SOURCE: Xcite Energy Limited

May 25, 2011 02:00 ET

Xcite Energy Limited - Results for the 3 Month Period Ended March 31, 2011

ABERDEENSHIRE, UNITED KINGDOM--(Marketwire - May 25, 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





May 25, 2011

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

             Results for the 3 Month Period Ended March 31, 2011

Xcite Energy is pleased to announce its results for the 3 months ended
March 31, 2011.

The first quarter of 2011 has enabled the Company to progress its plans
for the First Stage Production ("FSP") programme on the Bentley field,
with the signing of the Rowan Norway harsh environment, deep water
jack-up rig and the planning that has been undertaken with a number of
the Company's contractors and service providers to support the use of
the rig in the field for the FSP.

In parallel, work was undertaken with respect to the recently announced
reserves assessment report, together with the field development plan
for the FSP that is expected to be submitted to the Department of
Energy and Climate Change shortly.

The Company's unaudited Financial Results for the 3 Months Ended March
31, 2011 can be found at the following link:

 http://www.rns-pdf.londonstockexchange.com/rns/2106H_-2011-5-24.pdf 

ENQUIRIES:

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


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

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, 2010 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.



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

END

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