UK: Xcite Energy Enters Binding Drilling Contract for “Rowan Norway” Jack-up Rig

Xcite Energy  announces that its 100% subsidiary, Xcite Energy Resources Limited (“XER”), has entered into a binding drilling contract with British American Offshore Limited (“BAOL”), part of Rowan Companies, Inc. for the N-Class “Rowan Norway”, a harsh environment, deep water jack-up unit, designed and built for simultaneous drilling and production, which is currently under construction.

The Rowan Norway is expected to be used to commence the first stage production of the Bentley field, the planning for which is currently being undertaken. XER expects the Rowan Norway to be made available in the fourth quarter of 2011.

The Company, through its wholly owned subsidiary, Xcite Energy Resources Limited (“XER”), is an oil exploration and development company, which is focused on the exploration and development of heavy oil resources in the North Sea on the United Kingdom Continental Shelf.

The Company is incorporated and domiciled in the BVI under the BVI Business Companies Act, 2004 with its registered office in Tortola, BVI. As such, the rights of shareholders may be different from the rights of shareholders in a UK incorporated company. The Company is listed on AIM in London and the Toronto Stock Exchange – Venture Division in Canada.

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Source:XCITE, February  14, 2011;