Xcite Energy Regulatory News (XEL)

21 Jan 2008 07:00

Xcite Energy Limited21 January 2008 THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES TSX-V, LSE-AIM: XEL January 18, 2008 Xcite Energy Limited Board Appointments Xcite Energy Limited ("Xcite Energy" or the "Company") is pleased to announcethe appointments of Mr. Rupert Cole and Mr. Scott Cochlan to the board ofdirectors of the Company (the "Board"). Mr. Cole is the Chief Financial Officer and Director of Xcite Energy ResourcesLimited ("XER"), the Company's wholly-owned subsidiary, and Chief FinancialOfficer of Xcite Energy. Mr. Cole has played an integral role in developing XERfrom its incorporation in 2002 and for the Company through to its dual listingin November 2007. Prior to joining XER, Mr. Cole was Programme ManagementBusiness Advisor at Granherne, a company within Halliburton, providingstrategic, commercial and financial advise to upstream oil and gas serviceproviders. From 1990 to 1996, Mr. Cole was Finance Director at Harpur, aninternational downstream service provider to major oil companies. Mr. Cole is achartered accountant and has over 20 years experience in corporate finance. Mr. Cochlan is a partner at the law firm of Blakes, Cassels & Graydon LLP in thesecurities group. Mr. Cochlan has represented senior and junior public issuersin numerous aspects of general corporate law and securities regulatory mattersincluding corporate governance, continuous disclosure, regulatory compliance andtransaction negotiation and completion. Mr. Cochlan also has extensiveexperience in representing both issuers and underwriters in a wide variety ofcomplex private and public financing matters (equity and debt), includingcross-border financings, mergers, acquisitions and other businessreorganizations and restructurings. Mr. Cochlan holds a law degree from theUniversity of Calgary and a B.A. from the University of Western Ontario. Mr.Cochlan has received a number of recognitions as a leading lawyer in his field.The appointment of Scott Cochlan is subject to the approval of the TSX VentureExchange. In connection with the appointment of Scott Cochlan, options to purchase 100,000ordinary shares of the Company were granted to him on January 18, 2008 at anexercise price of £1.04 per ordinary share. The options are exercisable for aperiod of five years. Richard Smith, Chief Executive of Xcite Energy, commented: "I am pleased to welcome Rupert Cole to the Board, as his financial and sectorexperience and advice has been integral in bringing about Xcite Energy's successto date. I am also pleased to welcome Scott Cochlan to the Board; his legalexpertise and sector experience will be very valuable as the Company continuesto progress and assess future growth opportunities." Enquiries: Xcite Energy +44 (0) 1330 826 740Richard Smith Chief Executive OfficerRupert Cole Chief Financial Officer Thomas Weisel Partners (UK) Limited +44 (0) 20 7290 9716Paul Colucci Managing DirectorPaul Newman Managing Director Strand Partners Ltd. +44 (0) 20 7409 3494James Harris DirectorWarren Pearce Associate Director Pelham Public Relations +44 (0) 20 7743 6676Alisdair Haythornthwaite DirectorKatherine Stewart Account Executive Notes to Editors: Xcite Energy (www.xcite-energy.com) is an exploration and development companycurrently focused on the appraisal and development of heavy oil resources in theNorth Sea on the UK Continental Shelf (the "UKCS"). The Company has a 100%working interest in Block 9/3b, the Bentley Field, situated in the North Sea. Additional information on Rupert Cole to be disclosed in relation to ScheduleTwo paragraph (g) of the AIM Rules for Companies can be found below. Mr. Cole has a beneficial interest in 6,300,000 ordinary shares and options topurchase 1,000,000 ordinary shares in the Company. Current Directorships Directorships within the last five yearsN/A N/A Additional information on Scott Cochlan to be disclosed in relation to ScheduleTwo paragraph (g) of the AIM Rules for Companies can be found below. Mr. Cochlan has a beneficial interest in options to purchase 100,000 ordinaryshares in the Company. Current Directorships Directorships within the last five yearsN/A N/A The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Forward-Looking Statements Certain statements contained in this announcement constitute forward-lookinginformation within the meaning of securities laws. Forward-looking informationmay relate to the Company's future outlook and anticipated events or resultsand, in some cases, can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "target", "potential", "continue" or other similar expressionsconcerning matters that are not historical facts. These statements are based oncertain factors and assumptions including expected growth, results ofoperations, performance and business prospects and opportunities. While theCompany considers these assumptions to be reasonable based on informationcurrently available to us, they may prove to be incorrect. Forward-lookinginformation is also subject to certain factors, including risks anduncertainties that could cause actual results to differ materially from what wecurrently expect. These factors include changes in market and competition,governmental or regulatory developments and general economic conditions.Additional information identifying risks and uncertainties are contained inXcite Energy' prospectus filed with the Canadian securities regulatoryauthorities, available at www.sedar.com. Xcite Energy disclaims any intention orobligation to update or revise any forward-looking statements whether as aresult of new information, future events or otherwise, except as required underapplicable securities regulations. This information is provided by RNS The company news service from the London Stock Exchange