ELE Elemental Altus Royalties Corp

Excelsior Energy Limited (TSX VENTURE:ELE) ("Excelsior" or the "Company") is
pleased to announce the completion of an independent evaluation of bitumen
resources on Excelsior's West Surmont property near Fort McMurray, Alberta.
Excelsior has an agreement to earn up to a 75% working interest in 19 contiguous
sections of oil sands leases and permits in the West Surmont property.
Discovered Petroleum Initially-In-Place and Discovered and Undiscovered
Petroleum Initially-In-Place corresponding to the Company's after earned 75%
working interest are 344 MMbbls and 747 MMbbls, respectively based on limited
historical well control and Excelsior's 2D seismic data. Excelsior has a current
average earning of approximately 55% working interest in the West Surmont asset
as at January 1, 2008. The evaluation provides an assignment of 255 million
barrels ("MMbbl") of Discovered Petroleum Initially-In-Place ("PIIP") to
Excelsior's approximate 55% current working interest share of the West Surmont
property. Discovered and Undiscovered PIIP were estimated at 549 MMbbl to
Excelsior's approximate 55% current working interest share as of January 1,
2008.


"We are very pleased that Discovered and Undiscovered Petroleum
Initially-In-Place assigned to the West Surmont Asset reflect the potential we
see for future resource and reserves growth," commented Robert Bailey, COO and
Vice President of Excelsior. "We acquired 2D seismic data over the lands to
identify potential sand channel systems and to accelerate and focus our core
well drilling program. That core drilling program has commenced to confirm the
resource potential and identify potential SAGD project areas."


The West Surmont project is located approximately 72 kilometres south of Fort
McMurray. Oil accumulations in the McMurray Formation have been identified based
on log and core data from historical well control. Gross bitumen saturated sands
between 5 and 29 meters thick have been identified in wells within and sections
immediately adjacent to the Excelsior lands. The West Surmont asset is located
in proximity to existing commercial oil sands operations in various stages of
development. Excelsior completed a 73.5 kilometre 2D seismic acquisition program
on the West Surmont lands in September 2007. The Company interpreted 2D seismic
program was considered in the independent evaluation.


The estimates of Discovered and Undiscovered Petroleum Initially-In-Place and
Contingent Resources provided herein were prepared by McDaniel & Associates
Consultants Ltd. ("McDaniel") in a report ("the McDaniel Report") with an
effective date of January 1, 2008 ('the effective date"). The McDaniel report
was prepared using assumptions and methodology guidelines outlined in the
Canadian Oil and Gas Handbook, Volume 1, 2nd Edition September 2007 ("COGEH
Handbook") and in accordance with National Instrument 51-101.


As of the effective date the Company had earned a 53.7% working interest in 18
sections and a 75% working interest in one section at West Surmont
(approximately 55% working interest in total). The Company has commenced a 9 to
12 core well drilling program at West Surmont and will drill an additional 6 - 9
core wells in the 2008/2009 winter drilling season to complete its earning. The
resource assignments in the McDaniel Report have been assessed prior to
commencement of Excelsior's core drilling program.


Contingent Resources

The McDaniel Report was also able to recognize a small amount of Contingent
Resources based on the limited well control available. Low Estimate Contingent
Resources were estimated at 5.4 MMbbl to Excelsior's working interest share.
Best Estimate Contingent Resources were estimated at 8.2 MMbbl and High Estimate
Contingent Resources were estimated at 13.6 MMbbl to Excelsior's working
interest share. Low Estimate, Best Estimate and High Estimate Contingent
Resources corresponding to Excelsior's 75% after earned interest are 6.1, 10.1,
and 16.8 MMbbl respectively. Contingent resources recognized by McDaniel are
further classified as sub-economic based on the scale of resource assigned.


Resource estimates discussed in this news release constitute forward looking
statements. See "Forward Looking Statements" below.




Summary Table
----------------------------------------------------------------------------
                         Excelsior Energy Limited
                                West Surmont
                        Effective January 01, 2008
----------------------------------------------------------------------------
                                               Bitumen
                                             Resources
                                                (MMbbl)             Bitumen
                                               Average            Resources
                                               Current               (MMbbl)
                                               Working     75% After Earned
                                              Interest     Working Interest
----------------------------------------------------------------------------
Discovered PIIP (1)                              255.0                344.1
----------------------------------------------------------------------------
Discovered + Undiscovered                        549.0                747.4
PIIP (2)
----------------------------------------------------------------------------
Low Estimate Contingent (3) (4)                    5.4                  6.1
----------------------------------------------------------------------------
Best Estimate Contingent (5)                       8.2                 10.1
----------------------------------------------------------------------------
High Estimate Contingent (6)                      13.6                 16.8
----------------------------------------------------------------------------
Notes:
1. Discovered Petroleum Initially-In-Place is that quantity of petroleum
   that is estimated, as of a given date, to be contained in known
   accumulations prior to production. The recoverable portion of Discovered
   Petroleum Initially-In-Place includes production, reserves, and
   contingent resources; the remainder of the volume is unrecoverable.
2. Undiscovered Petroleum Initially-In-Place is that quantity of petroleum
   that is estimated, as of a given date, to be contained in accumulations
   yet to be discovered. The recoverable portion of Undiscovered Petroleum
   Initially-In-Place is referred to as Prospective Resources; the remainder
   is classified as unrecoverable.
3. Contingent resources are those quantities of oil and gas, estimated on a
   given date, to be potentially recoverable from known accumulations using
   established technology or technology under development, but which are not
   currently considered to be commercially recoverable due to one or more
   contingencies. Resources at West Surmont have been classified as
   contingent due to insufficient delineation by existing well penetrations,
   the requirement of pilot demonstration, the lack of regulatory approval
   to develop the lease, the absence of a firm development plan and timing,
   and the uncertainty of approval of funding to proceed with development.
4. Low Estimate is considered to be a conservative estimate of the quantity
   that will actually be recovered from the accumulation. If probabilistic
   methods are used, this term reflects P90 confidence level.
5. Best Estimate is considered to be the best estimate of the quantity that
   will actually be recovered from the accumulation. If probabilistic
   methods are used this term is a measure of central tendency of the
   uncertainty distribution (P50).
6. High Estimate is considered to be an optimistic estimate of the quantity
   that will actually be recovered from the accumulation. If probabilistic
   methods are used the term reflects a P10 confidence level.



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.

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