ELE Elemental Altus Royalties Corp

Excelsior Energy Limited (TSX VENTURE:ELE) ("Excelsior" or the "Company") is
pleased to announce the closing of a $1 Million private placement in its North
Sea subsidiary, 1385302 Alberta Ltd. ("NorthseaCo") as previously disclosed on
April 9, 2008.


The private placement consisted of 4,000,000 units (the "Units") issued at a
subscription price of $0.25 per Unit. Each unit consists 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 entitles 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. Certain insiders of the Company, including
management and directors, participated in purchasing approximately 50% of the
Units sold. The proceeds will be used to fund ongoing technical work and
business development activities of NorthseaCo in the United Kingdom. After
closing the private placement, NorthseaCo has 16,000,000 common shares issued
and outstanding. Excelsior owns 75% of NorthseaCo (on a non-diluted basis) and
will hold the shares corporately.


The Board of Directors of NorthseaCo will be comprised of Mr. Gerald Roe, Mr.
Donald Copeland, Mr. Hussein Charanek, Dr. David Winter, Mr. Harley Winger, Mr.
Richard Grafton and Mr. James Howe. Mr. Roe recently retired from Oilexco
Incorporated where he served as Chief Operating Officer. Mr. Copeland is the
president of Pangman International Limited, a private investment and consulting
company. Mr. Copeland was a former director and Chairman of Oilexco
Incorporated. Mr. Charanek is an independent businessman with financial
interests in energy and experience in domestic and international capital
markets. The remaining board members are representatives of the Excelsior Board.


David Winter has agreed to serve as Director and Chief Executive Officer of
NorthseaCo. Mary Kennedy and Robert Bailey will serve as Chief Financial Officer
and Chief Operating Officer respectively. Excelsior will manage the initial
operations and corporate development of NorthseaCo through a services agreement.
The Management team will be augmented with the growth of NorthseaCo.


David Winter, President and CEO of the Company commented, "We welcome the new
Board members to the team and look forward to working with them. With their
successful North Sea experience, and our extensive international experience and
expertise we aim to expand the asset base of NorthseaCo and build a successful
international oil company active in the North Sea." He added, "Restructuring the
company allows Excelsior to focus on its oil sands development, and gives us the
ability to independently and more effectively grow and finance North Sea
activities. We plan to initiate a public company strategy for NorthseaCo in the
near term."


NorthseaCo will manage and finance the work program in the 100% working interest
licence P.1500, blocks 16/1a and 16/6c, UKCS. 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 northwest of the West Brae field. A number of leads
and prospects have been identified and mapped in Eocene aged 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
metre 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 million and 220 million barrels. NorthseaCo is currently reprocessing just
over 300 square kilometres of 3-D seismic data to better image the reservoir
sands and to define a drilling location to test the prospect., The asset is
situated several kilometres from existing infrastructure with spare capacity.


Stock Option Grant:

The Company is pleased to report the Excelsior Board of Directors approved and
issued 1,935,000 stock options to purchase common shares of the Excelsior Energy
Limited on June 3, 2008, exercisable at $0.46 per share for a period of five
years from the date of grant to directors, management and employees.


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 75% 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 press release contains forward-looking
statements. Management's assessment of future plans and operations, expected
production levels, operating costs, capital expenditures, the nature of capital
expenditures, methods of financing capital expenditures, future engineering
reports and the timing of increases in production may constitute forward-looking
statements under applicable securities laws and necessarily involve risks
including, without limitation, risks associated with oil and gas exploration,
development, exploitation, production, marketing and transportation, loss of
markets, volatility of commodity prices, currency fluctuations, imprecision of
reserve estimates, environmental risks, competition from other producers,
inability to retain drilling rigs and other services, incorrect assessment of
the value of acquisitions, failure to realize the anticipated benefits of
acquisitions, delays resulting from or inability to obtain required regulatory
approvals and ability to access sufficient capital from internal and external
sources. As a consequence, the Company's actual results may differ materially
from those expressed in, or implied by, the forward-looking statements. Readers
are cautioned that the foregoing list of factors is not exhaustive. Additional
information on these and other factors that could effect the Company's
operations and financial results are included in reports on file with Canadian
securities regulatory authorities and may be accessed through the SEDAR website
(www.sedar.com). Furthermore, the forward looking statements contained in this
press release are made as at the date of this press release and the Company does
not undertake any obligation to update publicly or to revise any of the included
forward looking statements, whether as a result of new information, future
events or otherwise, except as may be required by applicable securities laws.

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