Xcite Energy Regulatory News (XEL)

19 Jun 2008 14:00



THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES

TSX-V, LSE-AIM: XEL 

June 19, 2008

XCITE ENERGY LIMITED

Senior Management Team Appointments

Xcite Energy Limited ("Xcite Energy" or the "Company") is pleased to announce the appointments of Mr. Barny Brennan, Mr. Charles Lucas-Clements and Mr Jon Dale to the management team of Xcite Energy Resources Limited ("XER"), the wholly owned UK operating subsidiary of the Company.

Barny Brennan has been appointed Director of Subsurface for XER and has over 22 years of oil industry experience gained within both major oil company and consulting environments. He brings a wealth of subsurface technical expertise, previously being with Senergy-PGL for 5 years in senior management and technical roles, and latterly being director responsible for their London region office where he has worked with XER since its inception in 2002. Prior to this he spent 15 years with Phillips Petroleum as a geoscientist in both exploration and development settings, including their largest UK drilling campaign on the Judy/Joanne field development. Barny graduated with an honours degree in Mining Geology from Leicester University in the UK and is a Fellow of the Geological Society and a member of EAGE and AAPG. 

Charles Lucas-Clements has been appointed Director of Strategy and Business Development for XER and has over 27 years experience through the oil and gas value chain, in both upstream exploration & production and downstream refining. He was previously with IHS Energy for 12 years in senior roles including VP of Business Application, Managing Director of IHS Consulting, Head of Strategic Consulting and Director of Business Development. Charles has worked with XER since 2004 and has also acted as advisor to the World Bank, many oil and gas E&P company boards and Governments together with their National Oil Companies over the last 20 years, including ExxonMobil, BP, Shell, Apache, BHP Billiton, Occidental, ATP, Medco, Sintez, Lasmo, Kerr McGee; Government clients and National Oil Companies have included Japan, China, Malaysia, Nigeria, Angola, Brazil, Colombia, Ecuador, Venezuela, Newfoundland and Labrador. Charles graduated with an honours degree in Chemical Engineering from Imperial College of Science and Technology in London.

Jon Dale has been appointed Financial Controller for the Xcite Energy group of companies. Prior to joining XER, Jon spent over 7 years with PricewaterhouseCoopers LLP, providing Audit and Transaction Support services to a portfolio of clients in the oil & gas industry. He also spent 2 years in the oil & gas service industry working as a country controller for West Africa. Jon holds an MA Honours degree from the University of Aberdeen and has been a member of the Institute of Chartered Accountants of Scotland since 2001.

In connection with the appointment of Barny Brennan and Charles Lucas-Clements, each of them is being granted, on the date hereof, options to purchase 200,000 ordinary shares of the Company at an exercise price of $1.60 per ordinary share. In connection with the appointment of Jon Dale, he is being granted, on the date hereof, options to purchase 50,000 ordinary shares of the Company at an exercise price of $1.60 per ordinary share. All of these options are being granted under the terms of the Company's share option scheme and are  exercisable for a period of five years from the date hereof.

Richard Smith, Chief Executive of Xcite Energy, commented:

"I am pleased to welcome Barny, Charles and Jon to XER, who add significant expertise to our management team. Both Barny and Charles have worked with XER for a number of years and assisted us in our success to date. Their technical expertise and sector experience will be very valuable as the Company progresses towards a development solution for the Bentley field and in the assessment of future growth opportunities."

Enquiries:

Notes to Editors:

Xcite Energy (www.xcite-energy.com) is an appraisal and development company currently focused on the development of heavy oil resources in the North Sea on the UK Continental Shelf (the "UKCS"). The Company has a 100% working interest in Block 9/3b, the Bentley Field, one of the largest undeveloped heavy oil fields in the North Sea. 

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-looking information within the meaning of securities laws. Forward-looking information may relate to the Company's future outlook and anticipated events or results and, 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 expressions concerning matters that are not historical facts. These statements are based on certain factors and assumptions including expected growth, results of operations, performance and business prospects and opportunities. While the Company considers these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect. Forward-looking information is also subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what we currently 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 in Xcite Energy' prospectus filed with the Canadian securities regulatory authorities, available at www.sedar.com. The Company does not intend and does not assume any obligation to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law.