Spitfire Energy announces first quarter results

    CALGARY, Aug. 25 /CNW/ - Spitfire Energy Ltd. (TSX-V: SEL) is pleased to
announce its financial and operating results for the first quarter of fiscal
2010 ending June 30, 2009.

    First Quarter Fiscal 2009 Highlights

    -   Production increased 51% to 374 boed for the first quarter of fiscal
        2010 compared with 247 boed for the same quarter in fiscal 2009.
        Compared to the previous quarter, production in the first quarter of
        2010 increased 6% from 352 boed;
    -   Drilled two title-preserving wells (two net) during the quarter,
        resulting in two gas wells (two net);
    -   Commenced the pipeline project required to tie-in the two wells
        drilled during the quarter.

    The following table provides a summary of Spitfire's results for the
three-month period ending June 30, 2009 and 2008. Spitfire's unaudited
financial statements and Management's Discussion and Analysis can be accessed
for viewing on SEDAR at www.sedar.com and on the Company website at

                                                     Quarter Ended June 30
                                                       2009          2008
    Petroleum and natural gas sales
      Crude oil and NGLs                            $1,278,253    $1,799,386
      Natural gas                                     $273,903      $275,030
      Net revenue                                   $1,552,156    $2,074,416
    Cash flow from operations                         $397,193      $929,458
      Per share basic and diluted                        $0.01         $0.02
    Net earnings (loss)                              ($225,521)     $365,058
      Per share basic and diluted                       ($0.01)        $0.01
    Capital expenditures                              $500,474    $1,010,521
    Working capital (deficit)                      ($6,214,193)  ($1,947,152)
    Total assets                                   $24,395,673   $20,780,683
    Common shares outstanding                       38,895,453    40,772,582


    Realized prices
      Crude oil and NGLs ($/bbl)                        $60.09       $100.89
      Natural gas ($/mcf)                                $3.47         $9.91
      Total ($/boe)                                     $45.11        $92.29
      Netbacks ($/boe)                                  $12.46        $41.52
    Average production
      Crude oil and NGLs (bbl/d)                           231           196
      Natural gas (mcfd)                                   859           305
      Total (boed)                                         374           247

    Spitfire Energy Ltd. is a junior oil and gas company engaged in the
exploration, development and production of natural gas and crude oil reserves.
Spitfire's common shares trade on the TSX Venture Exchange under the symbol

    This press release contains forward-looking statements that are based on
current expectations. There are a number of risks and uncertainties associated
with the oil and gas industry that could cause actual results to differ
materially from those anticipated.

    A barrel of oil equivalent, derived by converting gas to oil using a
ratio of six thousand cubic feet of gas to one barrel of oil, may be
misleading, particularly if used in isolation. A boe conversion is based on an
energy equivalency conversion method primarily applicable at the burner tip
and does not represent a value equivalency at the wellhead.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of the contents of this press release.

    %SEDAR: 00016881E

For further information:

For further information: Keith N. Chase, President and Chief Executive
Officer, (403) 205-3400 x224; Danny Zivkusic, Chief Financial Officer, (403)
205-3400 x228

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