SOURCE: Xcite Energy Ltd

January 14, 2011 02:00 ET

Xcite Energy Limited ("Xcite Energy" or the "Company") Extension of Letter of Intent for "Rowan Norway" N-Class Jack-Up Rig

ABERDEENSHIRE, UK--(Marketwire - January 14, 2011) - Xcite Energy announces that its 100% subsidiary, Xcite Energy Resources Limited ("XER"), (TSX-V: XEL) (LSE: XEL) (AIM: XEL) has entered into an extension to the binding letter of intent ("LOI") with British American Offshore Limited ("BAOL"), part of Rowan Companies, Inc. for the N-Class "Rowan Norway" jack-up rig.

The LOI has been extended by mutual consent to 31st January 2011 with no amendment to the existing termination fee payable by XER in the event it does not enter into a definitive agreement by this date.

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.

Contact Information


    Xcite Energy Limited
    +44 (0) 1330 826740
    Richard Smith
    Chief Executive Officer
    Rupert Cole
    Chief Financial Officer

    Arbuthnot Securities Limited
    (Nomad and Broker)
    +44 (0)20 7012 2000
    Antonio Bossi

    Pelham Bell Pottinger
    +44 (0) 20 7861 3232
    Mark Antelme
    Henry Lerwill

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