XCITE ENERGY LIMITED : Re-filing of annual financial statements [MSC]

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

4 December 2013

Xcite Energy Limited

("Xcite Energy" or the "Company")

Re-filing of annual financial statements (amendments to the Report of the Independent Auditors)

Following a review of its 2012 Financial Statements by the Alberta Securities Commission (the "ASC") the Company has decided to re-file its audited financial statements for the year ended 31 December 2012 (the "2012 Financial Statements") with the following amendments to the Report of the Independent Auditors:

·     The inclusion of reference in the Report of the Independent Auditors to the comparative period ended 31 December 2011; and

·     Clarification that the auditor had applied 'International Standards on Auditing as adopted by the International Auditing and Assurance Standards Board' in replacement of the reference to 'International Auditing Standards (UK and Ireland)'.

Other than replacing the Report of the Independent Auditors, no other changes have been made to the 2012 Financial Statements. The re-filed 2012 Financial Statements include a revised Report of the Independent Auditors which continues to give an unqualified opinion for the years ended 31 December 2012 and 31 December 2011.  The re-filed 2012 Financial Statements are available on SEDAR.

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.