Spitfire Energy announces third quarter results

    CALGARY, Feb. 27 /CNW/ - Spitfire Energy Ltd. (TSX-V: SEL) is pleased to
announce its financial and operating results for the third quarter of fiscal
2009 ending December 31, 2008.

    Third Quarter Fiscal 2009 Highlights

    -   Crude oil and natural gas revenue for the quarter ended
        December 31, 2008 was $1,423,790, increasing 6% over the quarter
        ended December 31, 2007;
    -   Production increased 22% to 352 boed for the third quarter of
        fiscal 2009 compared with 289 boed for the same quarter in
        fiscal 2008. Compared to the previous quarter, production in the
        third quarter of 2009 increased 11% from 317 boed.
    -   The pipeline for Spitfire's Verlo, Saskatchewan exploration well
        drilled in the second quarter of fiscal 2009 was completed and is
        currently producing at initial rates of 36 net boed;
    -   Over 50% of the pipeline project required to tie-in the new pool
        exploration well in Oak, Alberta drilled in the previous quarter was
    -   Spitfire's production at February 27, 2009 is 451 boepd.

    The following table provides a summary of Spitfire's results for the
three-month period ending December 31, 2008 and 2007. 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 December 31
                                                         2008         2007
    Petroleum and natural gas sales
      Crude oil and NGLs                               $955,044   $1,128,695
      Natural gas                                      $468,746     $218,727
      Net revenue                                    $1,423,790   $1,347,422
    Cash flow from operations                           $74,891     $457,284
      Per share basic and diluted                         $0.00        $0.01
    Net earnings (loss)                               ($449,896)    ($13,182)
      Per share basic and diluted                        ($0.01)       $0.00
    Capital expenditures                               $862,824     $769,917
    Working capital (deficit)                       ($5,525,721) ($1,246,963)
    Total assets                                    $24,141,251  $19,311,406
    Common shares outstanding                        40,746,582   42,223,744


    Realized prices
      Crude oil and NGLs ($/bbl)                         $46.05       $55.26
      Natural gas ($/mcf)                                 $6.71        $5.93
      Total ($/boe)                                      $43.97       $50.68
      Netbacks ($/boe)                                   $12.81       $17.20
    Average production
      Crude oil and NGLs (bbl/d)                            225          222
      Natural gas (mcfd)                                    759          401
      Total (boed)                                          352          289


    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.

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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