Spirit Exploration, Inc. Diversifies its Mining Operations by Signing Acquisition Agreement to Purchase the Emerson Tungsten Mine in Nevada

February 20, 2008, Bakersfield, CA: Spirit Exploration, Inc. (SPXP: Pink Sheets) is pleased to announce it has signed an agreement to purchase the Emerson Tungsten Mine near Rachel, Nevada from Nevada Minerals, Inc. This acquisition supports Spirit’s strategic direction to broaden their product base and derive production from multiple countries. Thomas Cunningham, President of Spirit, stated “We are extremely excited about this acquisition as it strengthens the company by adding tungsten production to our mix of products and also gives us a producing mine in the United States.” Tom added “we believe, at the present tungsten prices, the Emerson Project is not only feasible but could generate significant profits for Spirit Exploration, Inc This agreement is subject to final due diligence to be completed by May 5, 2008.

The mine and plant were built and developed by Union Carbide Corporation in 1984 and operated for 9 years. After a substantial investment, Union Carbide decided to stop operations in 1993 due to the collapse of tungsten prices. Up to 2005 it was not economically feasible to consider opening the Emerson Mine with tungsten below $65 per unit in market value. In 2005 Tungsten reached $270 USD and has remained at least $250 per unit since. The Emerson Project will be a complete mining operation, which would include an underground mine, major rail and conveyor systems, laboratory and testing facility and a completely enclosed in-house floatation plant. The plant and operation is placed on 400 patent acres near Rachel Nevada. Spirit has sent a geologist to the site who is reviewing previous work conducted by Union Carbide and conducting a site inspection. Spirit will be reporting on the details of this work.

About Tungsten

Tungsten has the highest melting point of any metal and hence its usage in lighting filaments. As tungsten carbide, it is an exceptionally hard material, used in machinery, cutting, drilling and wear applications. It is one of the heaviest metals – a property that finds use in counterweights and armaments (armor-piercing ammunition and armor-plate). It is a key element in tool-steels- most notably in high speed cutting steels. It is primarily used as carbide to harden metal-cutting tools and as an alloying agent in steel-making.
The combination of these properties, particularly in ordinance and specialist machining operations, gave it status as a component of the US strategic metals stockpiles.

About Spirit Exploration Inc.

Spirit Exploration, Inc., a Nevada Corporation, is an exploration stage mining company. Through its 99% owned subsidiary ECUADORGOLDCORP, S.A., Spirit Exploration is in the business of acquiring, exploring and developing mineral (gold, silver, copper) concessions in Ecuador. Spirit is in the process of bringing several mines into production. We have acquired, and we have additional options to acquire, a diverse range of mineral production and exploration properties in Ecuador.

Further information is available on the company website: www.spirit-exploration.com

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

IR Contacts:
Toronto:
Martti Kangas
The Equicom Group
Phone: 416 815-0700 x 243
mkangas@equicomgroup.com

Dan Gravelle
Goal Capital LLC
Phone: 877 887 2118
danny@spirit-exloration.com

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