ELE Elemental Altus Royalties Corp

Excelsior Energy Limited (TSX VENTURE:ELE) ("Excelsior" or the "Company")
announces it has filed financial statements and management's discussion and
analysis for the three month periods ended March 31, 2010 and 2009. These
financial statements and associated management's discussion and analysis can be
found online at www.sedar.com.


First Quarter 2010 Highlights



--  Pursuant to the Hangingstone farm-in agreement, in January 2010 the
    Company exercised its option to acquire and cancel the gross overriding
    royalty that encumbered the Company's Hangingstone oil sands property.
    Excelsior issued 1,445,056 common shares in consideration for the
    acquisition and cancellation of the gross overriding royalty. 
    
--  The Company engaged an independent resource engineer, McDaniel &
    Associates Consultants Ltd. ("McDaniel") to update their previous
    resource report on the Hangingstone property dated July 1, 2009. The
    mechanical update was dated December 31, 2009, ("the Report") and
    incorporated the McDaniel price deck as at January 1, 2010 and assumed
    the cancellation of the gross over-riding royalty. No additional
    geological or engineering work was conducted and the resource estimates,
    production forecasts, operating costs (other than updated price deck for
    natural gas) and capital cost parameters were unchanged from the July 1,
    2009. Refer to news release on April 14, 2010 for full details. 
    



Outlook



--  The Company entered into agreements in April and May 2010, to finance up
    to $26,000,000 in non-brokered private placements to a group of
    investors including Frank Giustra, Peninsula Merchant Syndications Corp.
    and Jeff Scott. The net proceeds of the offering will be used to fund
    further delineation at Hangingstone and for general corporate purposes.
    The private placement financings are subject to regulatory approval and
    conditions, as well as other customary closing conditions. 
    
--  To assist funding the COGD project, the Company re-submitted its
    application to the Alberta government's Innovative Energy Technology
    Program for the COGD experimental technology in the amount of $10
    million. Excelsior was selected to submit a full proposal for $22
    million of funding from Climate Change and Emissions Management
    Corporation. The proposal was submitted in February 2010. Resolution on
    both these initiatives is expected by mid year. 
    



Selected Information



-------------------------------------------------------------------------
($'s except weighted average shares)          Mar 31, 2010  Mar 31, 2009 
-------------------------------------------------------------------------
Gas sales                                                -         6,153 
Royalties                                                -          (249)
Operating expenses                                    (258)       (4,195)
-------------------------------------------------------------------------
  Net gas revenue                                     (258)        1,709 
-------------------------------------------------------------------------
Interest and other income                            1,556        27,979 
General and administrative expense                 288,687       261,614 
Net loss and comprehensive loss                   (334,744)     (410,800)
Loss per share (basic and diluted)                       -             - 
-------------------------------------------------------------------------
Capital expenditures                                                     
  Petroleum and natural gas properties-cash         29,975     7,739,361 
  Petroleum and natural gas properties-non                               
   cash                                            231,209             - 
-------------------------------------------------------------------------
Cash flows                                                               
  Cash flows used in operations                   (338,215)     (409,372)
  Cash flows used in investing                     (43,929)   (8,321,785)
  Cash flows from financing                         (1,745)            - 
-------------------------------------------------------------------------
  Change in cash and cash equivalents             (383,889)   (8,731,157)
  Cash and cash equivalents, beginning of                                
   period                                        1,564,964    13,748,057 
-------------------------------------------------------------------------
  Cash and cash equivalents, end of period       1,181,075     5,016,900 
-------------------------------------------------------------------------
Basic and diluted weighted average number of                             
 shares outstanding                            144,409,309   143,060,590 
-------------------------------------------------------------------------



About Excelsior

Excelsior is an early stage, oil sands company with 58 operated sections on two
contiguous blocks in the Hangingstone and West Surmont areas of the Athabasca
Oil Sands Region near Fort McMurray, Alberta. The Company has developed a
proprietary in situ combustion technology ("Combustion Overhead Gravity
Drainage" or "COGD") which has potential to improve economic and environmental
impact in the development and recovery of heavy oil and bitumen. An application
for an experimental pilot project to field demonstrate the COGD technology was
submitted in the second quarter of 2009. Project approval is expected in the
latter half of 2010 with subsequent implementation and commissioning in early
2011. Excelsior's strategy is to capture oil and gas appraisal and development
opportunities where we can leverage Management's diverse international
operating, heavy oil and field development expertise with developing
technologies to produce oil and gas.


Forward Looking Information

This press release contains forward-looking statements and forward-looking
information within the meaning of applicable securities laws. The use of any of
the words "expect", "anticipate", "continue", "estimate", "objective",
"ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and
similar expressions are intended to identify forward-looking statements or
information. More particularly and without limitation, this press release
contains forward-looking statements and information concerning: anticipated
regulatory approvals, expected timing on project applications, use of proceeds
of the Company's proposed financing activities, anticipated production and
recovery results using the Company's COGD process, the sufficiency of its
current funding to meet planned expenditure requirements.


The forward-looking statements and information in this press release are based
on certain key expectations and assumptions made by Excelsior, including
expectations and assumptions concerning: prevailing commodity prices and
exchange rates; applicable royalty rates and tax laws; future production rates;
reserve and resource volumes; the success obtained in drilling new wells; the
anticipated production rates and recoverability factors based on certain
modeling results conducted by third parties; the availability and cost of labour
and services; and the receipt, in a timely manner, of regulatory approvals.
Although Excelsior believes that the expectations and assumptions on which such
forward-looking statements and information are based are reasonable, undue
reliance should not be placed on the forward-looking statements and information
because Excelsior can give no assurance that they will prove to be correct.


Since forward-looking statements and information 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 the risks
associated with the oil and gas industry in general such as: operational risks
in development, exploration and production; delays or changes in plans with
respect to exploration or development projects or capital expenditures; the
uncertainty of reserve and resource estimates; the uncertainty of estimates
relating to production, costs and expenses; health, safety and environmental
risks; commodity price and exchange rate fluctuations; marketing and
transportation or petroleum and natural gas and loss of markets; environmental
risks; competition; incorrect assessment of the value of acquisitions; failure
to realize the anticipated benefits of acquisitions; ability to access
sufficient capital from internal and external sources; failure to obtain
required regulatory approvals; inaccuracies in modeling results conducted by
third parties; the ability of the Company to identify and enter into a binding
agreement with a joint venture partner on terms acceptable to the Company; and
changes in legislation, including but not limited to tax laws, royalty rates and
environmental regulations.


Readers are cautioned that the foregoing list of factors is not exhaustive.
Additional information on these and other factors that could affect the
operations or financial results of Excelsior are included in reports on file
with applicable securities regulatory authorities and may be accessed through
the SEDAR website (www.sedar.com).


The forward-looking statements and information 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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