Excelsior Energy Limited

Excelsior Energy Limited

September 25, 2007 08:00 ET

Excelsior Receives Conditional Approval to List on TSX Venture Exchange and Completes Seismic Operations at West Surmont, Athabasca Oil Sands Area

CALGARY, ALBERTA--(Marketwire - Sept. 25, 2007) - Excelsior Energy Limited (CNQ:EXEL) ("Excelsior" or the "Company") is pleased to announce the TSX Venture Exchange ("TSX-V") has conditionally approved the listing of the Company's common shares. The listing of common shares is subject to Excelsior's fulfillment of certain requirements of the TSX-V. The Company is proceeding to comply with the requirements of the TSX-V and anticipates the common shares of the Company will be listed and posted for trading on the TSX-V under the trading symbol "ELE" in the near future. The Company will issue a further news release immediately prior to the listing of the common shares.

Further to its press release dated August 21, 2007, seismic operations are complete at the West Surmont Property ("Surmont" or "Surmont Asset") in the Athabasca Oil Sands Area of Alberta. The Company will commence processing and interpretation of the 72.5 kilometers of 2D seismic data. There are 13 existing wells drilled on the Surmont Asset and a further 25 existing wells drilled on adjacent sections that confirm the presence of the reservoir oil sands with gross oil sand thicknesses ranging between 8 meters and 29 meters. The objective of the seismic program is to delineate the areas of thick McMurray Formation and to define the core well locations for a drilling program planned to commence in the 2007/2008 winter drilling season. Once the 2D seismic has been processed and interpreted the Company anticipates engaging an independent third party evaluator to prepare a National Instrument 51-101 compliant engineering evaluation.

About Excelsior Energy

The Company 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 in 57 contiguous sections on completion of its farm-in obligations. The Company 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 Company'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: This news release contains statements about future events that are forward looking in nature and, as a result, are subject to certain risks and uncertainties such as changes in plans or the occurrence of unexpected events. Actual results may differ from the estimates provided by management. Readers are cautioned not to place undue reliance on these statements.

Contact Information