ABERDEENSHIRE, UK--(Marketwire - January 18, 2008) -
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR
INTO THE UNITED STATES
Xcite Energy Limited ("Xcite Energy" or the "Company") (
TSX-V:
XEL) (
LSE:
XEL) (
AIM:
XEL) is pleased to announce the appointments of Mr. Rupert Cole
and Mr. Scott Cochlan to the board of directors of the Company (the
"Board").
Mr. Cole is the Chief Financial Officer and Director of Xcite Energy
Resources Limited ("XER"), the Company's wholly owned subsidiary, and Chief
Financial Officer of Xcite Energy. Mr. Cole has played an integral role in
developing XER from its incorporation in 2002 and for the Company through
to its dual listing in November 2007. Prior to joining XER, Mr. Cole was
Programme Management Business Advisor at Granherne, a company within
Halliburton, providing strategic, commercial and financial advice to
upstream oil and gas service providers. From 1990 to 1996, Mr. Cole was
Finance Director at Harpur, an international downstream service provider to
major oil companies. Mr. Cole is a chartered accountant and has over 20
years experience in corporate finance.
Mr. Cochlan is a partner at the law firm of Blakes, Cassels & Graydon LLP
in the securities group. Mr. Cochlan has represented senior and junior
public issuers in numerous aspects of general corporate law and securities
regulatory matters including corporate governance, continuous disclosure,
regulatory compliance and transaction negotiation and completion. Mr.
Cochlan also has extensive experience in representing both issuers and
underwriters in a wide variety of complex private and public financing
matters (equity and debt), including cross-border financings, mergers,
acquisitions and other business reorganizations and restructurings. Mr.
Cochlan holds a law degree from the University of Calgary and a B.A. from
the University of Western Ontario. Mr. Cochlan has received a number of
recognitions as a leading lawyer in his field. The appointment of Scott
Cochlan is subject to the approval of the TSX Venture Exchange.
In connection with the appointment of Scott Cochlan, options to purchase
100,000 ordinary shares of the Company were granted to him on January 18,
2008 at an exercise price of £1.04 per ordinary share. The options are
exercisable for a period of five years.
Richard Smith, Chief Executive of Xcite Energy, commented:
"I am pleased to welcome Rupert Cole to the Board, as his financial and
sector experience and advice have been integral in bringing about Xcite
Energy's success to date. I am also pleased to welcome Scott Cochlan to the
Board; his legal expertise and sector experience will be very valuable as
the Company continues to progress and assess future growth opportunities."
Notes to Editors:
Xcite Energy (
www.xcite-energy.com) is an exploration and development
company currently focused on the appraisal and development of heavy oil
resources in the North Sea on the UK Continental Shelf (the "UKCS"). The
Company has a 100% working interest in Block 9/3b, the Bentley Field,
situated in the North Sea.
Additional information on Rupert Cole to be disclosed in relation to
Schedule Two paragraph (g) of the AIM Rules for Companies can be found
below.
Mr. Cole has a beneficial interest in 6,300,000 ordinary shares and options
to purchase 1,000,000 ordinary shares in the Company.
Current Directorships Directorships within the last five years
N/A N/A
Additional information on Scott Cochlan to be disclosed in relation to
Schedule Two paragraph (g) of the AIM Rules for Companies can be found
below.
Mr. Cochlan has a beneficial interest in options to purchase 100,000
ordinary shares in the Company.
Current Directorships Directorships within the last five years
N/A N/A
The TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release.
Forward-Looking Statements
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 Xcite Energy's prospectus filed with the Canadian securities
regulatory authorities, available at
www.sedar.com. Xcite Energy 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.
Contact Information: Enquiries:
Xcite Energy
+44 (0) 1330 826 740
Richard Smith
Chief Executive Officer
Rupert Cole
Chief Financial Officer
Thomas Weisel Partners (UK) Limited
+44 (0) 20 7290 9716
Paul Colucci
Managing Director
Paul Newman
Managing Director
Strand Partners Ltd.
+44 (0) 20 7409 3494
James Harris
Director
Warren Pearce
Associate Director
Pelham Public Relations
+44 (0) 20 7743 6676
Alisdair Haythornthwaite
Director
Katherine Stewart
Account Executive