Mr. Rupert Cole reports

VOLUNTARY DELISTING FROM TSX VENTURE EXCHANGE

Xcite Energy Ltd. has applied for voluntary delisting of its ordinary shares from the TSX Venture Exchange. Xcite's ordinary shares are currently listed for trading on the TSX-V and the Alternative Investment Market of the London Stock Exchange.

The directors of the company believe that the minimal trading activity of Xcite's ordinary shares on the TSX-V no longer justifies the expense and administrative requirements associated with maintaining this dual listing, and that Xcite's continuing AIM listing provides its shareholders with a sufficiently liquid market.

Subject to its application being accepted by the TSX-V, it is expected that the ordinary shares will be delisted from the TSX-V at the close of trading on Sept. 30, 2015, with Xcite's ordinary shares continuing to trade on AIM under the ticker XEL.

Implications of the delisting for shareholders on the Canadian register

Following delisting from the TSX-V, the company will also be closing its Canadian share register and replacing it with a new share register in the British Virgin Islands (BVI) maintained by Computershare Investor Services (BVI) Ltd.

The company's Canadian share register will, however, remain open until Nov. 30, 2015, in order to enable shareholders and Canadian Depository for Securities (CDS) participants currently on the Canadian register to request, if they wish, to have depositary interests (DI) in respect of their holdings issued to a broker/nominee within CREST, the United Kingdom settlement system. Xcite is incorporated outside the U.K. and is listed on AIM in London. Xcite uses DIs to enable electronic transfer and settlement within CREST for trading of its ordinary shares on AIM.

If CDS participants or shareholders on the Canadian register have not activated a DI issuance request by Nov. 30, 2015, their holding will be automatically moved to a certificated holding on the BVI register and they will be sent a new physical share certificate. Canadian share certificates previously issued will become null and void at such time. Following delisting, shareholders trading their holdings not held in the form of DIs within CREST may encounter delays or additional expense.

Shareholders whose holdings are already held within CREST in the form of DIs, or who wish to receive new share certificates from the BVI register, need not take any action.

CDS participants or those with ordinary shares held by a broker within CDS, who wish to have DIs issued in respect of their holdings, should arrange for the CDS participant or broker to complete and submit a Computershare xSettle electronic instruction or a register removal request -- CDS withdrawals to U.K. depositary interests form to Computershare Investor Services Inc. for the issue of DIs to their broker/nominee in CREST. Shareholders who hold their shares through a Canadian broker are encouraged to contact their broker to arrange for this to happen.

Registered shareholders with share certificates who wish to have DIs issued in respect of their holdings will need to open an account with a CREST broker/nominee and complete a register removal request -- Canadian certificate to U.K. depositary interests form and submit it to the registrar together with the original Canadian share certificate(s). Alternatively, Canadian share certificates can be submitted to the CREST broker/nominee for them to arrange the issuance and deposit of the DIs into CREST.

These forms can be located at Computershare's website or on the company's website.

Shareholders are encouraged to contact Computershare Investor Services, the company's Canadian share registrar, for any information about the delisting process at: toll-free 1-866-277-2086 (or 1-781-575-4086 if dialling from outside Canada); or 44-0-370-702-0000 for shareholders in the U.K.

Following delisting from the TSX-V, Xcite's ordinary shares and DIs will continue to be transferable without being subject to U.K. stamp duty.