ABERDEENSHIRE, UK--(Marketwire - March 19, 2009) -
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES
The Company (TSX-V: XEL) (LSE: XEL) (AIM: XEL) today announces that it has appointed Timothy S. Jones to the Board of Directors of the Company and as Chairman of the Audit Committee.
Timothy Stephen Jones, aged 60, is a Chartered Accountant, with twenty years experience in professional practice covering a number of industries including oil and gas. Following major public company roles, he formed his own accountancy and consulting practice to focus on the oil and gas sector, where he specialises in providing advice to AIM listed companies. He is currently on the board of a number of AIM listed natural resources companies. The appointment of Mr. Jones is subject to the approval of the TSX Venture Exchange.
Mr Jones is currently a director of, or has in the past five years been a director of, the following companies:
Current Directorships Past Directorships --------------------------------- ---------------------------------- Beacon Hill Resources Plc Alaska Property Group Limited BPC Limited Etape Estates Limited Club 2000 Bingo Limited Infostrada Hayters Limited Esher Management Services Limited New Generation Bingo Limited Falkland Oil and Gas Limited Planet Sport (Holdings) Limited FOGL Finance Limited Shrewsbury Business Park Management Limited Full House Bingo Limited MacEvents Limited MacGregor & Company (Event Management) Limited Next Generation Bingo Limited Point Bingo Limited Point Leisure Limited
Mr Jones was a director of Reg Hayler Limited which was placed in administration on 18 November 2002. The company was subsequently sold as a going concern.
There are no further disclosures required pursuant to schedule 2 of the AIM Rules.
Roger Ramshaw, Chairman of Xcite Energy, commented:
"I am pleased to welcome Tim Jones to the Board and as Chairman of the Audit Committee. His long standing financial and sector experience will be valuable to the Company in the current economic conditions and also as we move forward with the next phase in the development of the Bentley field."
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.
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's annual information form dated June 30, 2008 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Xcite Energy Limited
+44 (0) 1330 826 740
Chief Executive Officer
Chief Financial Officer
Thomas Weisel Partners International Limited
+44 (0) 20 7877 4300
Strand Partners Limited
+44 (0) 20 7409 3494
Pelham Public Relations
+44 (0) 20 7337 1500