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 its 75% owned subsidiary, ENS Energy Ltd. ("ENS")
(formerly 1385302 Alberta Ltd.) intends to enter into a private placement
financing of up to $5 million. After the restructuring of Excelsior's UK
subsidiary, announced on April 9, 2008, ENS wholly owns the UK subsidiary that
holds a 100% working interest in licence P.1500, blocks 16/1a and 16/6c, in the
United Kingdom Continental Shelf ("UKCS"). Excelsior currently owns 75% of ENS
following closing of an ENS private placement announced on June 9, 2008.


The ENS Board of Directors has approved a non-brokered private placement
financing of up to $5 million. The private placement contemplates the issuance
of up to 10 million units ("Units") at a subscription price of $0.50 per Unit.
Each Unit will consist of one common share of ENS ("Common Share") and one half
of a Common Share purchase warrant (each whole warrant a "Warrant"). Each
Warrant entitles the holder thereof to acquire one Common Share at a price of
$0.90 per Common Share. The Warrants will expire two years from the date of the
closing of the private placement. ENS intends to use the proceeds to fund
ongoing technical work on license P.1500 and business development activities in
the United Kingdom. ENS currently has 16 million Common Shares issued and
outstanding (19.6 million fully diluted).


David Winter, President and CEO of Excelsior and ENS commented, "This financing
will assist ENS to expand its asset base with a focus on properties with near
term production in the North Sea with a view to a public company strategy for
ENS".


ENS will manage and finance the work program in the 100% working interest
license P.1500, blocks 16/1a and 16/6c, UKCS. Block 16/1a and 16/6c were awarded
in April 2007, and are located within Quadrant 16 of the central North Sea, a
few kilometres northwest of the West Brae field. ENS is currently reprocessing
just over 300 square kilometers of 3-D seismic data to better image the
reservoir sands and to define a drilling location on a prospect which contains
an abandoned well drilled in 1992 which penetrated a 15 meter oil column.


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 the Company 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.


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

Elemental Altus Royalties (TSXV:ELE)
Historical Stock Chart
From Oct 2024 to Nov 2024

Elemental Altus Royalties (TSXV:ELE)
Historical Stock Chart
From Nov 2023 to Nov 2024