Spitfire's Q3 Cash Flow Increases 236%

Spitfire Energy achieved cash flow from operations of $457,000, an increase of 236% over the same period in fiscal 2007.

Spitfire increased its revenue base in the quarter and nine months ending December 31, 2007. In the third quarter of fiscal 2008, oil production increased 15% compared with the same period of fiscal 2007.

Given the Company's production and prospects, Spitfire believes its shares represent a good investment. As a result, the Company took advantage of its new normal course issuer bid to purchase 374,500 common shares at $0.32 per share during the three months ended December 31, 2007. As part of the issuer bid, the Company is able to purchase up to 2% of its shares in any 30-day period. Spitfire intends to continue to acquire common shares at appropriate times to provide capital appreciation and market stability for shareholders. The Company's issuer bid was established on October 25, 2007 and runs until October 24, 2008.