Excelsior Energy Limited

Excelsior Energy Limited

January 14, 2008 12:38 ET

Excelsior Energy Clarifies Operational Update

CALGARY, ALBERTA--(Marketwire - Jan. 14, 2008) -


Excelsior Energy Limited ("Excelsior" or the "Corporation") (TSX VENTURE:ELE). Further to its press release dated January 11, 2008, the Corporation reported it had drilled, cored, logged and abandoned four oil sands core wells as part of its ongoing 24 core well program at Hangingstone. All core wells appraising oil sands resources are abandoned and the land reclaimed as per Excelsior's commitments under the approved Hangingstone Oil Sands Exploration Plan (OSE 070034). Their sole purpose is to evaluate and delineate the reservoir geology, the quality and engineering properties of the reservoir and the extent and volume of exploitable bitumen. All of the Corporation's core wells drilled to date at Hangingstone have recovered high quality bitumen bearing McMurray Formation sands.

Further details of the core well results will be issued at a later date.

About Excelsior Energy

The Corporation is active in oil sands exploration and appraisal in the Hangingstone and West Surmont areas near Fort McMurray, Alberta and will hold a 75% working interest as operator in 58 contiguous sections on completion of its farm-in obligations. The Corporation also holds a 100% working interest in Blocks 16/1a and 16/6c in the UK North Sea and a minor interest in gas production in Alberta. The Corporation's strategy is to capture oil and gas appraisal and development opportunities where we can leverage Management's diverse international experience and field development expertise. This includes heavy oil reservoir engineering and development of complex fields. The scale of the oil sands resource opportunity in Alberta complements Excelsior's international portfolio and strategy.

Forward Looking Statements

Certain information set forth in this press release, including a discussion of future plans and operations, contains forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond management's control, including but not limited to, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of foreign exchange rates, environmental risks, industry competition, availability of qualified personnel and management, stock market volatility, timely and cost effective access to sufficient capital from internal and external sources, as well as risks inherent in operating in foreign jurisdictions, including varying judicial or administrative guidance on interpreting rules and regulations and a higher degree of discretion on the part of governmental authorities. Actual results, performance or achievement could differ materially from those expressed in or implied by these forward-looking statements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information