Wexford Capital LP Expresses Interest In Acquiring Shares of Excelsior Energy
Limited


    


    
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<p>GREENWICH, Conn., <span class="xn-chron">April 20</span> /CNW/ -- Wexford Capital LP ("Wexford") announced today that it has written the Board of Directors of Excelsior Energy Limited (ELE CN) ("Excelsior") expressing interest in acquiring 100 million shares of newly issued common stock of Excelsior at a price of C$0.30 per share.  As part of the contemplated transaction, Wexford would also acquire three year warrants to acquire 50 million shares at a price of C$0.40 per share and would have the right to appoint three directors to Excelsior's Board of Directors.</p>
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<p>Private investment funds managed by Wexford currently own 14,928,500 shares of Excelsior stock, representing a 10.33% ownership interest.</p>
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    Wexford's letter is as follows:


    WEXFORD
    
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                                  Wexford Capital LP
                                     Wexford Plaza
                                411 West Putnam Avenue
                                  Greenwich, CT 06830
                                    www.wexford.com
                                    (203) 862-7000
                                 Direct Dial: 862-7012
                                 Direct Fax: 862-7312
                                  aamron@wexford.com


    
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<p><span class="xn-chron">April 19, 2010</span></p>
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    Board of Directors
    Excelsior Energy Limited
    Life Plaza
    1510, 734 7th Avenue SW
    Calgary, Alberta
    T2P 3P8
    Canada


    Gentlemen:

    
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<p>Wexford Capital LP on behalf of its affiliated investment funds ("Wexford") is pleased to submit this expression of interest to purchase 100 million shares of newly issued common shares of Excelsior Energy Limited ("Excelsior") at a price of C$0.30 per share.  In connection with the purchase of these shares, Wexford would also receive three year warrants to purchase an additional 50 million common shares at an exercise price of C$0.40 per share and would have the right to appoint three members of Excelsior's seven member board of directors.  This acquisition would be subject to approval by Excelsior's shareholders, and is subject to Excelsior not proceeding with the "non-brokered private placements" announced on <span class="xn-chron">April 16</span>.</p>
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<p>By way of background, Wexford is a US investment advisor registered with the US Securities & Exchange Commission, which manages a series of affiliated investment funds with assets under management of over US <span class="xn-money">$5 billion</span>.  Wexford currently owns 14,928,500 shares of Excelsior stock, representing a 10.33% ownership interest.  Wexford would fund the acquisition of Excelsior shares from currently available cash; the transaction would not be subject to any financing contingency.</p>
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<p>Please note that this expression of interest does not constitute a binding agreement or offer capable of acceptance.  A binding agreement would be created only upon the execution of definitive written agreements acceptable to both Excelsior and Wexford in each of their discretion.</p>
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<p>If you require additional information regarding Wexford or the terms and conditions of our interest in Excelsior, please let me know.  We look forward to your prompt response to this expression of interest and to working with you on this transaction.</p>
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    Sincerely,


    Arthur Amron
    Partner & General Counsel


    About Wexford Capital

    
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<p>Wexford Capital LP is an US SEC registered investment advisor with over <span class="xn-money">$5 billion</span> of assets under management.  Wexford, which was founded in 1994, manages a series of hedge funds and private equity funds from its Greenwich, CT headquarters.  For more information about Wexford, visit the firm's website at <a href="http://www.wexford.com">www.wexford.com</a>.</p>
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    Forward Looking Statements

    
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<p>This document may contain forward-looking statements.  Forward looking statements are statements regarding expectations and projections.  All statements that do not concern historical facts are forward-looking statements.  Any statement that expresses or involves a prediction, expectation, belief, plan, projection, objective, goal, assumption or future events or performance is a forward looking statement.</p>
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<p>Forward looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. No reliance should be placed on any forward-looking statements because no assurance can be provided that they will prove to be correct.  Since forward-looking statements 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.</p>
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<p>Wexford makes no guarantee as to the accuracy or reliability of any information included herein and has no liability based upon the use of such information.  Wexford makes no representation that the information contained herein includes all material facts or does not omit a material fact necessary to make the statements therein not misleading.</p>
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<p>Any forward-looking statements contained in this press release are made as of the date hereof and Wexford 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.</p>
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<p>The document is not a solicitation to purchase, hold, dispose of, or vote shares, warrants, options, notes or other securities of Excelsior Energy Limited.</p>
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For further information: For further information: Wexford Capital LP, Arthur H. Amron, Partner & General Counsel, +1-203-862-7012, aamron@wexford.com Web Site: http://www.wexford.com

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