Trading Symbol: SPI – TSX Venture ExchangeWebsite: www.CSRi.ca

Unconventional Natural Gas

A Compelling Case. A Focused Vision.March 2007

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DISCLOSURE STATEMENT

The corporate information contained in this presentation contains forward-looking forecast information. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonably accurate by Canadian Spirit Resources Inc. (“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.

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HISTORY OF CSRi

1987 Incorporated as Super Twin Resources (a junior mining venture)

2001 Began investigating CBM potential in western Canada

2002 CBM joint venture with Chevron Texaco, current management joined CSRI

2003 Joint venture dissolved, CSRi retained all rights to proprietary information, commenced land acquisition and resource confirmation

2004+ Evaluation of Farrell Creek potential

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STRATEGY

Fourth year of a five year development plan Focus on unconventional gas resources

Specifically the coals, shales and tight sands of the Gething Formation at Farrell Creek, NE B.C.

Sproule Associates Limited (“Sproule”) estimates 1.8 tcf of discovered resource for the shallow Gething, Gates and Moosebar Formations

Additional deep rights are prospective Phased approach to testing and development

8 test wells drilled to date Pilot project with 4 test wells that have test flared 50 mmcf

Planned production by the end of 2007 with a 2 km tie-in to Duke transmission line

Full scale commercial development, downspacing and optimization

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FARRELL CREEK LAND PLAT

T83

T82

T81

T84

T85

R23R24R26 R2593-O-16

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LAND SUMMARY

PROPERTY LAND(sections)

COMMENTS

Farrell Creek, B.C. 62 94% average WI in Gething 96% average WI in deep rights on

75% of lands

Monias, B.C. 1 100% WI surface to basement

Coal Lake, AB 3 100% WI in Mannville 100% WI Horseshoe Canyon in one

section – 4 suspended wells

Iskut, B.C. 2 Wollastonite mineral deposit No current activity

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FARRELL CREEK GEOLOGY

Average depth to top of Cadomin is 900m

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FARRELL CREEK

High working interest, operated land position 100% operated 39,506 gross acres, average 94% WI

Deep rights in 75% of lands, average 96% WI Independent estimate (Sproule) of 1.8 tcf of discovered resources

from the shallow horizons only 32 – 41 bcf per section from the Gething, Gates and Moosebar

Formations 1.4 tcf attributed to the Gething “Rock Package”

Coals: 13.1 – 16.4 bcf per section Shales: 10.9 – 17.6 bcf per section

0.4 tcf in the Gates and Moosebar Formations 7.1 – 8.5 bcf per section

Sproule did not estimate recovery factors and no proved or probable reserves were assigned

Long reserve life characteristic

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FARRELL CREEK

Currently flow testing 4 well pilot program Gas rates: 50 – 250 mcf/d per well (>24 hr production test) Water rates: 10 – 60 bbl/d per well Cumulative test flaring of over 50 mmcf from 4 test wells

Trucking water to Fort St. John disposal facility Various completion techniques have been evaluated All wells were fracture mapped Six section Experimental Scheme approved by BC MEM/OGC Capital costs to date (excluding land) - $19 million Optimal spacing not yet determined

200 – 500 well locations (assuming 4 - 8 wells per section) Horizontal potential not yet determined

Expected productivity: 250+ mcf/d per well

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OPERATIONAL PLANS 2007/8

Further optimization of drilling and completion techniques Determine optimal well spacing Evaluate directional and/or horizontal potential Continue to reduce capital costs per well

Proceed with Duke Energy tie-in

Maintain favorable relations with stakeholders

Anticipate gas flowing to market late this year

Evaluate deep targets for farmout or deep test

Additional vertical wells to delineate reservoir extent

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ADDITIONAL POTENTIAL

Moosebar & Gates shales resource potential (Sproule) estimates: 0.4 tcf 7 – 8 bcf per section

Deeper zones Estimates of >175 bcf per section OGIP

Cadomin, Fernie, Nordegg, Halfway, Doig, Montney and Debolt Drilling on neighboring land for targets in the Bluesky, Halfway, Debolt

and other deeper targets

Horizontal drilling potential

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CAPITAL STRUCTURE, OWNERSHIP

Listed – SPI (TSX Venture Exchange) Working capital surplus - $2.1 million No debt Tax pools – $39.6 million (est. as at Dec. 31, 2006) 28,833,082 shares outstanding (basic)

29,129,868 fully diluted 2,496,000 options outstanding – avg. strike price = $2.46 3,200,000 warrants outstanding – strike price = $2.50 (expiring

Aug.11, 2007) Management and directors own 2.38% Largest shareholder - Sprott Asset Management (15.6%) Employees – 8 permanent, 3 contract, 1 field (contract)

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VALUE CONSIDERATIONS

Convert large Gething resource to reserves

VALUE

RESOURCE RESERVES

Explore/farmout deep rights

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UNIQUE STRENGTHS

Significant resource: 1.8 tcf (shallow formations only)

High working interest land position: 39,506 acres

Multiple prospective targets

Resource knowledge and expertise of technical team

Ready access to infrastructure and pipeline

Advancing towards development phase of resource

Creating Shareholder Value

Balanced Approach. Focused Vision.

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Canadian Spirit Resources Inc.Suite 1950, Ford Tower633 6th Avenue S.W.Calgary, Alberta T2P 2Y5Telephone (403) 539-5005E-mail: info@csri.caTSX Venture: SPI

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