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## Canadian Spirit Resources Inc. Announces Financial Results for the Second Quarter Ended December 31, 2023

### Calgary, Alberta, Feb. 28, 2024 (GLOBE NEWSWIRE)

Canadian Spirit Resources Inc. (ÔÇ£CSRIÔÇØ or the ÔÇ£CorporationÔÇØ) (TSXV:SPI) (OTCBB:CSPUF) is pleased to announce the release of its unaudited interim financial statements and management discussion and analysis for the three and six month periods ended December 31, 2023.

**Second Quarter Financial Results**

This news release provides a summary of information contained in the Financial Statements and MD&A. It is important to read these full disclosure documents available on the Corporation’s profile on SEDAR+ at www.sedarplus.com.

In light of the Corporation’s change of year-end from December 31 to June 30, approved by the Board on August 25, 2023, the Financial Statements and MD&A compare the financial performance for the three and six month periods ended December 31, 2023, to the same periods in 2022. The change of year-end was approved by the Canada Revenue Agency on November 30, 2023.

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**Selected Financial Data**

The Financial Statements for the three and six months ended December 31, 2023, show the following selected financial data:

– **Three months ended December 31, 2023:**
– Natural gas sales (net of royalties): $119,127
– Operating costs: $(105,723)
– Operating netback (loss): $13,404
– Other income and gains: $61,656
– Other expenses: $(534,425)
– Net comprehensive loss for the period: $(459,365)

– **Six months ended December 31, 2023:**
– Natural gas sales (net of royalties): $119,164
– Operating costs: $(146,653)
– Operating netback (loss): $(27,489)
– Other income and gains: $64,806
– Other expenses: $(919,645)
– Net comprehensive loss for the period: $(882,328)

The Corporation’s gas production for the period averaged 668 and 334 mcf per day for the three and six months ended December 31, 2023, respectively.

**Review of Strategic Alternatives**

CSRI is working with Sayer Energy Advisors to review strategic alternatives and enhance the value of the Montney resource base at Farrell Creek and Altares.

For more information on the strategic process, contact CSRIÔÇÖs CEO, Louisa DeCarlo, at 403-618-2113, or Tom Pavic at Sayer Energy Advisors at 403-266-6133.

**Warrant Exercise**

Elmag Investments Inc. has exercised the remaining 10,000,000 warrants of the Corporation to purchase an additional 10,000,000 common shares at a price of $0.08 per share.

For additional information on CSRI, visit SEDAR+ at www.sedarplus.com or the CorporationÔÇÖs website at www.csri.ca.

**On behalf of the Board of Directors**

CANADIAN SPIRIT RESOURCES INC.
Louisa DeCarlo
President and Chief Executive Officer

For further information, contact:
Canadian Spirit Resources Inc.
Attention: Louisa DeCarlo
Telephone: (403) 618-2113
Email: [email protected]

_NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THIS NEWS RELEASE._

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