Excelsior Energy Limited is providing the following update in response to the statement issued by Wexford Capital LP on April 20, 2010 announcing that it had presented Excelsior with a non-binding and conditional expression of interest to acquire newly issued common shares of Excelsior and other related matters (the "Wexford Proposal").

The board of directors of Excelsior has carefully considered the Wexford Proposal and Excelsior's legal obligations under the binding letter agreement between Excelsior, Frank Giustra, Peninsula Merchant Syndications Corp. and Jeff Scott (the "Letter Agreement") relating to the proposed $20.0 million non-brokered equity financing of Excelsior (the "Equity Financing"), including the advice of Excelsior's legal counsel, and has concluded that (i) Excelsior has a binding agreement to proceed with the Equity Financing at this time, (ii) except as specifically provided for in the Letter Agreement, Excelsior is contractually prohibited at this time from directly or indirectly offering or contracting to sell or announcing an intention to sell any securities of Excelsior to any person without the prior written consent of the other parties to the Letter Agreement, and (iii) given the circumstances described above, the Wexford Proposal is not a transaction that Excelsior is capable of pursuing or discussing further at this time.

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