SOURCE: Xcite Energy Ltd

January 18, 2008 16:48 ET

Xcite Energy Limited Board Appointments

ABERDEENSHIRE, UK--(Marketwire - January 18, 2008) -


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

Xcite Energy Limited ("Xcite Energy" or the "Company") (TSX-V: XEL) (LSE: XEL) (AIM: XEL) is pleased to announce the appointments of Mr. Rupert Cole and Mr. Scott Cochlan to the board of directors of the Company (the "Board").

Mr. Cole is the Chief Financial Officer and Director of Xcite Energy Resources Limited ("XER"), the Company's wholly owned subsidiary, and Chief Financial Officer of Xcite Energy. Mr. Cole has played an integral role in developing XER from its incorporation in 2002 and for the Company through to its dual listing in November 2007. Prior to joining XER, Mr. Cole was Programme Management Business Advisor at Granherne, a company within Halliburton, providing strategic, commercial and financial advice to upstream oil and gas service providers. From 1990 to 1996, Mr. Cole was Finance Director at Harpur, an international downstream service provider to major oil companies. Mr. Cole is a chartered 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 the securities group. Mr. Cochlan has represented senior and junior public issuers in numerous aspects of general corporate law and securities regulatory matters including corporate governance, continuous disclosure, regulatory compliance and transaction negotiation and completion. Mr. Cochlan also has extensive experience in representing both issuers and underwriters in a wide variety of complex private and public financing matters (equity and debt), including cross-border financings, mergers, acquisitions and other business reorganizations and restructurings. Mr. Cochlan holds a law degree from the University 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 Venture Exchange.

In connection with the appointment of Scott Cochlan, options to purchase 100,000 ordinary shares of the Company were granted to him on January 18, 2008 at an exercise price of £1.04 per ordinary share. The options are exercisable for a period 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 sector experience and advice have been integral in bringing about Xcite Energy's success to date. I am also pleased to welcome Scott Cochlan to the Board; his legal expertise and sector experience will be very valuable as the Company continues to progress and assess future growth opportunities."

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 "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 Schedule Two 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 to purchase 1,000,000 ordinary shares in the Company.

Current Directorships      Directorships within the last five years
N/A                        N/A

Additional information on Scott Cochlan to be disclosed in relation to Schedule Two paragraph (g) of the AIM Rules for Companies can be found below.

Mr. Cochlan has a beneficial interest in options to purchase 100,000 ordinary shares in the Company.

Current Directorships      Directorships within the last five years
N/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-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's 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.

Contact Information

  • Enquiries:

    Xcite Energy
    +44 (0) 1330 826 740
    Richard Smith
    Chief Executive Officer
    Rupert Cole
    Chief Financial Officer

    Thomas Weisel Partners (UK) Limited
    +44 (0) 20 7290 9716
    Paul Colucci
    Managing Director
    Paul Newman
    Managing Director

    Strand Partners Ltd.
    +44 (0) 20 7409 3494
    James Harris
    Director
    Warren Pearce
    Associate Director

    Pelham Public Relations
    +44 (0) 20 7743 6676
    Alisdair Haythornthwaite
    Director
    Katherine Stewart
    Account Executive