Excelsior Energy Limited
CNQ : EXEL

Excelsior Energy Limited

February 21, 2007 19:04 ET

Excelsior Increases Private Placement

CALGARY, ALBERTA--(CCNMatthews - Feb. 21, 2007) - Excelsior Energy Limited. (CNQ:EXEL) ("Excelsior") Further to the Press Release dated 8th February 2007 Excelsior is pleased to announce that due to demand for shares it is increasing the size of the Private Placement. The amount of common shares available will be increased to 5,000,000 shares at $0.30 per common share, and the number of Flow-through shares will be increased to 3,750,000 shares at $0.40per flow-through share to raise a total of $3,000,000. The proceeds will be used in conjunction with Excelsior's existing working capital to fund the initial acquisition and seismic program costs of Excelsior's Hangingstone Oil Sands Project. The extended Private Placement is expected to close by the close of business, Mountain time, March 9th, 2007.

Excelsior has approximately $4 million in working capital and excellent access to deal flow in the North Sea, S.E. Asia and North Africa. Excelsior continues to vigorously pursue opportunities in our international, core focus areas.

The Company is committed to its strategic objectives of capturing oil and gas appraisal and development opportunities where we can leverage Managements 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 growing international portfolio and strategy.

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