Excelsior Energy Limited

Excelsior Energy Limited

November 20, 2007 16:15 ET

Excelsior Amends $7 Million Private Placement Financing

CALGARY, ALBERTA--(Marketwire - Nov. 20, 2007) -


Excelsior Energy Limited (TSX VENTURE:ELE) ("Excelsior" or the "Company") is pleased to announce that it has entered into an agreement with Canaccord Capital Corporation, as lead agent, Orion Securities Inc. and Blackmont Capital Inc. (collectively, the "Agents") to increase its previously disclosed private placement to issue on a "best efforts" agency basis, an aggregate of up to $8,716,084 (the "Offering"), comprised of 2,819,200 common shares (the "Common Shares") issued at a subscription price of $0.52 per Common Share and 11,154,000 common shares issued on a "flow-through" basis (the "Flow-Through Shares") at a subscription price of $0.65 per Flow-Through Share.

Proceeds of the Offering will be used to fund Excelsior's ongoing exploration and development activities at the Company's West Surmont property located in northern Alberta, the Company's North Sea oil and gas exploration and development ventures and general corporate purposes. The Common Shares and the Flow-Through Shares will be subject to a hold period of 4 months from closing of the Offering. Closing of the Qffering is subject to customary conditions, including receipt of required TSX Venture Exchange approval, and is expected to occur on or about December 12, 2007.

The Agents will be paid a cash commission of 6.0% of the aggregate gross proceeds raised from the Offering, excluding up to 385,000 Flow-Through Shares for which the Agents will be paid a cash commission of 3.0%. The Agents will also be issued Broker Warrants which will entitle the Agents to acquire that number of Common Shares which is equal to 6.0% of the securities sold pursuant to the placement, excluding up to 385,000 Flow-Through Shares for which the Agents will be issued Broker Warrants equal to 3.0% of such Flow-Through Shares sold. Each warrant will entitle the holder to purchase one Common Share at the price of $0.75 per share for a period of 12 months from the closing date of the Offering.

Excelsior has 95,415,391 shares issued and outstanding as of the date hereof.

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 as operator in 58 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.

The Common Shares and the Flow-Through Shares offered have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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