Mr. Rupert Cole reports

RESULTS FOR THE 3 MONTH PERIOD ENDED 31 MARCH 2013

Xcite Energy Ltd. has released its results for the three-month period ended March 31, 2013.

Highlights:

• Net loss in the current period of 1.7 million pounds, arising primarily from unrealized foreign exchange losses on a strengthening U.S. dollar over the three-month period;
• Cash of 20.4 million pounds as at March 31, 2013, of which 12.3 million pounds was held in escrow relating to the Bentley phase 1A work program, with 11.6 million pounds of the escrow amount having now been released;
• Effective Dec. 31, 2012, upgrade in 1P, 2P and 3P oil reserves for the Bentley field to 198 million stock tank barrels, 250 million stock tank barrels and 312 million stock tank barrels, respectively, based on an initial 35-year production period, as announced on April 8, 2013;
• Success in the 27th U.K. licensing round provides new acreage to the Xcite Energy Resources Ltd. portfolio. Blocks 9/4a, 9/8b and 9/9h add four identified prospects to the future exploration and appraisal programs in the wider Bentley area;
• A binding agreement has been entered into relating to the sale of certain technical well data for $15-million;
• Commencement of the Bentley field farm-out process with industry participants.

                            FINANCIAL RESULTS
       (in millions of pounds sterling, except per share amounts)

                                          Three months    Three months
                                                 ended           ended
                                              March 31,       March 31,
                                                  2013            2012

Net (loss)                                       (1.70)          (0.05)
                                                 ======          ======
(Loss) per share (basic and diluted) in           (0.6)           (0.0)
pence

We seek Safe Harbor.