Excelsior Energy Limited

Excelsior Energy Limited

November 14, 2008 07:00 ET

Excelsior Subsidiary ENS Energy Announces Success in UK 25th Offshore Licensing Round

CALGARY, ALBERTA--(Marketwire - Nov. 14, 2008) - Excelsior Energy Limited (TSX VENTURE:ELE) ("Excelsior" or the "Company") is pleased to announce that through it's 75% owned subsidiary, ENS Energy ("ENS"), it has been awarded two blocks in the UK 25th Offshore Licensing Round. The awards were announced on November 12, 2008 by the UK Department of Energy and Climate Change.

The blocks awarded are 16/1b and 16/2c which are contiguous to ENS's existing blocks. ENS will hold a 100% working interest in the two blocks. The award is for a Promote Licence with an initial term of two years and requires the reprocessing of existing 3D seismic data.

ENS has completed the reprocessing of over 300 square kilometres of 3D seismic data in its existing, Blocks 16/1a and 16/6c. The reprocessing has confirmed the blocks prospectivity in Tertiary aged reservoirs similar to those in the adjacent, producing West Brae oil field located approximately 5 kilometers south of ENS's Block 16/6c.

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 75% working interest in Blocks 16/1a and 16/6c in the UK North Sea through its subsidiary ENS Energy 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.

Forward Looking Statements

This press release contains forward-looking statements. Management's assessment of future plans and operations, expected production levels, operating costs, capital expenditures, the nature of capital expenditures, methods of financing capital expenditures, future engineering reports and the timing of increases in production may constitute forward-looking statements under applicable securities laws and necessarily involve risks including, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, incorrect assessment of the value of acquisitions, failure to realize the anticipated benefits of acquisitions, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources. As a consequence, the Company's actual results may differ materially from those expressed in, or implied by, the forward-looking statements. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could effect the Company's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). Furthermore, the forward looking statements contained in this press release are made as at the date of this press release and the Company does not undertake any obligation to update publicly or to revise any of the included forward looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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