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Xcite Energy Limited ("Xcite Energy" or the "Company") Award of Options to Directors and Management Team

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  Published in Business and Finance on Monday, November 30th 2009 at 15:15 GMT by Market Wire
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ABERDEENSHIRE, UK--(Marketwire - November 30, 2009) -

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

Xcite Energy Limited (TSX-V: [ XEL ]) (LSE: XEL) (AIM: XEL), a developer of heavy oil assets in the UK North Sea, today announces the award of 100,000 options to purchase ordinary shares of the Company to each of the following Directors and members of the Xcite Energy Resources Limited (the Company's wholly owned subsidiary) Management Team:

Roger Ramshaw, Gregory Moroney, Timothy Jones, Scott Cochlan, Richard Smith, Stephen Kew, Rupert Cole, Jonathan Dale, Barnaby Brennan, Richard West and Charles Lucas-Clements.

All of these options were granted today under the terms of the Company's share option scheme, at an exercise price of CAN$0.74 per ordinary share and are exercisable for a period of five years. This award recognises the significant progress that has been made with respect to the Bentley field during 2009.

Following these option awards, the Directors of the Company have the following aggregate number of ordinary shares under option:

 Aggregate ordinary shares under option Roger Ramshaw 300,000 Gregory Moroney 200,000 Timothy Jones 200,000 Scott Cochlan 200,000 Richard Smith 1,100,000 Stephen Kew 1,100,000 Rupert Cole 1,100,000 

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.