Excelsior Energy Limited

Excelsior Energy Limited

April 21, 2008 11:00 ET

Excelsior Energy Selects Paradigm™ for Canadian Oil Sands Projects

CALGARY, ALBERTA--(Marketwire - April 21, 2008) - Excelsior Energy Limited (TSX VENTURE:ELE) Excelsior Energy Ltd ("Excelsior"), announced today that has selected Paradigm™, a leading provider of enterprise software solutions to the global oil and natural gas exploration and production (E&P) industry to provide consulting services for development of its Canadian oil sands program. Excelsior, an early stage oil sands exploration and development company, has chosen Paradigm Strategic Consulting ("Paradigm") to accelerate development planning at its Hangingstone oil sands resource property in the Athabasca oil sands region of Alberta. The announcement was made at the 2008 Association of American Petroleum Geologists (AAPG) Annual Conference and Exhibition in San Antonio, Texas.

Paradigm will provide seismic processing, reservoir characterization, and resource and uncertainty assessment solutions to Excelsior for its Steam Assisted Gravity Drainage (SAGD) projects. Paradigm technologies will be used in the delineation of the stratigraphically complex oil sands reservoirs of the McMurray Formation. These will include Paradigm GOCAD®, a software solution for geological modeling and uncertainty assessment, and Paradigm CRAM®, a new application for depth migration seismic processing, among others.

Excelsior has completed a 26 core well program at Hangingstone and delineated areas of high quality, homogeneous bitumen sands. The McMurray Formation has been cored and evaluated with a full suite of logs to confirm reservoir thickness and quality.

"Paradigm's technology and oil sands expertise will allow us to integrate all of our log, core and seismic data, characterize the reservoir and build an integrated resource model" said David Winter, president and CEO of Excelsior Energy. "Paradigm has extensive experience within the Hangingstone area, and combined with its portfolio of advanced applications, will assist us in choosing the optimal development options, and accelerate development plans for a SAGD pilot project".

"The Alberta oil sands are an extremely important resource, and Paradigm is looking forward to working with Excelsior in the development of its oil sands resources," said Jorge Machnizh, Paradigm's president and chief operating officer. "Paradigm Strategic Consulting will assist in the integration of petrophysical, geophysical and geological data in order to create an accurate reservoir model, allowing Excelsior to mitigate delineation and development risk and optimize the planning for its SAGD pilot project at Hangingstone."

"The oil sands continue to be a basis for significant investment and activity within our industry and is an area of critical focus for Paradigm Canada," said Mike Miller, Paradigm Canada's regional vice president. "We have invested in a dedicated oil sands group, with full access to our entire technology portfolio and strategic consulting services, and have been working closely with many of the major players in the development of the oil sands. We are delighted that Excelsior Energy has chosen Paradigm's technology and services to further advance its oil sands resource play."

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 indirectly 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.

About Paradigm™

Paradigm B.V. (www.pdgm.com), an industry leader in digital subsurface asset management, helps global oil and gas companies locate new reserves and optimize production in complex geological areas. Paradigm's technology advances the science of hydrocarbon detection with solutions in seismic data processing and subsurface imaging, prospect interpretation and modeling, reservoir characterization, and well planning and drilling. These exploration and production solutions operate in an open environment with connectivity to third-party data stores to accelerate project creation and turnaround. Paradigm has a global network of sales, services and user support, serving major oil and gas producing regions around the world. For more information on Paradigm products and services, contact your regional office directly (find information at www.pdgm.com), or e-mail info@pdgm.com.

The following are trademarks or registered trademarks of Paradigm B.V. or of its affiliates (collectively, "Paradigm"): Paradigm™, Paradigm logo and/or other Paradigm products referenced herein. All other trademarks are owned by their respective owners.

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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