Excelsior Energy Limited

Excelsior Energy Limited

January 24, 2008 18:44 ET

Excelsior Announces Change of Auditor

CALGARY, ALBERTA--(Marketwire - Jan. 24, 2008) - Excelsior Energy Limited (TSX VENTURE:ELE) ("Excelsior" or the "Company") today announced that the auditor of the Company, Hudson LLP, has resigned on its own initiative, effective as of today. There were no disagreements or unresolved issues between Hudson LLP and Excelsior. Subject to all applicable regulatory and shareholder approvals, the Board of Directors of the Company has approved the appointment of KPMG LLP as auditor of the Company.

About Excelsior Energy

Excelsior 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 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. Excelsior'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.

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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