Excelsior Energy Limited
CNQ : EXEL

Excelsior Energy Limited

April 24, 2007 10:30 ET

Excelsior Hires Chief Financial Officer and Vice President Finance

CALGARY, ALBERTA--(CCNMatthews - April 24, 2007) - Excelsior Energy Limited. (CNQ:EXEL) ("Excelsior") is pleased to announce that Mary Kennedy has joined the Company as Vice President Finance and Chief Financial Officer effective 12th April 2007.

A Chartered Accountant with 16 years experience in the oil and gas industry and six years previous with a major public accounting firm. Mary has held the position of Chief Financial Officer in several junior companies with exposure to both international and domestic fiscal environments. Ms. Kennedy has extensive experience in regulatory reporting in Canada and United States, taxation in multiple jurisdictions, and has managed a number of debt and equity financings.

The Board of Directors has approved the grant of 450,000 options to purchase common shares exercisable at $0.40 per share under the terms of the Company's Stock Option Plan to the Chief Financial Officer. This option grant is 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 Management can leverage its 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.

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