Xcite Energy Limited ("Xcite Energy" or the "Company") 9/3b-6z Well Update
December 15 2010 - 2:00AM
Marketwired
This Announcement Is Not for Release, Publication or Distribution
in or Into the United States
Xcite Energy Limited (TSX-V: XEL) (LSE: XEL) (AIM: XEL)
announces that the 9/3b-6z horizontal well section on the Bentley
field has not yet commenced the test phase. An operational issue
with the export hose has occurred and an alternative testing
procedure has been identified and is in the process of being
implemented. The well test is expected to commence as soon as
operational and weather conditions allow.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Statements
Certain statements contained in this announcement constitute
forward-looking information within the meaning of securities laws.
Forward-looking information may relate to the Company's future
outlook and anticipated events or results and, in some cases, can
be identified by terminology such as "may", "will", "should",
"expect", "plan", "anticipate", "believe", "intend", "estimate",
"predict", "target", "potential", "continue" or other similar
expressions concerning matters that are not historical facts. These
statements are based on certain factors and assumptions including
expected growth, results of operations, performance and business
prospects and opportunities. While the Company considers these
assumptions to be reasonable based on information currently
available to us, they may prove to be incorrect. Forward-looking
information is also subject to certain factors, including risks and
uncertainties that could cause actual results to differ materially
from what we currently expect. These factors include risks
associated with the oil and gas industry (including operational
risks in exploration and development and uncertainties of estimates
oil and gas potential properties), the risk of commodity price and
foreign exchange rate fluctuations and the ability of Xcite Energy
to secure financing. Additional information identifying risks and
uncertainties are contained in the Company's annual information
form dated October 26, 2010 and in the annual Management's
Discussion and Analysis for Xcite Energy dated March 24, 2010 filed
with the Canadian securities regulatory authorities and available
at www.sedar.com. The Company disclaims any intention or obligation
to update or revise any forward-looking statements whether as a
result of new information, future events or otherwise, except as
required under applicable securities regulations
ENQUIRIES: Xcite Energy Limited Richard Smith
Chief Executive Officer Rupert Cole Chief Financial Officer +44 (0)
1330 826740 Arbuthnot Securities Limited (Nomad and Broker)
Antonio Bossi Director +44 (0)20 7012 2000 Pelham Bell
Pottinger Mark Antelme Director Henry Lerwill +44 (0) 20 7861
3232 Paradox Public Relations Jean-Francois Meilleur
Consultant +1 514 341 0408