Xcite Energy UK North Sea Appraisal Well Reaches Target Depth

Xcite Energy, a heavy oil company focused on the development of discovered resources in the UK North Sea, provides an update on the 9/3b-5 appraisal well on the Bentley field.

As anticipated, the well has reached its target depth on schedule and the Company continues to expect testing to be completed before the end of January 2008.

The Bentley heavy oil discovery is located on Block 9/3b, in which Xcite Energy holds a 100% interest, 160km east of the Shetland Isles and covering an area of approximately 200 kilometers squared. Bentley has been drilled by three of the four wells on Block 9/3b, being wells 9/3-1 (Amoco, 1977), 9/3-2A (Conoco, 1983) and 9/3-4 (Conoco, 1986).