SOURCE: Xcite Energy Limited

December 05, 2011 02:00 ET

Xcite Energy Limited announces Rig Status Update

ABERDEENSHIRE, UNITED KINGDOM--(Marketwire - Dec 5, 2011) -


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DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO
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SUCH JURISDICTION

                       TSX-V, LSE-AIM: XEL


5 December 2011

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

                        Rig Status Update


The Company announces that, as expected, the Rowan Norway jack-up rig
has been made available to Xcite Energy Resources Limited ("XER") and
is now on hire, subject to a satisfactory audit and inspection prior to
acceptance.

Following acceptance and in accordance with the originally scheduled
work programme in Dundee, the rig will be modified to accept drilling
and processing equipment, before being appropriately equipped and
prepared by XER prior to deployment to the Bentley field as soon as
practicable. This is expected to be early February 2012, subject to
suitable weather conditions prevailing and all expected permits and
consents having been obtained, after which the Company expects to
commence drilling for Phase 1A of the First Phase Development of
Bentley.


ENQUIRIES:
Xcite Energy Limited

                                                  +44 (0) 1483 549 063
Richard Smith             Chief Executive Officer
Rupert Cole               Chief Financial Officer

Oriel Securities (Joint
Broker and Nomad)                                 +44 (0) 207 710 7600
Emma Griffin              Partner
Simon Edwards             Partner

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

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

Paradox Public Relations                          +1 514 341 0408
Jean-Francois Meilleur    Consultant

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.

Morgan Stanley which is authorised and regulated in the United Kingdom
by the Financial Services Authority, is acting exclusively for Xcite
Energy and for no one else in connection with the subject matter of
this announcement and will not be responsible to anyone other than
Xcite Energy for providing the protections afforded to its clients or
for providing advice in connection with the subject matter of this
announcement.

Oriel Securities which is authorised and regulated in the United
Kingdom by the Financial Services Authority, is acting exclusively for
Xcite Energy and for no one else in connection with the subject matter
of this announcement and will not be responsible to anyone other than
Xcite Energy for providing the protections afforded to its clients or
for providing advice in connection with the subject matter of this
announcement.

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 October
26, 2010 and in the annual Management's Discussion and Analysis for
Xcite Energy dated March 24, 2011 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.











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