Peter Hodson Canadian Spirit Resources Inc. SPI-X BUY Jun 06, 2006

The reserves and potential are there. They have lots of wells to drill over a five-year period. Slow and steady. They will need to finance it. Very cheap.

Peter Hodson

Owned

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$3.100

Stock price when the opinion was issued

oil gas

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Coal bed methane play. Did some drill programs that they are reworking into their valuation. Recent engineering report shows they have 600/800 BCF of recoverable gas. Potentially an $800 million value and they have a $100 million market cap. Pretty risky.

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Peter Hodson Canadian Spirit Resources Inc. SPI-X BUY Jun 06, 2006

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Canadian Spirit Resources Inc.(SPI-X)

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