The following was taken from a research report by Salman Partners dated October 26, 2009:
Canadian Spirit Resources Inc. (SPI – TSXV Cdn$1.25; Not Rated)
Land of Value
We would like to follow up on last Friday’s Energy Levels publication on Canadian Spirit Resources Inc. (SPI – TSXV Cdn$1.25; Not Rated) outlining the company’s recent press release. If we value the company’s Montney land holdings at Farrell Creek (~4,011 net hectares) at the recent B.C. land sale price of $16,300 per hectare, we come to a value of $65.4 million. Canadian Spirit has 48.4 million common shares outstanding; meaning the potential value of the Montney lands is $1.35 per share which is almost in line with the company’s current share price of $1.25.
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