Trading Symbol: SPI

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Unconventional Natural GasA Compelling Case. A
Focused Vision.March 2007

• Trading Symbol SPI TSX Venture Exchange
• Website www.CSRi.ca

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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
T85
T84
T83
T82
T81
R23
R24
R26
R25
93-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 (gt24 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 gt175 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

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Creating Shareholder Value

• Balanced Approach. Focused Vision.

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• Canadian Spirit Resources Inc.
• Suite 1950, Ford Tower
• 633 6th Avenue S.W.
• Calgary, Alberta T2P 2Y5
• Telephone [phone]
• E-mail info_at_csri.ca
• TSX Venture SPI

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