Northern Spirit Resources Inc. Announces Closing of Business Combination With Cascade Resources Inc.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A
VIOLATION OF U.S. SECURITIES LAWS.


Northern Spirit Resources Inc. ("Northern Spirit" or the "Corporation") (TSX
VENTURE:NS) is pleased to announce that it has completed its previously
announced acquisition (the "Acquisition") all of the issued and outstanding
common shares (the "Cascade Shares") of Cascade Resources Inc. ("Cascade"), a
private Alberta company actively engaged in oil and gas development and
exploration activities in east central Alberta and west central Saskatchewan.
For further details on the Acquisition and related matters, please see the
Filing Statement of Northern Spirit dated November 29, 2011 (the "Filing
Statement") available for review at www.sedar.com under the Corporation's
profile. Final approval of the Acquisition, and the resumption of trading of the
common shares of the Corporation ("Northern Spirit Shares") on the TSX Venture
Exchange ("TSXV"), will occur upon the issuance by the TSXV of its Final
Exchange Bulletin (as defined in the policies of the TSXV), which is expected to
occur during the week of December 19, 2011. Upon the issuance of the Final
Exchange Bulletin, the Corporation will be classified as a Tier 1 Oil and Gas
issuer on the TSXV and the Northern Spirit Shares will continue to trade on the
TSXV under the symbol "NS". The Acquisition constitutes a reverse takeover of
Northern Spirit by Cascade as defined in the policies of the TSXV.


New Board of Directors and Management

Northern Spirit is pleased to announce that Mr. Robert G. Jennings has been
appointed a director of the Corporation, in conjunction with the closing of the
Acquisition. Mr. Jennings is the former Chairman and Chief Executive Officer of
Jennings Capital Inc. The board of directors of Northern Spirit now consists of:
Kevin R. Baker, Q.C., Robert G. Jennings, Sheldon B. Kasper, R. Bruce Allford
and Patrick G. Bell. The senior officers of Northern Spirit are now: Kevin R.
Baker Q.C. - President and Chief Executive Officer, John H. Cassels - Vice
President Finance, Chief Financial Officer and Secretary, Sheldon B. Kasper -
Vice President, Operations, Eric O. Boechler - Vice President, Exploration and
James Long - Vice President, Land.


The Acquisition

Pursuant to the Acquisition, Northern Spirit acquired all of the Cascade Shares
by way of a "three-cornered" amalgamation in which Northern Spirit Acquisition
Inc. ("AcquisitionCo"), a wholly-owned subsidiary of Northern Spirit,
amalgamated with Cascade. In connection with the Acquisition, Northern Spirit
issued 9.0 Northern Spirit Shares for each one (1) Cascade Share issued and
outstanding immediately prior to the Acquisition, for an aggregate of
221,400,000  Northern Spirit Shares being issued to former shareholders of
Cascade. All outstanding Cascade share purchase options were exercised in
connection with the Acquisition, with the Cascade Shares issued on such exercise
being acquired by Northern Spirit. Of the outstanding 850,000 options to
purchase Northern Spirit Shares outstanding prior to the closing of the
Acquisition, 739,800 of such options were terminated, for nominal consideration,
in connection with the closing of the Acquisition and 110,200 options were
exercised prior to closing, at an exercise price of $0.20 per share, for
aggregate proceeds of $22,040.


Post-Transaction Share Capital

Pursuant to the Acquisition, and including the acquisition of the Cascade Shares
issued upon the exercise of all Cascade share purchase options, Northern Spirit
issued an aggregate of 221,400,000 Northern Spirit Shares at a deemed price of
$0.1045 per share. Of the 221,400,000 Northern Spirit Shares issued in the
Acquisition, 97,224,879 shares will be subject to a Value Security Escrow
Agreement pursuant to the policies of the TSXV and 39,510,000 shares will be
subject to a one year TSXV hold period (the "TSXV Hold Period"). The TSXV Hold
Period provides for releases of 20% of the applicable Northern Spirit Shares
every 3 months with the initial release occurring on the issuance of the Final
Exchange Bulletin. A total of 36,810,000 Northern Spirit Shares that are subject
to the TSXV Hold Period are also subject to the Value Escrow Agreement and,
accordingly, such shares will remain subject to the Value Escrow Agreement upon
being released from the TSXV Hold Period. Northern Spirit currently has
237,498,056 shares issued and outstanding, inclusive of the Northern Spirit
Shares issued on the Acquisition and issued pursuant to the exercise of Northern
Spirit share purchase options prior to closing.


Cautionary Statements

The Qualifying Transaction is subject to the final approval of the Exchange.

The TSXV has in no way passed upon the merits of the Acquisition and has neither
approved or disapproved the contents of this press release.


Except for statements of historical fact, this news release contains certain
"forward-looking information" and "forward- looking statements" within the
meaning of applicable securities law. Forward-looking information is frequently
characterized by words such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate" and other similar words, or statements that certain
events or conditions "may" or "will" occur. These forward-looking statements
sometimes include words to the effect that management of Northern Spirit or
Cascade, as applicable, believes or expects a stated condition or result. All
estimates and statements that describe Northern Spirit's and Cascade's future
plans are forward-look statements. Forward-looking statements such as the date
of issuance of the Final Exchange Bulletin are based on the opinions and
estimates at the date the statements are made, and are subject to a variety of
risks and uncertainties and other factors that could cause actual events or
results to differ materially from those anticipated in the forward-looking
statements. There are uncertainties inherent in forward-looking information,
including factors beyond Northern Spirit's control. Northern Spirit undertakes
no obligation to update forward-looking information if circumstances or
management's estimates or opinions should change except as required by law. The
reader is cautioned not to place undue reliance on forward-looking statements.
Additional information identifying risks and uncertainties that could affect
financial results is contained in Northern Spirit's filings with Canadian
securities regulators, which filings are available at www.sedar.com.
Northern Spirit Resources Inc. (TSXV:NS)
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