SOURCE: Xcite Energy Ltd

November 30, 2009 18:09 ET

Xcite Energy Limited ("Xcite Energy" or the "Company") Award of Options to Directors and Management Team

ABERDEENSHIRE, UK--(Marketwire - November 30, 2009) -


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

Xcite Energy Limited (TSX-V: XEL) (LSE: XEL) (AIM: XEL), a developer of heavy oil assets in the UK North Sea, today announces the award of 100,000 options to purchase ordinary shares of the Company to each of the following Directors and members of the Xcite Energy Resources Limited (the Company's wholly owned subsidiary) Management Team:

Roger Ramshaw, Gregory Moroney, Timothy Jones, Scott Cochlan, Richard Smith, Stephen Kew, Rupert Cole, Jonathan Dale, Barnaby Brennan, Richard West and Charles Lucas-Clements.

All of these options were granted today under the terms of the Company's share option scheme, at an exercise price of CAN$0.74 per ordinary share and are exercisable for a period of five years. This award recognises the significant progress that has been made with respect to the Bentley field during 2009.

Following these option awards, the Directors of the Company have the following aggregate number of ordinary shares under option:

                  Aggregate ordinary
                  shares under option

Roger Ramshaw           300,000

Gregory Moroney         200,000

Timothy Jones           200,000

Scott Cochlan           200,000

Richard Smith          1,100,000

Stephen Kew            1,100,000

Rupert Cole            1,100,000

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • ENQUIRIES:

    Xcite Energy Limited
    +44 (0) 1330 826740
    Richard Smith, Chief Executive Officer
    Rupert Cole, Chief Financial Officer

    Strand Hanson Limited (Nomad)
    +44 (0) 20 7409 3494
    James Harris, Director
    Rory Murphy, Director

    Arbuthnot Securities Limited (Broker)
    +44 (0)20 7012 2000
    Andrew Fairclough, Director
    Ed Burbidge

    Pelham Public Relations
    +44 (0) 20 7337 1500
    Mark Antelme, Director

    Paradox Public Relations
    +1 514 341 0408
    Jean-François Meilleur, Consultant
    Karl Mansour, Consultant