ABERDEENSHIRE, UNITED KINGDOM--(Marketwire - Jun 26, 2012) -

 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION TSX-V, LSE-AIM: XEL 26 June 2012 Xcite Energy Limited ("Xcite Energy" or the "Company") Option Award to Management and Project Team Xcite Energy announces the award of an aggregate of 4,700,000 options to purchase ordinary shares of the Company to members of the Company's senior (non-board) management team and to certain members of the Bentley field project team. The options, which vest immediately, were granted under the terms of the Company's share option scheme by reference to the closing price of the Company's ordinary shares on 25 June 2012. All options have an exercise price of CAN$1.19 (GBP0.74) per ordinary share and are exercisable for a period of five years. This award is made in recognition of the significant progress made in the Phase 1A and Phase 1B work programmes during 2012. ENQUIRIES: Xcite Energy Limited +44 (0) 1483 549 063 Richard Smith Chief Executive Officer Rupert Cole Chief Financial Officer Oriel Securities (Joint Broker and Nomad) +44 (0) 207 710 7600 Emma Griffin Partner Michael Shaw Partner Morgan Stanley (Joint +44 (0)207 425 8000 Broker) Andrew Foster Managing Director Pelham Bell Pottinger +44 (0) 207 861 3232 Mark Antelme Director Henry Lerwill Paradox Public Relations +1 514 341 0408 Jean-Francois Meilleur Consultant 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. This information is provided by RNS The company news service from the London Stock Exchange END