Mr. Rupert Cole reports

BENTLEY WELL DATA SALE

Xcite Energy Ltd.'s 100-per-cent subsidiary, Xcite Energy Resources Ltd., has entered into a non-exclusive, confidential, binding sale and purchase agreement for certain technical data in respect of the Bentley 9/03b-6, 6Z well, and the recently concluded 9/03b-7 and 7Z extended preproduction well test.

Under the terms of the agreement, Xcite Energy Resources will receive $15-million in respect of the well data and associated interpretation work. An additional payment of $1-million will be made to Xcite Energy Resources following certain regulatory milestones being achieved by the purchaser.

Rupert Cole, chief executive officer of Xcite Energy, commented: "We are very pleased to have completed this agreement, which is complementary to the recently commenced farm-out process, and further validates the quality of the information collected from our two-well programs. This has been done without compromising the company's intellectual property and is a good commercial outcome that provides additional working capital."