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Xcite Energy Limited ("Xcite Energy" or the "Company") Rig Contract - Ocean Nomad

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  Published in Business and Finance on Monday, July 19th 2010 at 23:20 GMT by Market Wire
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ABERDEENSHIRE, UK--(Marketwire - July 20, 2010) - This Announcement Is Not for Release, Publication or Distribution in or Into the United States

Xcite Energy is pleased to announce that Xcite Energy Resources Limited ("XER") (TSX-V: [ XEL ]) (LSE: XEL) (AIM: XEL) has entered into a binding contract for the Ocean Nomad semi-submersible rig to drill the 9/3b-R well on the Bentley field. With an expected spud date around the middle of September subject to the current rig programme, this will enable XER to complete the intended 9/3b-R well programme as planned in 2010.

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.