SOURCE: Xcite Energy Limited

August 03, 2012 02:00 ET

Board and Management Appointments

ABERDEENSHIRE, UNITED KINGDOM--(Marketwire - Aug 3, 2012) -


                         TSX-V, LSE-AIM: XEL

3 August 2012

                          Xcite Energy Limited
                  ("Xcite Energy" or the "Company")

                  Board and Management Appointments

Xcite Energy today announces a series of Board and senior management
appointments as the Company continues successfully to progress its
development of the Bentley field in the current Phase 1A work

Key points:

- Richard Smith has decided to retire from his role as Chief
Executive Officer and as a Director of the Company.

- Rupert Cole has been appointed as Chief Executive Officer. He is a
founding member of Xcite Energy and previously held the role of Chief
Financial Officer. He will continue to maintain overall responsibility
for the strategic financing of the Company and the associated external

- Stephen Kew, also a founding member of Xcite Energy and currently
Exploration and Development Director, will formally take on the role of
Chief Operating Officer for the Company, which will continue to include
his responsibilities for oilfield asset acquisition and development.

- Jon Dale has been appointed as Finance Director of Xcite Energy
Resources Limited ("XER"), the Company's 100% owned operating
subsidiary. He has been the Xcite Energy group's financial controller
since early 2008 and was appointed as Company Secretary for XER in
September 2011.

- Andrew Fairclough has been appointed as Corporate Affairs Director
for the Xcite Energy group. He will play a leading role in the
Company's external communications and relationship management. He has
over 17 years of corporate broking and corporate finance experience,
having previously worked for a number of leading financial
institutions, including Espirito Santo Investment Bank, Merrill Lynch
and Rothschild.

- Matt Bower has been appointed as Operations Director for XER,
taking over full responsibility for operational matters from Richard
West on completion of the Phase 1A work programme.

- Following the completion of the Phase 1A work programme, Richard
West will assume responsibility for industry related regulatory and
compliance matters for XER, thus providing important continuity in the
transition from Phase 1A to Phase 1B of the Bentley field development.

Commenting on today's appointments Roger Ramshaw, Chairman, said:
"We thank Richard for his important contribution up to this point and
as one of the founding members of the Company. We wish him well in his
future endeavours.

The Board is pleased to appoint Rupert as CEO and to welcome Andrew to
work in the external communications role. With Steve formally taking on
the group COO role, Matt's appointment to the XER Board and Jon taking
on the FD role for XER, the Aberdeen operations group is in safe hands
and we have a good balance in our financial management.

With the good progress being made in the current well operations, as
announced separately today, together with this strengthened management
team now in place to continue driving our on-going operational,
financial and commercial progress, the Company remains firmly on track
to deliver its strategic objectives."


Xcite Energy Limited                        +44 (0) 1483 549 063
Roger Ramshaw / Rupert Cole

Rothschild (Financial Adviser)             +44 (0) 207 280 5000
Neeve Billis / Stewart MacDonald

Oriel Securities (Joint Broker and Nomad)  +44 (0) 207 710 7600
Emma Griffin / Michael Shaw

Morgan Stanley (Joint Broker)              +44 (0) 207 425 8000
Andrew Foster

Pelham Bell Pottinger                      +44 (0) 207 861 3232
Mark Antelme / Henry Lerwill

Paradox Public Relations                   +1 514 341 0408
Jean-Francois Meilleur
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
risks associated with the oil and gas industry (including operational
risks in exploration and development and uncertainties of estimates oil
and gas potential properties), the risk of commodity price and foreign
exchange rate fluctuations and the ability of Xcite Energy to secure
financing. Additional information identifying risks and uncertainties
are contained in the Company's annual information form dated 26 October
2010 and in the Management's Discussion and Analysis for Xcite Energy
dated 25 July 2012 filed with the Canadian securities regulatory
authorities and available at . The Company 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.

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.

                    This information is provided by RNS
          The company news service from the London Stock Exchange


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