Excelsior Energy Limited
CNQ : EXEL

Excelsior Energy Limited

March 23, 2007 16:25 ET

Excelsior Closes Private Placement Financing

CALGARY, ALBERTA--(CCNMatthews - March 23, 2007) - Excelsior Energy Limited. (CNQ:EXEL) ("Excelsior") Further to the Press Releases dated February 8th 2007 and February 21, 2007, Excelsior is pleased to announce the closing of its oversubscribed, non-brokered private placement of common and flow-through shares. A total of 6,275,322 of common shares priced at $0.30 per share and 3,018,000 of flow-through shares priced at $0.40 per share were issued for gross proceeds of $3,089,800. The shares issued are subject to a four month hold period that will expire on July 23 2007. Both Management and Directors participated in the financing.

Finders Fees in the amount of $154,680 will be paid to registered dealers and others in connection with the private placement.

On March 5, 2007 the Board of Directors approved the grant of 700,000 options to purchase common shares exercisable at $0.41 per share under the terms of the Company's Stock Option Plan to Management and Directors. These option grants are subject to CNQ Exchange acceptance.

About Excelsior Energy:

The Company is active in oil sands exploration and appraisal in the Hangingstone area near Fort McMurray, Alberta and will hold a 52.5% working interest in 39 contiguous sections on completion of its farmin obligations. The Company also holds a 100% working interest in Blocks 16/1a and 16/6c in the UK North Sea and minor interests in gas production in Alberta.

The Company 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.

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