Excelsior Energy Limited

Excelsior Energy Limited

April 17, 2007 16:18 ET

Excelsior Completes 2D Seismic Operations in the Hangingstone SAGD Heavy Oil Project, Athabasca Oils Sands Area and Provides Corporate Update

CALGARY, ALBERTA--(CCNMatthews - April 17, 2007) - Excelsior Energy Limited. (CNQ:EXEL) ("Excelsior") is pleased to announce the completion of seismic acquisition operations on its Hangingstone SAGD oil sands project area. The program comprised 135 kilometers of 2D seismic data. The seismic acquisition was completed on schedule and on budget with no lost time incidents. The resulting data is of excellent quality and is now being processed with completion expected on or around April 30 2007.

Corporate Update: Revised Exercise Price for Stock Options Previously Granted

Further to its press release dated March 23, 2007, Excelsior Energy Limited ("Excelsior") wishes to announce that it has revised the exercise price of the stock options granted to management and directors on March 5, 2007 in order to comply with the policies of the Canadian Trading and Quotation System Inc., ("CNQ").

The exercise price for the stock options has been revised from $0.41 per share to $0.45

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