SOURCE: Xcite Energy Limited

May 20, 2013 02:00 ET

Xcite Energy Limited - Bentley Well Data Sale

ABERDEENSHIRE, UNITED KINGDOM--(Marketwired - May 20, 2013) - Xcite Energy Limited (TSX VENTURE: XEL) (LSE: XEL) (AIM: XEL)


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DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO
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                      TSX-V, LSE-AIM: XEL

20 May 2013



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

                     Bentley Well Data Sale

Xcite Energy is pleased to announce that its 100% subsidiary, Xcite
Energy Resources Limited ("XER"), has entered into a non-exclusive,
confidential, binding sale and purchase agreement ("Agreement") for
certain technical data in respect of the Bentley 9/03b-6, 6Z well, and
the recently concluded 9/03b-7 and 7Z extended pre-production well
test.

Under the terms of the Agreement, XER will receive $15 million in
respect of the well data and associated interpretation work. An
additional payment of $1 million will be made to XER following certain
regulatory milestones being achieved by the purchaser.

Rupert Cole, CEO of Xcite Energy, commented:"We are very pleased to have
completed this agreement, which is complementary to the recently
commenced farm-out process, and further validates the quality of the
information collected from our two well programmes. This has been done
without compromising the Company's intellectual property and is a good
commercial outcome that provides additional working capital."

ENQUIRIES:

Xcite Energy Limited                             +44 (0) 1483 549 063
Rupert Cole / Andrew Fairclough

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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