SOURCE: Xcite Energy Limited

August 09, 2012 02:00 ET

Xcite Energy Limited Announces Award of Options

ABERDEENSHIRE, UNITED KINGDOM--(Marketwire - Aug 9, 2012) -


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                   TSX-V, LSE-AIM: XEL

9 August 2012

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

                    Award of Options

Xcite Energy announces the award of 1,050,000 options to purchase
ordinary shares of the Company to four new members of the Xcite Energy
Resources Limited Management and Project Team.

The options were granted under the terms of the Company's share option
scheme by reference to the closing price on the TSX of the Company's
ordinary shares on 8 August 2012 and will vest in three tranches. A
total of 250,000 vest immediately, 550,000 on the first anniversary and
the balance of 250,000 on the second anniversary of the date of grant.

All options have an exercise price of GBP0.80 (CAN$1.25) per ordinary
share and carry a term of five years from the date of award.


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

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.

                    This information is provided by RNS
          The company news service from the London Stock Exchange

END

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