Xcite Energy Regulatory News (XEL)

28 May 2008 14:03

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

TSX-V, LSE-AIM: XEL

May 28, 2008

XCITE ENERGY LIMITED

Results of Annual General Meeting

Xcite Energy Limited ("Xcite Energy" or the "Company") is pleased to announce the results of its Annual General Meeting held in Toronto on May 22nd, 2008. 

The General Meeting of the Company voted to reappoint the following nominated Directors to the Board of the Company and for them to continue in office in accordance with the Company's Articles of Association:

Roger S. Ramshaw

Gregory J. Moroney

A. Murray Sinclair

Scott R. Cochlan

Richard E. Smith

Stephen A. Kew

Rupert E. Cole

2. The General Meeting of the Company voted to reappoint BDO Stoy Hayward LLP as auditors for the ensuing year and authorized the Directors to fix their remuneration

3. The General Meeting of the Company voted for the resolution to ratify and confirm the Stock Option Plan of the Company dated September 26th, 2007.

For further details, please see the management proxy circular available on www.sedar.com.

Richard Smith, Chief Executive of Xcite Energy, commented:

"We were very pleased to welcome our shareholders, advisors and friends to this first General Meeting of Xcite Energy, and to receive such solid voting support for the business and the management team as we focus on maximising the value of the Company's resources and move towards a development solution for the Bentley field, one of the largest undeveloped heavy oil fields in the North Sea."

Enquiries:

Notes to Editors:

Xcite Energy (www.xcite-energy.com) is an exploration and development company currently focused on the appraisal and development of heavy oil resources in the North Sea on the UK Continental Shelf . The Company has a 100% working interest in Block 9/3b, the Bentley Field, situated 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. Xcite Energy disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.