A Compelling Case. A Focused Vision. October 2006 Unconventional Natural Gas TSX VENTURE: SPI

SPI 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. Disclosure Statement

SPI Who We Are  A junior public exploration and development company focused on unconventional natural gas  Seasoned management team with expertise in unconventional natural gas development  Operations focused on Farrell Creek area of northeast B.C.  Farrell Creek resource estimated at over 1 tcf on the company’s 40,000 acres of land  Currently in pre-production stage with production and cash flow generation expected in Q3 2007

SPI CSRi at a Glance Shares outstanding28.8 million ListingTSX Venture: SPI Recent share price$1.92 Market capitalization$55 million Management and Directors2.5% Institutional shareholders22.5% Largest shareholderSprott Asset Management (18.8%) (As at September 15, 2006)

SPI CSRi at a Glance Total land holdings40,000 acres (62 sections) Contingent resource* Gething coals12 – 16 bcf/section Gething shales11 – 17 bcf/section Total contingent resource1.4 – 2.0 tcf Market cap / recoverable mcf$0.06 per mcf * (Sproule Associates, April 17, 2006, Gething Formation only at Farrell Creek, B.C.) Calculated on average contingent resource of 1.6 tcf at an estimated 60% recovery rate.

SPI Unconventional Natural Gas  Unconventional natural gas includes natural gas from coal, shale gas, as well as gas from tight sands  Typically large, long-life resource  Unconventional natural gas is a rapidly growing sector in North America’s energy industry  Significant production in the U.S., 10 years ahead of Canada

SPI Conventional vs. Unconventional Gas  Can evaluate with well logs  Immediate gas flow to well bore  May fracture to stimulate  Inorganic reservoir rock gas has migrated to reservoir trap  Permeability not depth dependant  Few wells to develop  Water/gas ratio increases  Reserve determination follows established guidelines  Needs specialized lab tests on cores  Gas diffuses slowly to fractures  Always fracture to stimulate  Organic reservoir rock is its own source rock  Permeability decreases with depth  Multiple wells and facilities  Water/gas ratio decreases  Requires production testing to demonstrate reserves Source: Modified from AJM Petroleum Consultants

SPI Fort St. John Substantial Resource Play Total unconventional gas potential in British Columbia is estimated at 90 tcf, of which 60 tcf is located in the Peace River Coalfield (shown in dark blue on locator map) where CSRi’s Farrell Creek property is located.

SPI Focused Approach Land 62 sections Working Interest 94% average Deep Rights on over 80% of land

SPI Farrell Creek, NE B.C. Land 62 sections Well Spacing 4 – 8 wells per section Potential Well Locations 200 – 500 Productivity per Well 250 – 300 mcf/d Total Potential Production 50 – 150 mmcf/d

SPI Resource Report Sproule Associates Limited Preliminary Report April 17, 2006: Farrell Creek Gething Formation - Contingent gas-in-place resource potential Coals12 – 16 bcf per section Shales11 – 17 bcf per section Total contingent resources1.4 – 2.0 tcf

SPI Farrell Creek Geology Average depth to top of Cadomin is 900m

SPI Farrell Creek Gething Formation Coal  Multiple thin seams  As many as 30 individual seams  Net coal thickness: average 25 – 50 feet  Gas content: 230 – 550 scf/ton Shale  Rich in organics  Interbedded with coal  Represents 50 – 65% of the formation  Gas content: 12 – 58 scf per ton

SPI Staged Approach CSRi Today Typical Stages of an Unconventional Gas Program Source: Modified from Lamarre Geological

SPI Accomplishments to Date  Drilling Program has: Confirmed resource parameters Confirmed geological and resource consistency Generated data for resource assessment  Demonstrated productive repeatability  Commenced production testing – three wells flaring  Commenced preliminary facility design and pipeline hot-tap application

SPI Financial Summary ($ millions) June 2006 Cash & term deposits$6.0$10.7$3.3 Shareholders’ equity$18.8$29.0$28.6 Revenue$0.074$0.499$0.569 Net income($1.742)($3.806)($2.911) Cash flow($0.528)($0.468)($0.564) Net income/share($0.09)($0.15)($0.11)

SPI 2006 Capital Program ($ millions) June 2006 Exploration$9.7 Land$0.1 Capitalized G&A$0.6 $10.4 Estimated expenditures to September 30$7.9 Estimated fourth quarter capital$2.5 Estimated net cash position September 30$6.0 Ongoing net monthly G&A costs$90,000

SPI Risks  Production rate per well  Well density and recovery factor  Equipment and service costs  Natural gas prices

SPI CSRi – Unique Strengths  Significant resource: 1.4 – 2.0 tcf (Gething only)  High working interest land position: 40,000 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.

SPI Canadian Spirit Resources Inc. Suite 1950, Ford Tower 633 6th Avenue S.W. Calgary, Alberta T2P 2Y5 Telephone (403) TSX Venture: SPI w w w. c s r i. c a