Xcite Updates Drilling Ops at Bentley 9/3b-7 Well

Xcite Energy announced that, following the spudding of the Bentley 9/3b-7 well on March 18, 2012 with the jackup Rowan Norway (400' ILC), good progress has been made in drilling the 36" hole and to set the 30" conductor pipe. The 26" hole has been directionally drilled and the 20" surface casing has been set and cemented satisfactorily.

Completion of these upper hole sections, safely and as planned, gives a firm foundation for the rest of the Phase 1A work program planned to be undertaken within the 240 days initial term under the rig contract, which commenced in early March.