PRESS RELEASE: Xcite Energy Limited ("Xcite Energy" or the "Company") Transfer of Shareholdings

ABERDEENSHIRE, UK--(Marketwire - June 16, 2010) - This Announcement Is Not for Release, Publication or Distribution in or Into the United States Each of Richard Smith, Rupert Cole and Stephen Kew, the three executive directors of Xcite Energy (TSX-V: XEL) (LSE: XEL) (AIM: XEL), have entered into separate unconditional contracts to transfer all of their shareholdings in the Company to separate non-UK based companies in which they each hold 100% of the issued share capital. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. FOR FURTHER INFORMATION PLEASE CONTACT: ENQUIRIES: or Xcite Energy Limited Richard Smith Chief Executive Officer Rupert Cole Chief Financial Officer +44 (0) 1330 826740 or Arbuthnot Securities Limited (Nomad and Broker) Antonio Bossi Director Andrew Fairclough Director or +44 (0)20 7012 2000 or Pelham Public Relations Mark Antelme Director +44 (0) 20 7861 3232 or Paradox Public Relations Jean-Francois Meilleur Consultant +1 514 341 0408 (END) Dow Jones Newswires June 17, 2010 02:00 ET (06:00 GMT)