Spitfire Oil Ltd. is seeking acquisitions. Spitfire said it has continued to investigate diligently and systematically a large number of possible acquisition opportunities. As is normally the case, the vast majority of these opportunities are uneconomic when taking into account capital costs, operating costs and return on equity.

A very small number continue to have substantial interest and the Company continues to proceed with due diligence and commercial discussions to ascertain whether a viable transaction can be consummated.