CALGARY, ALBERTA, Nov 27, 2009 (Marketwire via COMTEX) ----Excelsior Energy Limited (TSX VENTURE:ELE) ("Excelsior" or the "Company") announces it has filed financial statements and management's discussion and analysis for the three and nine month periods ended September 30, 2009 and 2008. These materials can be found online at www.sedar.com and on the Company's website www.excelsior-energy.com.

"During the third quarter the Company achieved a further milestone by filing a patent application for its combustion overhead gravity drainage proprietary process." said Dr. David Winter, Excelsior's President and Chief Executive Officer. "We are now focused on funding the COGD experimental project and the engagement with CIBC World Markets Inc., to secure a joint venture partner, will greatly assist in this effort."

   
   Third Quarter 2009 Highlights
   
   --  Excelsior filed a patent application with the Canadian Intellectual
   Property Office for its combustion overhead gravity drainage ("COGD")
   proprietary process (the "Process"). The Process is designed to prepare
   a viscous oil reservoir for exploitation using COGD. The Process uses
   cyclic steam and steam flood techniques to predispose the viscous oil
   reservoir to form a combustion chamber similar in geometry to the steam
   chamber in steam assisted gravity drainage.
   --  Excelsior's in situ combustion experimental project application ("COGD
   Project Application") to the Alberta Energy Resources Conservation Board
   ("ERCB") and Alberta Environment ("AENV") has been administratively
   accepted and deemed complete and is moving through the approval process.
   The COGD Project Application is seeking approval to operate three COGD
   well arrays with a production target of up to 1,000 barrels of bitumen
   per day. Regulatory approval is on track and approval is anticipated in
   approximately nine to twelve months.
   --  Excelsior's proprietary COGD technology is supported by a recently
   completed computer reservoir simulation model. The work was contracted
   to Computer Modeling Group Inc. and used their steam thermal advanced
   reservoir simulation (STARS) technology. Excelsior's geological
   reservoir characterization model, which integrated all core, log, and
   seismic data formed the geological framework for the simulation model. A
   number of runs were made to test sensitivities to different reservoir
   and operating parameters. The modelling results were positive and
   supported Excelsior's pre-ignition process and indicated that a COGD
   horizontal well has the potential to produce in excess of 800 barrels of
   bitumen per day and attain potential recovery factors in excess of 64%.
   --  The Company had working capital of $1.9 million at September 30, 2009,
   which is sufficient for general and administrative expenses for the next
   four quarters. The Company has no debt. Further operations and
   implementation of the COGD experimental pilot project will require
   additional funding.
   
   
   Outlook
   
   --  The Company has commenced a process to find a joint venture partner for
   the COGD pilot project. Excelsior engaged CIBC World Markets Inc.
   ("CIBC") as its strategic advisor to identify and secure a major joint
   venture partner for the development of its experimental in situ COGD
   pilot project at the Company's Hangingstone property.
   --  Excelsior resubmitted an application to the Alberta Government's
   Innovative Energy Technology Program ("IETP") in support of the COGD
   experimental program. IETP provides for royalty credits to be awarded
   for capital spent on new technology. Confirmation is expected by March
   31, 2010. The Company cannot guarantee that it will be successful in
   securing the IETP funding as it is a competitive process.
   --  The Company, through its subsidiary Excelsior Energy North Sea Limited
   ("EENS"), completed seismic reprocessing and interpretation on licence
   P1500 in the UK North Sea. A drilling location has been identified to
   test one of the prospects which is a step-out from an existing oil
   discovery drilled in 1996. EENS is required to commit to drill on the
   block by November 30, 2009, and demonstrate it has the financial
   capacity for drilling operations, or relinquish the licence at no
   further cost. EENS has requested an extension to February 28, 2009, to
   provide additional time to obtain financing for an exploratory well.
   EENS is currently conducting a farm-out process to seek an industry
   partner for the well.
   
