Excelsior Energy Limited (TSX VENTURE:ELE) ("Excelsior" or the "Corporation") is
providing the following update in response to the press release issued by
Wexford Capital LP ("Wexford") on April 20, 2010 announcing that it had
presented Excelsior with a non-binding and conditional expression of interest to
acquire newly issued common shares of Excelsior and other related matters (the
"Wexford Proposal").


The board of directors of Excelsior has carefully considered the Wexford
Proposal and Excelsior's legal obligations under the binding letter agreement
between Excelsior, Frank Giustra, Peninsula Merchant Syndications Corp. and Jeff
Scott (the "Letter Agreement") relating to the proposed $20.0 million
non-brokered equity financing of Excelsior (the "Equity Financing"), including
the advice of Excelsior's legal counsel, and has concluded that (i) Excelsior
has a binding agreement to proceed with the Equity Financing at this time, (ii)
except as specifically provided for in the Letter Agreement, Excelsior is
contractually prohibited at this time from directly or indirectly offering or
contracting to sell or announcing an intention to sell any securities of
Excelsior to any person without the prior written consent of the other parties
to the Letter Agreement, and (iii) given the circumstances described above, the
Wexford Proposal is not a transaction that Excelsior is capable of pursuing or
discussing further at this time.


This document contains forward-looking statements regarding the Corporation's
activities and the completion of the Equity Financing.


The forward-looking statements are based on certain key expectations and
assumptions made by Excelsior, including expectations and assumptions concerning
the satisfaction of the conditions to the completion of the Equity Financing and
that the letter agreement is not terminated or otherwise varied by the parties
in accordance with its terms.


Although Excelsior believes that the expectations and assumptions on which the
forward-looking statements made are reasonable, undue reliance should not be
placed on the forward-looking statements because no assurance can be provided
that they will prove to be correct. Since forward-looking statements address
future events and conditions, by their very nature they involve inherent risks
and uncertainties. Actual results could differ materially from those currently
anticipated due to a number of factors and risks. These include, but are not
limited to regulatory and third party approvals or other requirements and
consents are not obtained on terms satisfactory to the parties, or at all, and
risks that other conditions to the completion of any potential transactions are
not satisfied.


The forward-looking statements contained in this press release are made as of
the date hereof and Excelsior undertakes no obligation to update publicly or
revise any forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable
securities laws.
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