Voluntary Delisting From TSX Venture Exchange

ABERDEENSHIRE, UNITED KINGDOM--(Marketwired - Sep 16, 2015) - Xcite Energy Ltd. ("Xcite" or the "Company") (TSX VENTURE: XEL) (LSE: XEL) (AIM: XEL)

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Xcite announces that it has applied for voluntary delisting of its ordinary shares from the TSX Venture Exchange ("TSX-V"). Xcite's ordinary shares are currently listed for trading on the TSX-V and the AIM market of the London Stock Exchange ("AIM").

The directors of the Company believe that the minimal trading activity of Xcite's ordinary shares on the TSX-V no longer justifies the expense and administrative requirements associated with maintaining this dual listing, and that Xcite's continuing AIM listing provides its shareholders with a sufficiently liquid market.

Subject to its application being accepted by the TSX-V, it is expected that the ordinary shares will be delisted from the TSX-V at the close of trading on 30 September 2015, with Xcite's ordinary shares continuing to trade on AIM under the ticker "XEL".

Implications of the delisting for shareholders on the Canadian register

Following delisting from the TSX-V, the Company will also be closing its Canadian share register and replacing it with a new share register in the British Virgin Islands ("BVI") maintained by Computershare Investor Services (BVI) Limited (the "BVI Register").

The Company's Canadian share register will, however, remain open until 30 November 2015, in order to enable shareholders and Canadian Depository for Securities ("CDS") participants currently on the Canadian register to request, if they wish, to have depositary interests ("DIs") in respect of their holdings issued to a broker/nominee within CREST, the United Kingdom ("UK") settlement system. Xcite is incorporated outside the UK and is listed on AIM in London. Xcite uses DIs to enable electronic transfer and settlement within CREST for trading of its ordinary shares on AIM.

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