TSX VENTURE: SPI

Building Shareholder ValueIn British Columbia’s

Montney and Gething Plays

January 2010

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.

CSRI MISSION STATEMENT

Canadian Spirit Resources Inc. (“CSRI” or the “Company”) is a natural resources company focusing on the identification and development of opportunities in the unconventional gas sector of the energy industry.

The mission of the Company is to develop 1 trillion cubic feet of natural gas from unconventional resource plays in western Canada.

FARRELL CREEK LOCATION

FOCUSED ON UNCONVENTIONAL GAS AT FARRELL CREEK, BRITISH COLUMBIA

CSRi Land

Sedimentary Basins

Duke Energy Pipeline

Fort St. John

Spectra Energy Pipeline

KEY INVESTMENT CONSIDERATIONS

Large prospective resource

� Gas-in-Place – 8.6 to 17.4 tcf

Exploration at no cost to CSRI

� Canbriam JV - C$28.6 – 50.0 million

� Shell JV - C$50 – 100 million

Financial strength/favourable risk profile

� Working capital - C$10.1 million

� In-the-money warrants - C$5.7 million

Leverage to natural gas price recovery

FARRELL CREEK STRATIGRAPHY

Formation LithologyApproximate Depth

To Top (m)

Estimated Gas In

Place (Bcf/Section)

Moosebar/Gates Shale 400 71

Bluesky Sandstone 650 ?

Cadomin/Nikanassin Sandstone 950 ?

Fernie/Pokerchip/Nordegg Organic Shale 1300 153

Halfway Conventional Sandstone 1700 ?

Doig Shale 1750 302

Phosphorus Zone (Lower Doig) Organic Rich Shale 1900 502

Montney Shale/Siltstone 2100 1002

Belloy Sandstone 2400 ?1 Sproule Discovered and Undiscovered Resource Estimate (April 2009)

2 B.C. Government Resource Estimate (May 2006)

3 Based on a Competitors News Release (April 2006)TOTAL >230

GethingCoal/Dirty Coal/Shale/Silt/Sandstone

"Organically Rich Rock Package"

Pardonet/Baldonnel Shale/Silt/Sandstone 1350

281

?Charlie Lake Shale/Silt/Sandstone/Salt

Sh

ell/C

SR

I Jo

int V

en

ture

Can

bria

m/C

SR

I Jo

int V

en

ture

Shale/Silt/Sandstone/Salt 1550

700

1400

Coplin Unconformity

CANBRIAM JOINT VENTURE

Canbriam drills and evaluates two Montney wells on east block of Farrell Creek lands to earn 65% WI in all CSRI deep rights (44 sections)

CSRI carried through initial capital up to C$29 million

Canbriam has option to increase WI to 70% by carrying CSRI through additional capital commitment

AMI created in Farrell Creek area

Canbriam is operator of Montney project

CANBRIAM JOINT VENTURE

CANBRIAM JOINT VENTURE MONTNEY PROJECT

Two vertical Montney wells drilled on east block � Montney and other zones evaluated – 4Q 2008� New pool discovery status in 1-31

Vertical Montney b-17-I well recently drilled on west block� Favourable test in lower Montney� Plan to use for “Fracture Mapping” of c-18-I horizontal well� Possible future horizontal completion

First horizontal well c-A48-I currently drilling on west block� Planning horizontal leg in lower Montney� Possible future horizontal completion in upper Montney

Active drilling program on west block in 2010� Next will be c-18-I multi-lateral well in upper Montney� Additional multi-lateral well in fourth quarter

Gas processing facility planned for 2010

TALISMAN ENERGY – MONTNEY SHALE PLAY

CANBRIAM JOINT VENTUREMONTNEY PROSPECTIVE RESOURCE

44 sections of deep rights (Montney)

Estimates of 100 bcf to 300 bcf per section Gas-in-Place

Gross prospective resource 4.4 tcf to 13.2 tcf

CSRI’s net interest (30% WI) – 1.3 tcf to 4 tcf

Estimated ultimate recovery per well unknown – Talisman estimates 5 bcf per well

CSRI’s estimated net recoverable (25% recovery factor) – 300 bcf to 1 tcf

SHELL JOINT VENTURE

CSRI carried for initial C$50 million to expand land base; drill additional wells; and build Pilot Plant with infrastructure

Election to pool:� Shell and CSRI lands (150 sections) to earn 75% WI

If election to proceed:� Shell carries CSRI for additional capital amount

If election not to proceed: � CSRI retains 100% WI in existing lands (55 sections);

