SOURCE: Xcite Energy Ltd

March 06, 2009 09:05 ET

Xcite Energy Limited ("Xcite Energy" or the "Company") Pricing of Share Options to Key Members of the Xcite Energy Resources Management Team

ABERDEENSHIRE, UK--(Marketwire - March 6, 2009) -


THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES

Xcite Energy (TSX-V: XEL) (LSE: XEL) (AIM: XEL) is a heavy oil company focused on the development of discovered resources in the United Kingdom North Sea. The Company holds a 100% working interest in Block 9/3b, the Bentley field, one of the largest undeveloped heavy oil fields in the United Kingdom North Sea.

The Company is listed on the AIM Market of the London Stock Exchange (AIM) and the TSX Venture Exchange (TSX-V).

The Company today announces that, in respect of the options to purchase ordinary shares of the Company awarded to Mr Richard West, Mr Barnaby Brennan, Mr Charles Lucas-Clements, Mr Philip Gardner and Mr Jon Dale on January 8th, 2009, in accordance with TSX-V requirements the exercise price of these options has been adjusted to CAN$0.10 per ordinary share.

The TSX-V has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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 changes in market and competition, governmental or regulatory developments and general economic conditions. Additional information identifying risks and uncertainties are contained in the Company's annual information form dated June 30, 2008 filed with the Canadian securities regulatory authorities, 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.

Contact Information

  • ENQUIRIES:

    Xcite Energy
    Richard Smith
    Chief Executive Officer
    +44 (0) 1330 826 740

    Rupert Cole
    Chief Financial Officer
    +44 (0) 1330 826 740

    Thomas Weisel Partners International Limited
    Paul Colucci
    Managing Director
    +44 (0) 20 7877 4300

    Jesse Meidl
    Vice President
    +44 (0) 20 7877 4300

    Strand Partners Limited
    James Harris
    Director
    +44 (0) 20 7409 3494

    Rory Murphy
    Director
    +44 (0) 20 7409 3494

    Pelham Public Relations
    Mark Antelme
    Director
    +44 (0) 20 7743 6676