SOURCE: Xcite Energy Limited

August 04, 2011 02:00 ET

Xcite Energy Limited: Option Award - Directors, Management & Project Team

ABERDEENSHIRE, UNITED KINGDOM--(Marketwire - Aug 4, 2011) -


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO
WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF
SUCH JURISDICTION



                          TSX-V, LSE-AIM: XEL





4 August 2011

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


     Option Award to Directors, Management and Project Team



Xcite Energy announces the award of an aggregate of 1,850,000 options
to purchase ordinary shares of the Company to the Directors, members of
the Xcite Energy Resources Limited (the Company's wholly owned
subsidiary) management team and to certain members of the Bentley field
project team.



The options, which vest immediately, were granted under the terms of
the Company's share option scheme by reference to the closing price of
the Company's ordinary shares on 3 August 2011. All options have an
exercise price of CAN$2.30 (GBP1.46) per ordinary share and are
exercisable for a period of five years. This award is made in
recognition of the significant progress made to achieve submission of
the final draft of the Field Development Plan for the Bentley field to
the Department of Energy and Climate Change.



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



              Option award now being  Aggregate ordinary shares under
              made                    option


Roger Ramshaw 100,000                 690,000


Gregory       100,000                 490,000
Moroney


Timothy Jones 100,000                 590,000


Scott Cochlan 100,000                 590,000


Richard Smith 100,000                 2,521,000


Stephen Kew   100,000                 2,521,000


Rupert Cole   100,000                 2,521,000

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


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

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.





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

END

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