Excelsior Energy Limited
CNQ : EXEL

Excelsior Energy Limited

November 20, 2006 18:23 ET

Excelsior Files Amended Preliminary Short Form Prospectus and Independent Geological Report

CALGARY, ALBERTA--(CCNMatthews - Nov. 20, 2006) - Excelsior Energy Limited (CNQ:EXEL) ("Excelsior") is pleased to announce that further to the press release dated 30th October 2006, it has filed an amendment to the Preliminary Short Form Prospectus dated October 30, 2006, and amended November 16, 2006, offering Common Shares. In conjunction with the prospectus Excelsior has filed a Geological Report prepared by an independent, qualified evaluator. The Geological Report assigns 50 million barrels of mean Contingent Resources, and 70 million barrels of un-risked mean Prospective Resources, to Excelsior's working interest share of its UK North Sea portfolio. Both the Prospectus and Geological Report can be viewed on the SEDAR website.

The financing syndicate has been finalised with Wellington West Capital Markets Inc. and Canaccord Capital Corporation as co-lead agents and also includes CIBC World Markets Inc. The financing is on a best efforts agency basis, to offer shares to raise a minimum of $25,000,000 and a maximum of $43,500,000. The Agents have an over-allotment option of an additional $6,500,000. Final pricing will be announced shortly and the Financing is expected to close by the end of November.

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