   
   Selected Information
   
   ----------------------------------------------------------------------------
   ($'s except weighted          Three Months Ended        Nine Months Ended
   average shares)                 September 30,             September 30,
   ----------------------------------------------------------------------------
   2009         2008         2009         2008
   ----------------------------------------------------------------------------
   Gas sales                      1,937       15,408       12,552       97,520
   ----------------------------------------------------------------------------
   Royalties                        (20)      (3,070)        (349)     (15,531)
   ----------------------------------------------------------------------------
   Operating expenses            (3,544)      (8,159)     (12,383)     (26,225)
   ----------------------------------------------------------------------------
   Net gas revenue            (1,627)       4,179         (180)      55,764
   ----------------------------------------------------------------------------
   Interest income                1,842       51,388       32,326      243,335
   ----------------------------------------------------------------------------
   General and
   administrative expense      293,074      407,453      829,338    1,111,375
   ----------------------------------------------------------------------------
   Net loss and
   comprehensive loss         (313,029)    (666,845)  (1,061,559)  (2,078,999)
   ----------------------------------------------------------------------------
   Loss per share (basic and
   diluted)                          -        (0.01)       (0.01)       (0.01)
   ----------------------------------------------------------------------------
   Capital expenditures
   ----------------------------------------------------------------------------
   Petroleum and
   natural gas properties    215,547      403,090    8,779,187   11,659,794
   ----------------------------------------------------------------------------
   Cash flows
   ----------------------------------------------------------------------------
   Cash flows from (used
   in) operations           (286,781)    (396,652)    (719,832)    (686,336)
   ----------------------------------------------------------------------------
   Cash flows used in
   investing                (454,013)    (601,375) (11,142,390) (12,942,898)
   ----------------------------------------------------------------------------
   Cash flows from
   financing                       -   10,477,701            -   12,589,426
   ----------------------------------------------------------------------------
   Change in cash and
   cash equivalents         (740,794)   9,479,674  (11,862,222)  (1,039,808)
   ----------------------------------------------------------------------------
   Cash and cash
   equivalents, beginning
   of period               2,626,629    5,329,166   13,748,057   15,848,648
   ----------------------------------------------------------------------------
   Cash and cash
   equivalents, end of
   period                  1,885,835   14,808,840    1,885,835   14,808,840
   ----------------------------------------------------------------------------
   Basic and diluted
   weighted average number
   of shares outstanding   143,060,590  112,251,793  143,060,590  119,244,452
   ----------------------------------------------------------------------------
   
   
   

About Excelsior

Excelsior is an early stage, oil sands company with 58 operated sections on two contiguous blocks in the Hangingstone and West Surmont areas of the Athabasca Oil Sands Region near Fort McMurray, Alberta. The Company has developed a proprietary in situ combustion technology ("Combustion Overhead Gravity Drainage" or "COGD") which has game-changing potential in the development and recovery of heavy oil and bitumen. An application for an experimental pilot project to field demonstrate the COGD technology was submitted in at the end of the second quarter of 2009 with a targeted start up in early 2011. In addition the Company indirectly holds a 100% working interest in UK North Sea Licences P1500 and P1691 covering four part-blocks through its 75% owned subsidiary ENS Energy Ltd. Excelsior's strategy is to capture oil and gas appraisal and development opportunities where we can leverage Management's diverse international operating, heavy oil and field development expertise with developing technologies to produce oil and gas.

Forward Looking Information

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking statements or information. More particularly and without limitation, this press release contains forward-looking statements and information concerning: anticipated regulatory approvals, anticipated production and recovery results using the Company's COGD process, the sufficiency of its current funding to meet planned expenditure requirements, the plans of its subsidiary companies in meeting their contractual commitments, joint venture opportunities and financing arrangements.

The forward-looking statements and information in this press release are based on certain key expectations and assumptions made by Excelsior, including expectations and assumptions concerning: prevailing commodity prices and exchange rates; applicable royalty rates and tax laws; future drilling results and production rates; reserve and resource volumes; the success obtained in drilling new wells; the anticipated production rates and recoverability factors based on certain modelling results conducted by third parties; the success of the process conducted by CIBC on terms acceptable to the Company; the sufficiency of budgeted capital expenditures in carrying out planned activities; the availability and cost of labour and services; and the receipt, in a timely manner, of regulatory approvals. Although Excelsior believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because Excelsior can give no assurance that they will prove to be correct.

Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to the risks associated with the oil and gas industry in general such as: operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve and resource estimates; the uncertainty of estimates relating to production, costs and expenses; health, safety and environmental risks; commodity price and exchange rate fluctuations; marketing and transportation or petroleum and natural gas and loss of markets; environmental risks; competition; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of acquisitions; ability to access sufficient capital from internal and external sources; failure to obtain required regulatory approvals; inaccuracies in modelling results conducted by third parties; the ability of the Company to identify and enter into a binding agreement with a joint venture partner on terms acceptable to the Company; and changes in legislation, including but not limited to tax laws, royalty rates and environmental regulations. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the operations or financial results of Excelsior are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).

The forward-looking statements and information contained in this press release are made as of the date hereof and Excelsior undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

SOURCE: Excelsior Energy Limited

Excelsior Energy Limited
   Dr. David A. Winter
   President & CEO
   (403) 537-1015 ext 101
   d.winter@excelsior-energy.com
   Excelsior Energy Limited
   Mary Kennedy
   Vice President, Finance & CFO
   (403) 537-1015 ext 103
   m.kennedy@excelsior-energy.com
   www.excelsior-energy.com
   

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