N@N

Xcite Energy Ltd: Xcite Energy Limited ("Xcite Energy" or the "Company") Director/PDMR Shareholding

^{Published on 2009-05-06 15:32:59, Last Modified on 2009-05-06 15:33:29 - Market Wire}
 

ABERDEENSHIRE, UK--(Marketwire - May 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), a heavy oil company focused on the development of discovered resources in the UK North Sea, today announces the purchase of ordinary shares of nil par value ("Ordinary Shares") by certain Directors and by members of Xcite Energy Resources Limited management team.

The shares were purchased as follows:

 Number of Ordinary Shares Price purchased Timothy S. Jones Director GBP 0.31 50,000 Stephen A. Kew Director GBP 0.35 14,285 Xcite Energy Resources Limited management team GBP 0.32 99,031 

Resultant Director shareholdings are as follows:

 No of Ordinary Percentage of Shares held Xcite Energy Timothy S. Jones Director 50,000 0.08% Stephen A. Kew Director 6,314,285 10.28% 

The 14,285 Ordinary Shares that Mr. Kew acquired on the AIM market of the London Stock Exchange at a price of £0.35 (C$0.62) represent 0.02% of the issued and outstanding Ordinary Shares of the Company. Following the acquisition and together with the 6,300,000 Ordinary Shares that he already owned at the initial public offering of the Company, Mr. Kew now owns 6,314,285 Ordinary Shares, representing 10.28% of the issued and outstanding Ordinary Shares of the Company. Mr. Kew acquired the Ordinary Shares for investment purposes and he may, depending on the market and other conditions, increase or decrease his beneficial ownership, control or direction over Ordinary Shares of the Company. An early warning report will be filed on SEDAR and will be obtainable from the SEDAR website ([ www.sedar.com ]).

Neither 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.