SOURCE: Xcite Energy Limited

September 07, 2012 02:00 ET

Sale of Bentley Crude Oil and Flow Test Update

ABERDEENSHIRE, UNITED KINGDOM--(Marketwire - Sep 7, 2012) -


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                       LSE-AIM, TSX-V: XEL



7th September 2012



                       Xcite Energy Limited
               ("Xcite Energy" or the "Company")

          Sale of Bentley Crude Oil and Flow Test Update


- Sale of in excess of 135,000 barrels of Bentley crude oil
- Pre-production flow test continuing in line with expectations


Xcite Energy is pleased to announce that through the marketing and
offtake agreement with BP Oil International Limited ("BPOI"), it has
sold in excess of 135,000 barrels of Bentley crude to a major refining
participant in the European market. Pricing of the Bentley crude was
better than the Company's assumption of anticipated discount to Brent
(modelled at 12%) for the conservative full field economics.

The pre-production flow test continues to be conducted in line with the
Company's expectations and is approaching the end of its planned
programme. It is expected to be concluded within the next two weeks,
with additional crude oil production in this period included as part of
the sold cargo.


Commenting on today's announcement Rupert Cole, Xcite Energy CEO, said:"We
are extremely pleased with the progress of the flow test and the
substantial amounts of data and information that is being gathered. We
have also had a great outcome with the sale of this first cargo of
Bentley crude, which has been priced at a comparable value to the
expected full field production. BPOI has again provided us with
excellent support in its role as marketing and offtake partner for the
Bentley field."

ENQUIRIES:

Xcite Energy Limited                         +44 (0) 1483 549 063
Rupert Cole / Steve Kew
Oriel Securities (Joint Broker and Nomad)   +44 (0) 207 710 7600
Emma Griffin / Michael Shaw

Morgan Stanley (Joint Broker)               +44 (0) 207 425 8000
Andrew Foster

Pelham Bell Pottinger                       +44 (0) 207 861 3232
Mark Antelme / Henry Lerwill

Paradox Public Relations                    +1 514 341 0408
Jean-Francois Meilleur
Forward-Looking Statements

Certain statements contained in this announcement constitute
forward-looking information within the meaning of securities laws.
Forward-looking information may relate to the Company's future outlook
and anticipated events or results and, in some cases, can be identified
by terminology such as "may", "will", "should", "expect",
"plan","anticipate", "believe", "intend", "estimate", "predict",
"target","potential", "continue" or other similar expressions concerning
matters
that are not historical facts. These statements are based on certain
factors and assumptions including expected growth, results of
operations, performance and business prospects and opportunities. While
the Company considers these assumptions to be reasonable based on
information currently available to us, they may prove to be incorrect.
Forward-looking information is also subject to certain factors,
including risks and uncertainties that could cause actual results to
differ materially from what we currently expect. These factors include
risks associated with the oil and gas industry (including operational
risks in exploration and development and uncertainties of estimates oil
and gas potential properties), the risk of commodity price and foreign
exchange rate fluctuations and the ability of Xcite Energy to secure
financing. Additional information identifying risks and uncertainties
are contained in the Company's annual information form dated 26 October
2010 and in the Management's Discussion and Analysis for Xcite Energy
dated 25 July 2012 filed with the Canadian securities regulatory
authorities and available at  www.sedar.com . The Company disclaims any
intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise, except as required under applicable securities regulations.

Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.





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