Xcite Energy Limited ("Xcite Energy" or the "Company") Transfer of Shareholdings

ABERDEENSHIRE, UK--(Marketwire - June 17, 2010) -  This Announcement Is Not for Release, Publication or Distribution in or Into the United States

Each of Richard Smith, Rupert Cole and Stephen Kew, the three executive directors of Xcite Energy (TSX-V: XEL) (LSE: XEL) (AIM: XEL), have entered into separate unconditional contracts to transfer all of their shareholdings in the Company to separate non-UK based companies in which they each hold 100% of the issued share capital.

Neither the 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
Richard Smith
Chief Executive Officer
Rupert Cole
Chief Financial Officer
+44 (0) 1330 826740

Arbuthnot Securities Limited
(Nomad and Broker)
Antonio Bossi
Director
Andrew Fairclough
Director
+44 (0)20 7012 2000

Pelham Public Relations
Mark Antelme
Director
+44 (0) 20 7861 3232

Paradox Public Relations
Jean-Francois Meilleur
Consultant
+1 514 341 0408