Sparton Re-Evaluates Chebucto Gas Reserves

Sparton Resources has commissioned a new evaluation of its estimated 6% unitized interest in the Chebucto Gas Field, located offshore Nova Scotia. Sparton owns a 12-1/2% interest in Significant Development License 2286, which covers the south portion of the natural gas discovery in the Chebucto Field.

Spartons's 6% assumed unitized share of the proven and probable recoverable gas reserves at Chebucto are 20.1 MMCF (billion cubic feet), based on a previous evaluation completed by Adams Pearson Associates Inc. of Calgary Alberta, now known as APA Petroleum Engineering Inc.

APA is presently in the process of updating the previous evaluation completed last year.

The Company believes the new evaluation is appropriate due to the strengthening of current natural gas prices and industry forecasts of even higher natural gas prices going forward. The results of the updated evaluation are expected shortly.