Xcite Energy Award of Options to Directors and Management Team

Xcite Energy Limited (TSX-V: XEL) (LSE: XEL) (AIM: XEL) awarded of (in aggregate) 4,093,000 options to purchase ordinary shares of the Company to the Directors and members of the Xcite Energy Resources Limited (the Company’s wholly owned subsidiary) management team.

The press release is quoted as saying:

The options were granted under the terms of the Company’s share option scheme by reference to the closing price of the Company’s ordinary shares on March 26, 2010, to vest in three equal tranches with one third vesting immediately, one third on the first anniversary of grant and one third on the second anniversary of grant. All options have an exercise price of £0.44 (CAN$0.68) per ordinary share and are exercisable for a period of five years. This award recognises the significant progress that has been made with respect to the Bentley field during 2009 and early 2010.

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