ELE Elemental Altus Royalties Corp

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


Excelsior Energy Limited (TSX VENTURE:ELE) ("Excelsior" or the "Company") is
pleased to announce that, further to its press release dated December 12, 2007,
it has closed the second and final tranche of its private placement financing,
raising gross proceeds of $1,198,860. The two tranches of the private placement
combined raised total gross proceeds of $8,416,460.The second tranche was
comprised of 2,305,500 common shares ("Common Shares") at a price of $0.52 per
Common Share. Proceeds of the second tranche will be used to fund Excelsior's
ongoing exploration activities on the Company's oil sands properties and for
general corporate purposes. The Common Shares issued in the private placement
are subject to a hold period of four months and one day from closing.


"We are very pleased to close this last tranche of the December financing,"
stated David Winter, President and CEO of Excelsior. "It provides us with the
ability to add to our programs at Hangingstone and West Surmont pending
favourable drilling results."


The private placement was conducted by a syndicate of investment dealers, led by
Canaccord Capital Corporation and including Macquarie Capital Markets Canada
Ltd. (formerly Orion Securities Inc.) and Blackmont Capital Inc. (collectively,
the "Agents"). Pursuant to the second tranche, the Company paid the Agents a
cash commission of 6% and issued to the agents an aggregate of 138,330 broker
warrants. Each broker warrant entitles the holder thereof to acquire one common
share in the capital of the Company at a price of $0.75 per common share at any
time prior to 5:00 p.m. (Calgary time) on January 11, 2009.


Operational Update

Operations are progressing well, with two rigs operating on the Hangingstone
property. Four core wells have been drilled, cored, logged and abandoned; two
additional wells are drilling ahead. Preliminary core analysis has been
completed on two wells.


About Excelsior Energy

Excelsior 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 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. Excelsior'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.


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 statements.


The Common Shares have not been registered under the United States Securities
Act of 1933, as amended, and were not offered or sold in the United States
absent registration or an applicable exemption from the registration
requirement.

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