SOURCE: Xcite Energy Limited

June 21, 2013 02:00 ET

Xcite Energy Limited announces Award of Options

ABERDEENSHIRE, UNITED KINGDOM--(Marketwired - Jun 21, 2013) -


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                        TSX-V, LSE-AIM: XEL

21 June 2013

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

                           Award of Options

Xcite Energy announces the award of an aggregate of 9,850,000 options
to purchase ordinary shares of the Company to the Board of Directors,
and to certain members of the Xcite Energy Resources Limited Management
team and staff.

The options were granted under the terms of the Company's share option
scheme by reference to the closing price on the TSX-V of the Company's
ordinary shares on 20 June 2013 and will vest immediately. This award
is made in recognition of the substantial upgrade in reserves, as
announced by the Company in April 2013.

All options have an exercise price of GBP1.01 (CAN$1.62) per ordinary
share and carry a term of five years from the date of award.

Following these option awards, the Directors of the Company have the
following aggregate number of ordinary shares under option:

                             Option award now     Aggregate ordinary
                                being made        shares under option

Roger Ramshaw                     350,000               840,000

Gregory Moroney                   200,000               590,000

Timothy Jones                     100,000               690,000

Scott Cochlan                     200,000               690,000

Stephen Kew                     1,900,000             3,421,000

Rupert Cole                     1,900,000             3,421,000



ENQUIRIES:

Xcite Energy Limited                             +44 (0) 1483 549 063
Rupert Cole / Steve Kew

Liberum Capital Limited (Joint Broker and Nomad) +44 (0) 203 100 2000
Clayton Bush / Tim Graham

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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