ELE Elemental Altus Royalties Corp

Excelsior Energy Limited (TSX VENTURE:ELE) ("Excelsior" or the "Company")
announces it has recently completed a transaction whereby it has sold the shares
of its wholly owned subsidiary, Excelsior Energy North Sea Limited, to an
Alberta private company ("NorthseaCo"). NorthseaCo is presently a wholly-owned
subsidiary of Excelsior. Excelsior will manage NorthseaCo pursuant to a services
agreement. NorthseaCo will manage and fund the work program in the 100% owned
License P.1500, Blocks 16/1a and 16/6c, and intends to pursue near term
production and development opportunities in the North Sea through acquisitions
and participation in licensing rounds. In connection with the restructuring,
NorthseaCo intends to issue up to 25% of its common shares on a non-brokered
private placement basis for gross proceeds of $1,000,000.


The private placement will be comprised of 4,000,000 units (the "Units") issued
at a subscription price of $0.25 per Unit. Each unit will consist of one common
share in the capital of the NorthseaCo (a "Common Share") and one half of a
common share purchase warrant (each whole warrant a "Warrant") of NorthseaCo.
Each whole Warrant will entitle the holder thereof to acquire one Common Share
at a price of $0.60 per Common Share. The Warrants will expire two years from
the date of the closing of the private placement. It is presently anticipated
that certain insiders of the Company, including management and directors will
participate in the private placement to a maximum level of 50% of the Units
being sold. The private placement is expected to close on or about April 21,
2008 and will be subject to applicable hold periods under applicable securities
laws. The proceeds will be used to fund ongoing technical work and business
development activities of NorthseaCo. On completion of the private placement
NorthseaCo will have 16,000,000 shares issued and outstanding (18,000,000 shares
on a fully diluted basis).


"This transaction gives us the structure and opportunity to execute an
aggressive international strategy and add shareholder value from assets which we
believe are currently undervalued within Excelsior," said David Winter,
President and CEO of Excelsior. "We look forward to applying our extensive
international experience and expertise to expand the asset base of NorthseaCo
and build a successful junior oil company active in the North Sea."


Block 16/1a and 16/6c were awarded to Excelsior in April 2007 and are located
within Quadrant 16 of the Central North Sea a few kilometres North West of the
West Brae Field. A number of leads and prospects have been identified and mapped
in Eocene and Palaeocene aged sand reservoirs which are productive in the
neighbouring West Brae Field. The primary prospect lies up-dip from a well
drilled in 1992 which penetrated a 15 meter thick oil column in the target
reservoir sands. An independent evaluation of the prospect by PGL Consultants
estimated a range of oil in place of between 50 and 220 million barrels of oil
in place. The company is currently reprocessing just over 300 square kilometres
of 3D seismic data to better image the reservoir sands and to define a drilling
location to test the prospect. NorthseaCo has until April 2009 to make a drill
or drop decision. If a successful discovery is made the location is several
kilometres from existing infrastructure with spare capacity.


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 indirectly 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.


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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