resumption of Trading and Further News
Trading of the Northern Spirit Shares has been halted and will not resume until
the TSXV has accepted all requisite documentation in connection with this
proposed Acquisition, and until an exemption from the Sponsorship requirement
has been granted by the TSXV or a Sponsor has been engaged. The Corporation will
issue subsequent news releases upon receipt of further information in relation
to the Acquisition, including upon the resumption of trading of the Northern
Spirit Shares, upon filing of the Filing Statement on SEDAR and upon completion
of the Acquisition.
Cautionary Statements
Completion of the transactions is subject to a number of conditions, including
but not limited to, TSXV acceptance and disinterested shareholder approval. The
transaction cannot close until the required shareholder approval is obtained.
There can be no assurance that the Acquisition will be completed as proposed or
at all.
Investors are cautioned that, except as disclosed in the Filing Statement to be
prepared in connection with the transaction, any information released or
received with respect to the transaction may not be accurate or complete and
should not be relied upon. Trading in the securities of Northern Spirit should
be considered highly speculative.
The TSXV has in no way passed upon the merits of the proposed Acquisition and
has neither approved or disapproved the contents of this press release.
"BOEs" means barrels of oil equivalent on the basis of 1 BOE to 6,000 cubic feet
of natural gas. BOEs may be misleading, particularly if used in isolation. A BOE
conversion ratio of 1 BOE for 6,000 cubic feet of natural gas is based on an
energy equivalency conversion method primarily applicable at the burner tip and
does not represent the value equivalency at the wellhead. BOEs have been
reported in this press release based on the foregoing conversion ratio.
Possible reserves are those additional reserves that are less certain to be
recovered than probable reserves. There is a 10% probability that the quantities
actually recovered will equal or exceed the sum of proved plus probable plus
possible reserves.
Except for statements of historical fact, this news release contains certain
"forward-looking information" and "forward-looking statements" within the
meaning of applicable securities law. Forward-looking information is frequently
characterized by words such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate" and other similar words, or statements that certain
events or conditions "may" or "will" occur. These forward-looking statements
sometimes include words to the effect that management of Northern Spirit or
Cascade, as applicable, believes or expects a stated condition or result. All
estimates and statements that describe Northern Spirit's and Cascade's future
plans are forward-look statements. Forward-looking statements such as the
receipt of all applicable TSXV, regulatory and shareholder approvals required in
respect of the Acquisition, the proposed management team and board of directors
of Northern Spirit following completion of the Acquisition, the anticipated
classification of the Corporation on the TSXV following completion of the
Acquisition, the issuance of new share purchase options of the Corporation upon
completion of the Acquisition, estimates of reserves, the references to
Cascade's exploration and drilling programs and capital expenditures relating
to, and timing of, such programs, production levels, the ability to access
sufficient capital for stated programs and budgets, and the expected congruency
between Canadian GAAP financial statements and IFRS financial statements are
based on the opinions and estimates at the date the statements are made, and are
subject to a variety of risks and uncertainties and other factors that could
cause actual events or results to differ materially from those anticipated in
the forward-looking statements.
There are uncertainties inherent in forward-looking information, including
factors beyond Cascade's and Northern Spirit's control, and no assurance can be
given that adequate funds will be available nor that the programs will be
completed on time, on budget or at all nor that the Acquisition will be
completed as anticipated or at all. In addition, there are numerous
uncertainties inherent in estimating reserves, including many factors beyond
Cascade's and Northern Spirit's control, and no assurance can be given that the
indicated level of reserves or the recovery thereof will be realized. In
general, estimates of reserves are based upon a number of factors and
assumptions made as of the date on which the estimates were determined, such as
geological and engineering estimates which have inherent uncertainties. The
reserves estimates for the properties described in this news release may not
reflect the same confidence level as estimates of reserves for all of Cascade's
properties, due to the effects of aggregation. Further, estimates of net present
value do not represent fair market value. Northern Spirit undertakes no
obligation to update forward-looking information if circumstances or
management's estimates or opinions should change except as required by law. The
reader is cautioned not to place undue reliance on forward-looking statements.
Additional information identifying risks and uncertainties that could affect
financial results is contained in Northern Spirit's filings with Canadian
securities regulators, which filings are available at www.sedar.com.
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