Excelsior Energy Limited has entered into a definitive investment agreement with each of Frank Giustra, Peninsula Merchant Syndications Corp. and Jeff Scott (collectively, the "Subscribers") whereby each of the Subscribers have individually agreed to purchase a certain number of units of Excelsior ("Units") at a price of $0.36 per Unit.

The subscription of the Units by each of the Subscribers forms part of the previously announced non-brokered private placement of Units by the Corporation for aggregate gross proceeds of up to $15,000,000 (the "Financing").

Each Unit will consist of one common share ("Common Share") at an issue price of $0.18 per Common Share, one Common Share issued on a "flow-through" basis pursuant to the provisions of the Income Tax Act (Canada) ("Flow-Through Share") at an issue price of $0.18 per Flow-Through Share and two Common Share purchase warrants (each, a "Warrant") each Warrant entitling the holder thereof to purchase one Common Share at an exercise price of $0.30 at any time within 36 months from the date of issue. Closing of Financing remains subject to, among other things, approval of the TSX Venture Exchange.

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