Excelsior Energy Limited
CNQ : EXEL

Excelsior Energy Limited

September 04, 2007 17:26 ET

Excelsior Refiles June 30, 2007 Interim Financial Statements

CALGARY, ALBERTA--(Marketwire - Sept. 4, 2007) - Excelsior Energy Limited (CNQ:EXEL) ("Excelsior" or the "Company"):

During an internal review of the Company's interim unaudited consolidated financial statements for the six month period ended June 30, 2007, it was determined the brokers warrants issued to the agents in the private placement which closed on June 25, 2007, were inadvertently omitted in the financial statements. The Company issued 2,260,620 broker warrants at an exercise price of $1.00 expiring on June 25, 2008. After reviewing the nature of the transaction, the Board of Directors, acting on the unanimous recommendation of management and the Audit Committee, approved restatement of the June 30, 2007 interim financial statements.

The effect of the foregoing adjustments for the 2007 interim period is a $1,256,905 reduction in the previously reported share capital of $53,674,206 and a corresponding increase in contributed surplus previously reported of $470,246 for the six month period ended June 30, 2007. There was no impact on total assets, total liabilities, total shareholders' equity or on the consolidated statements of operation and deficit or the consolidated statements of cash flow. Excelsior will re-file the 2007 interim period financial statements on SEDAR.

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 we can leverage management's 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.

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.

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