ELE Elemental Altus Royalties Corp

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


Excelsior Energy Limited (TSX VENTURE:ELE) ("Excelsior" or the "Corporation") is
pleased to announce that it has commenced an overnight marketed public offering
where the Corporation intends to raise up to $20 million through the combination
of flow-through common shares (the "FT Common Shares") at a price of $0.34 per
FT Common Share and common shares (the "Common Shares") at a price of $0.29 per
Common Share (collectively, the "Offering"). In addition to the gross proceed of
$20 million, the Corporation has granted the Agents an option, to purchase an
additional 15% of the number of Common Shares offered and 15% of the number of
FT Common Shares offered, on the same terms and conditions as the Offering,
exercisable in whole or in part at any time prior to the date that is 24 hours
prior to closing of the Offering. In the event that the entire option is
exercised, the proceeds would increase by $3.0 million for total gross proceeds
up to $23.0 million.


The proceeds from this Offering will be used to further delineate Excelsior's
existing land base in Hangingstone and West Surmont, exploration and development
activities, and for general working capital purposes.


The Offering will be completed by way of private placement and will be subject
to the statutory hold period of 4 months from the time of closing of the
Offering. Closing of the Offering is subject to customary terms and conditions,
including receipt of required TSX Venture Exchange approval, and is expected to
occur on or about September 3, 2008.


The Offering will be marketed through a syndicate of investment dealers lead by
Raymond James Ltd. ("Lead Agent") and includes Macquarie Capital Markets Canada
Ltd., and National Bank Financial ("collectively the "Agents").


The Common Shares and the FT Common Shares to be issued under this Offering have
not been and will not be registered under the U.S. Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent registration
or an exemption from such registration. This news release shall not constitute
an offer to sell or a solicitation of an offer to buy any securities in the
United States nor shall there be any offer or sale of securities in any
jurisdiction where such offer, solicitation or sale would be unlawful.


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
Corporation 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 Corporation 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 Corporation'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 Corporation'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 Corporation 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.

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