Excelsior Announces $7 Million Private Placement Financing

    CALGARY, Nov. 20 /CNW/ - Excelsior Energy Limited (ELE - TSXV)
("Excelsior" or the "Company") is pleased to announce that it has entered into
an agreement with Canaccord Capital Corporation, as lead agent, Orion
Securities Inc. and Blackmont Capital Inc. (collectively, the "Agents") to
issue, on a private placement "best efforts" agency basis, an aggregate of up
to $7,000,000 (the "Offering"), comprised of common shares (the "Common
Shares") issued at a subscription price of $0.52 per Common Share and common
shares issued on a "flow-through" basis (the "Flow-Through Shares") at a
subscription price of $0.65 per Flow-Through Share (to a maximum of 7,692,300
Flow-Through Shares).
    Proceeds of the Offering will be used to fund Excelsior's ongoing
exploration and development activities at the Company's West Surmont property
located in northern Alberta, the Company's North Sea oil and gas exploration
and development ventures and general corporate purposes. The Common Shares and
the Flow-Through Shares will be subject to a hold period of 4 months from
closing of the Offering. Closing of the Qffering is subject to customary
conditions, including receipt of required TSX Venture Exchange approval, and
is expected to occur on or about December 12, 2007.
    The Agents will be paid a cash commission of 6.0% of the aggregate gross
proceeds raised from the offering. The Agents will also be issued Broker
Warrants which will entitle the Agents to acquire that number of Common Shares
which is equal to 6.0% of the securities sold pursuant to the placement. Each
warrant will entitle the holder to purchase one Common Share at the price of
$0.75 per share for a period of 12 months from the closing date of the
    Excelsior has 95,415,391 shares issued and outstanding as of the date

    About Excelsior Energy:

    The Company is active in oil sands exploration and appraisal in the
Hangingstone and West Surmont areas near Fort McMurray, Alberta and will hold
a 75% working interest as operator in 58 contiguous sections on completion of
its farm-in obligations. The Company also holds a 100% working interest in
Blocks 16/1a and 16/6c in the UK North Sea and a minor interest in gas
production in Alberta. The Company's strategy is to capture oil and gas
appraisal and development opportunities where we can leverage Management's
diverse international experience and field development expertise. This
includes heavy oil reservoir engineering and development of complex fields.
The scale of the oil sands resource opportunity in Alberta complements
Excelsior's international portfolio and strategy.
    The Common Shares and the Flow-Through Shares offered have not been and
will not be registered under the United States Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirement.
This press release shall not constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful.

    Forward-Looking Statements: This news release contains statements about
future events that are forward looking in nature and, as a result, are subject
to certain risks and uncertainties such as changes in plans or the occurrence
of unexpected events. Actual results may differ from the estimates provided by
management. Readers are cautioned not to place undue reliance on these

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.

For further information:

For further information: David A. Winter, Chief Executive Officer and
President, Excelsior Energy Limited, Tel: (403) 537-1015 ext 101, Email:
d.winter@excelsior-energy.com; Mary Kennedy, Vice President Finance and Chief
Financial Officer, Excelsior Energy Limited, Tel: (403) 537-1015 ext 103,
Email: m.kennedy@excelsior-energy.com

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