Pilot Plant and infrastructure

� CSRI holds ROFR on Shell lands (95 sections)

SHELL JOINT VENTURE

SHELL JOINT VENTURE GETHING PILOT PROJECT

SHELL JOINT VENTUREGETHING PILOT PROJECT

1.1 mmcf/d capacity (expandable)

SHELL JOINT VENTUREGETHING PROJECT

14 Gething wells drilled with 7 wells completed in Pilot area

7 wells currently tied-in to Spectra Energy Pipeline

Pilot Project began production in June 2009

Horizontal well licensed

Objective is to optimize completion and production techniques needed to move project to commercial production

Shell is operator of Gething project

SHELL JOINT VENTUREGETHING PROSPECTIVE RESOURCE

150 sections of shallow rights (Gething)

Estimate of 28 bcf per section Gas-in-Place

Gross prospective resource 4.2 tcf

CSRI’s net interest (25% WI) – 1 tcf

Estimated ultimate recovery per well - unknown

CSRI’s estimated net recoverable – 200 to 300 bcf

CSRI FINANCIAL POSITION

Strong cash position C$10.0 million/C$0.20 share

No debt

Gross monthly G&A expense approx. C$150,000

Capital program currently funded by JV partners

5.0 million warrants O/S expiring February 19, 2010 with potential to raise C$4.0 million

1.2 million warrants O/S expiring July 9, 2010 with potential to raise C$1.7 million

2010 capital budget C$9.5 to C$18.0 million

SHARE OWNERSHIP

Common Shares

� 49.0 million common shares outstanding

� 6.2 million warrants and 2.8 million options outstanding

� Options represent 5.7% of outstanding shares

Major Shareholders

� Elmag Investments 17.5%

� Private investment firm

� Pinetree Capital 13.7%

� Including joint actors

� Sprott Asset Management 9.7%

� CSRI Management, Directors & Associates 3.1%

CSRI INVESTMENT CONSIDERATIONS

Large prospective resource

Exploration at no cost to CSRI

Strong financial position

Leverage to natural gas price recovery

Period of opportunity

CORPORATE INFORMATION

TSX Venture Listing

Trading Symbol: SPI

Corporate Office

Suite 1950, Ford Tower

633 6th Avenue S.W.

Calgary, AB T2P 2Y5

T: (403) 539-5005

F: (403) 262-4177

Canadian Spirit Resources Inc. (“CSRI” or the “Company”) is a natural resources company with the mission to develop 1 trillion cubic feet of natural gas from unconventional resource plays in western Canada. The Company is focused on the identification and development of opportunities in the unconventional gas sector of the energy industry.

Resource Evaluator

Sproule Unconventional Limited

Bank

The Bank of Nova Scotia

Auditors

PricewaterhouseCoopers LLP

Legal Counsel

Gowling Lafleur Henderson LLP

Transfer Agent

Computershare Investor Services Inc.

Contact

info@csri.ca

www.csri.ca

Management

Donald R. (Don) Gardner

CEO & Corporate Secretary

Phillip D.C. (Phil) Geiger

President & COO

Dean G. Hill

VP Finance & CFO

Directors

George W. Watson, Chairman

Rudolf Cech

J.R. Richard Couillard

Donald R. Gardner

Phillip D.C. Geiger

Philip H. Grubbe

Robert P. Winnitoy

APPENDIX

CSRI MANAGEMENT APPENDIX

Donald (Don) R. GardnerCEO & Corporate Secretary and Director

Bachelor of Commerce, Master of Science (Bus. Admin.)

Sr. VP & CFO – Rigel Energy Corp.Executive VP & CFO – Canadian 88 Energy Inc.Senior executive financial experience in the petroleum sector

Phillip (Phil) D.C. Geiger President & COO and Director

Bachelor of Science (Electrical Engineering), P.Eng.

Consultant – Gas Technology Institute, Rio Alto, CNRLDistrict Manager – Suncor Energy Inc. (Fort St. John production office)Senior management roles in business development, corporate planning and engineering (conventional and unconventional)

Dean G. HillCFO & VP Finance

Bachelor of Commerce, CA

VP Finance & Administration – Joe Johnson Equipment Inc. Compliance Manager – Selby Silverstein Chartered AccountantsSenior roles held in finance, accounting, administration and insurance (Canada and internationally)

DIRECTORS APPENDIX

Senior executive positions in natural gas processing and transportation

Senior executive positions in finance, systems

and administration

VP & CFO – Dome Petroleum

Senior executive positions in banking and the petroleum sector

Executive Chairman – CriticalControl Solutions Corp.

