ABERDEENSHIRE, UK--(Marketwire - November 04, 2008) - Xcite Energy ("Xcite Energy" or the "Company") (TSX-V: XEL) (LSE: XEL) (AIM: XEL), a heavy oil company focused on the development of discovered resources in the United Kingdom North Sea, today announces that, for personal reasons, A. Murray Sinclair has resigned as a Non-Executive Director with immediate effect.
Roger Ramshaw, Non-Executive Chairman of Xcite Energy, commented:
"We are very grateful to Murray for his support and advice over the past fifteen months. He has been a valuable member of the Board and we wish him and his family well."
The Company holds a 100% working interest in the Bentley field, one of the largest undeveloped heavy oil fields in the United Kingdom North Sea. The Company is listed on the AIM Market of the London Stock Exchange (AIM) and the TSX Venture Exchange (TSX-V).
The TSX-V has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Certain statements contained in this announcement constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to the Company's future outlook and anticipated events or results and, in some cases, can be identified by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "intend," "estimate," "predict," "target," "potential," "continue" or other similar expressions concerning matters that are not historical facts. These statements are based on certain factors and assumptions including expected growth, results of operations, performance and business prospects and opportunities. While the Company considers these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect. Forward-looking information is also subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what we currently expect. These factors include changes in market and competition, governmental or regulatory developments and general economic conditions. Additional information identifying risks and uncertainties are contained in the Company' prospectus filed with the Canadian securities regulatory authorities, available at www.sedar.com. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES.
FOR FURTHER INFORMATION PLEASE CONTACT:
+44 (0) 1330 826 740
Chief Executive Officer
Chief Financial Officer
Thomas Weisel Partners (UK) Limited
+44 (0) 20 7877 4300
Strand Partners Ltd.
+44 (0) 20 7409 3494
Pelham Public Relations
+44 (0) 20 7743 6676