Xcite Energy Limited ("Xcite Energy" or the "Company") GBP 20 Million Increase in Equity Line

ABERDEENSHIRE, UNITED KINGDOM--(Marketwire - November 15, 2010) - This announcement is not for release, publication or distribution in or into the United States

Xcite Energy (TSX-V: XEL) (LSE: XEL) (AIM: XEL) announces that it has increased its Standby Equity Distribution Agreement ("SEDA") with YA Global Master SPV Ltd ("Yorkville") by £20 million to £40 million. This is subject to TSX Venture Exchange approval.

In connection with this SEDA increase, the Company will pay Yorkville a fee of £200,000, of which £100,000 will be payable when any part of this increase is accessed by the Company and £100,000 will be paid on 27 September 2011.

Funding under the SEDA will be used as future working capital for the Company and to progress towards the first stage production of the Bentley field without delay.

 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:

ENQUIRIES:

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

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

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

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