Acquisition of Excelsior Energy Shares

VANCOUVER, June 24 /CNW/ - Frank Giustra and his related entities are issuing this press release pursuant to the early warning requirements of applicable securities laws in Canada with respect to his acquisitions in Excelsior Energy Ltd (the "Issuer").

Pursuant to the recent private placement of the Issuer, Frank Giustra and his related entities acquired 17,916,666 common shares of the Issuer at an average price of $0.19 for CAD$3,450,000 and 14,166,666 common share purchase warrants at $0.30 expiring June 14, 2013 and 3,750,000 common share purchase warrants at $0.32 expiring June 14, 2015.

Following the private placement, the common shares owned by Frank Giustra and related entities represent 6.38% of the issued and outstanding common shares of the Issuer. Assuming the exercise of his warrants, Frank Giustra would own 12.00% of the issued and outstanding common shares of the Issuer on a partially diluted basis.

The securities were acquired for investment purposes. While they do not intend to acquire further securities of Excelsior Energy Ltd. at this time, they may in the future acquire or dispose of securities of Excelsior, through the market or otherwise, as circumstances or market conditions warrant.

SOURCE FRANK GIUSTRA

For further information: For further information: or for a copy of the early warning report filed in respect of the above transaction, please contact: Frank Giustra, 3123 - 595 Burrard Street, Vancouver, BC, V7X 1J1, Tel: (604) 609-6101

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FRANK GIUSTRA

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