Xcite Energy Limited ("Xcite Energy" or the "Company") Rig Contract - Ocean Nomad

ABERDEENSHIRE, UK--(Marketwire - July 20, 2010) - This Announcement Is Not for Release, Publication or Distribution in or Into the United States

Xcite Energy is pleased to announce that Xcite Energy Resources Limited ("XER") (TSX-V: XEL) (LSE: XEL) (AIM: XEL) has entered into a binding contract for the Ocean Nomad semi-submersible rig to drill the 9/3b-R well on the Bentley field. With an expected spud date around the middle of September subject to the current rig programme, this will enable XER to complete the intended 9/3b-R well programme as planned in 2010.

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Contact Information:

ENQUIRIES:

Xcite Energy Limited
Richard Smith
Chief Executive Officer
Rupert Cole
Chief Financial Officer
+44 (0) 1330 826740

Arbuthnot Securities Limited
(Nomad and Broker)
Antonio Bossi
Director
+44 (0) 207 012 2000

Pelham Bell Pottinger
Mark Antelme
Director
+44 (0) 207 861 3232

Paradox Public Relations
Jean-Francois Meilleur
Consultant
+1 514 341 0408