Spirit Exploration, Inc. Updates Shareholders on Recent Events and Positive Company Direction Going Forward

BAKERSFIELD, CALIFORNIA—February 11, 2008 — Spirit Exploration, Inc. (Other OTC: SPXP) today announced an update for shareholders. The update includes certain recent Company developments as well factors in the Company’s future direction. Many positive developments have occurred since Spirit last updated shareholders in early December of last year. The update covers the Company’s goal of a listing on a senior exchange, funding, mining operations as well as management changes. The individual topics are discussed below.

Becoming Fully Reporting Company and Listing on a Senior Exchange
Over the last 2 months, Spirit Exploration has filed its audited consolidated financial statements on Pinksheets for 2006 and 2007. Additionally the Company has filed its Form 10 with the Security and Exchange Commission which included those audited financial statements. The SEC has responded with comments and our response to those comments is close to completion pending only final engineering confirmations. At the completion of the SEC review process, Spirit will be a fully reporting Company. We expect this process to be completed within the next few weeks. The Company intends to apply for a listing on a senior stock exchange immediately upon completion of the Form 10 review process.

Funding of Spirit Exploration
As previously announced, Spirit Exploration is in the process of obtaining multiple financings that will enable the Company to aggressively pursue its business plan throughout 2008 and into 2009. The Company has presented what we believe to be all documentation required to be presented to the underwriting group to complete a subscription of $20 Million in Asset Backed Notes. The Company is also pursuing additional short-term funding opportunities that will enable the Company to properly pursue its business plan.

Mining Operations
Last year’s election of President Correa is seen as very encouraging for mining companies working in Ecuador. President Correa has commented that Ecuador’s path out of poverty and growth as a nation is through mining and Spirit believes he will continue to strongly support laws and regulations that enable foreign companies such as Spirit Exploration to conduct full-scale operations.

Currently, Spirit through its wholly owned subsidiary, ECUADORGOLDCORP, S.A has a number of projects under way. Spirit, with its new funding, will aggressively move forward and increase the number of gold and other precious metal projects dramatically over the next two years. For more information on current projects see: http://www.spirit-exploration.com/projects/

Management
Thomas J. Cunningham has joined the company as President effective January 15, 2008. Mr. Cunningham has over thirty years experience in natural resource exploration and development. His experience with publicly traded companies, the Securities Exchange Commission and the American Stock Exchange will be very valuable as the company moves forward with application for listing on the AMEX and/or other stock exchanges.

About Spirit Exploration, Inc.
Spirit Exploration, Inc. (an exploration stage company), through its 99% owned subsidiary ECUADORGOLDCORP, S.A., is a natural resource exploration company with an objective of acquiring, exploring and if warranted and feasible, developing natural resource properties. Activities during the exploration stage include developing the business plan, raising capital, and acquiring properties in Ecuador which have mining concessions granted by the Ecuadorian government.

Forward-Looking Statements: Certain information and statements included in this release are intended to constitute “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied in such forward-looking statements.

CONTACT:
Goal Capital LLC
Dan Gravelle
1-877-887-2118
Email: danny@spirit-exploration.com
Website: www.spirit-exploration.com