George W. Watson (Chairman)

Bachelor of Science (Engineering), MBA

President & CEO – TransCanada PipeLines

ConsultantConsultant

VP Business & Product Dev. – Westcoast Energy Inc. VP Finance & CFO – Upton Resources Inc.

VP Project Dev. – Duke Energy Gas TransmissionVP Finance & CFO – AltaCanada Energy Corp.

Bachelor of Science (Mechanical Engineering), P.Eng.Bachelor of Commerce (Hons.), CA

Robert P. WinnitoyPhilip H. Grubbe

Senior executive positions in petroleum exploration in Canada, USA and Internationally

Senior executive positions worldwide in reserves estimation in evaluation studies of petroleum and mineral properties

CEO & Founding Director – Escavar Energy, Inc.Sr. VP – Sproule Associates Ltd. Int. Division

President & CEO – RockWell Petroleum Inc.President - Adur Energy Ltd.

Bachelor of Science (Geology, Hons.), P.Geol.Masters of Science (Mining Engineering), P.Eng.

J.R. Richard CouillardRudolf Cech

FARRELL CREEK APPENDIX PRODUCTION POTENTIAL

40-200 mmcf/dTotal Net (Montney + Gething)

10-30 mmcf/d30-170 mmcf/dNet (Montney WI 35%, Gething WI 25%)

Possible Well Locations

40-120 mmcf/d

200-300 mcf/d

200-400

GETHING

80-480 mmcf/dGross

Potential Total Production

1-3 mmcf/dBased on stabilized production,

not initial production

Estimated Productivity per Well

80-160 Estimated range of 2 to 4 horizontal wells per section (based on 40 sections)

Estimated range of 4 to 8 vertical wells per section (based on 50 sections)

MONTNEY

FARRELL CREEK APPENDIX RESERVE POTENTIAL

0.6-1.1 tcfMontney + Gething

Total Net Potentially Recoverable*

0.2-0.4 tcf25% WI

4 tcf4 tcf(Comprised of discovered and undiscovered resource)

Gas-in-Place

0.8-1.6 tcf

GETHING

0.4-0.7 tcf 35% WI

Net Potentially Recoverable*

20 to 40% Recovery factor

1.2-2 tcf 30 to 50% Recovery factor

Estimated Potentially Recoverable*

MONTNEY

* Estimated by CSRI based on public data

POTENTIAL GETHING APPENDIXRESOURCE VALUES

50

2.50

5.00

7.50

10.00

403020

2.001.501.000.25

4.003.002.000.50

6.004.503.000.75

8.006.004.001.00Reserves

* Net PresentValue

($/mcf)

Resource

Potential Recovery Factor ( % )

Assumptions: 4 tcf Gas-in-Place (comprised of discovered & undiscovered resource)50 million shares O/S, CSRI 25% WI

* Represents estimated NPV range at various stages of development and gas price forecasts

$/Share

POTENTIAL MONTNEY APPENDIX RESOURCE VALUES

50

7.00

14.00

21.00

28.00

403020

5.604.202.800.50

11.208.405.601.00

16.8012.608.401.50

22.4016.8011.202.00

Potential Recovery Factor ( % )

Reserves

Resource

* Net PresentValue

($/mcf)

$/Share

Assumptions: 4 tcf Gas-in-Place (comprised of discovered & undiscovered resource)50 million shares O/S, CSRI 35% WI

* Represents estimated NPV range at various stages of development and gas price forecasts

RECENT FINANCINGS APPENDIX

February 19, 2008 - Units

� Price: $0.50

� Gross Proceeds: $5,610,000

� Each unit consists of one common share & ½ of one share purchase warrant

� Number of Shares Issued: 11,220,000

� Number of Warrants Outstanding: 5,570,000

� Warrants Exercisable @ $0.80 per share ($4.5 million) – expiring Feb. 19, 2010

� Warrants callable if stock trades at $1.20 for 20 days

July 9, 2008 - Units

� Price: $1.05

� Gross Proceeds: $2,617,984

� Each unit consists of one common share & ½ of one share purchase warrant

� Number of Shares Issued: 2,493,319

� Number of Warrants Outstanding: 1,246,660

� Warrants Exercisable @ $1.40 per share ($1.7 million) – expiring July 9, 2010

July 9, 2008 - Flow-Through Shares

� Price: $1.20

� Gross Proceeds: $480,000

� Number of Shares Issued: 400,000