SPI Canadian Spirit Resources Inc

Canadian Spirit Resources Inc. ("CSRI" or the "Corporation") (TSX VENTURE:SPI)
(OTCBB:CSPUF) announces the release of its interim financial results and
Management Discussion and Analysis ("MD&A") for the three and nine month periods
ended September 30, 2012.


This news release summarizes information contained in the unaudited interim
condensed financial statements and MD&A for the three and nine month periods
ended September 30, 2012 and should not be considered a substitute for reading
these full disclosure documents 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 QUARTERLY DATA                                                      
(all amounts are presented in Canadian dollars)                             
For the nine months ended, and as at, September                             
 30,                                                     2012          2011 
----------------------------------------------------------------------------
                                                                            
Average sales volumes of natural gas (Mcf/d)            1,793         1,355 
Average sales price of natural gas ($/Mcf)       $       2.05  $       3.41 
Natural gas sales, before royalties              $  1,004,941  $  1,088,593 
Operating netbacks, after royalty credits                                   
 applied                                         $    248,382  $    535,793 
Cash flow from operating activities              $ (1,367,369) $   (733,386)
Net loss and comprehensive loss                  $ (2,848,340) $ (2,324,386)
Loss per share, basic & diluted                  $      (0.04) $      (0.03)
Net working capital                              $  3,369,970  $  1,962,692 
Total assets                                     $ 63,109,836  $ 80,060,887 
Shareholders' capital                            $ 60,925,108  $ 72,603,878 
Common shares outstanding                          90,548,661    73,792,361 
Total capital expenditures                       $  2,036,530  $ 17,705,524 



PRODUCTION

CSRI's natural gas sales September 30, 2012. The its 10 MMcf/d (3.5 net) gas
volume averaged 1.8 MMcf/d (net) during the nine months ended Corporation has 5
(1.75 net) Montney wells being produced through plant located on its western
lands at Farrell Creek, British Columbia.


FARRELL CREEK OPERATIONS

CSRI, along with its joint venture partner, successfully fracked and flow-tested
in the third quarter 2012 a previously drilled vertical well at 12-7-83-24W6
located on the eastern portion of its Farrell Creek property. The drilling and
completion of this well enabled the Corporation to retain seven sections of land
for an additional term of five years. The well was fracture stimulated in the
upper, middle and lower zones in the Montney Formation. Although there was no
evidence of free condensate being produced, the prospectivity of natural gas in
all three zones was confirmed.


The joint venture has also approved a well to be located at 3-24-83-25W6 on its
eastern lands at Farrell Creek. It is expected that the drilling operations will
commence early in the first quarter 2013. Fracture stimulation of this well is
expected to occur after spring break-up 2013.


FINANCIAL RESOURCES

The Corporation currently has no debt, and has C$3.4 million of working capital
as at September 30, 2012.


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
(403) 539-5005
(403) 262-4177 (FAX)
alfred.sorensen@csri.ca


Canadian Spirit Resources Inc.
Phil Geiger
(403) 539-5005
(403) 262-4177 (FAX)
phil.geiger@csri.ca
www.csri.ca

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