Bentley Well Data Sale

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

TSX-V, LSE-AIM: XEL

20 May 2013

Xcite Energy Limited

("Xcite Energy" or the "Company")

Bentley Well Data Sale

Xcite Energy is pleased to announce that its 100% subsidiary, Xcite Energy Resources Limited ("XER"), has entered into a non-exclusive, confidential, binding sale and purchase agreement ("Agreement") for certain technical data in respect of the Bentley 9/03b-6, 6Z well, and the recently concluded 9/03b-7 and 7Z extended pre-production well test.

Under the terms of the Agreement, XER will receive $15 million in respect of the well data and associated interpretation work. An additional payment of $1 million will be made to XER following certain regulatory milestones being achieved by the purchaser.

Rupert Cole, CEO of Xcite Energy, commented:

"We are very pleased to have completed this agreement, which is complementary to the recently commenced farm-out process, and further validates the quality of the information collected from our two well programmes. This has been done without compromising the Company's intellectual property and is a good commercial outcome that provides additional working capital."

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.