ELE Elemental Altus Royalties Corp

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Excelsior Energy Limited (TSX VENTURE:ELE) ("Excelsior" or the "Corporation") is
pleased to announce that further to its press release dated August 6, 2008, it
has now closed its private placement financing raising aggregate gross proceeds
of $11,286,848. The financing consisted of 7,065,799 common shares (the "Common
Shares") issued at a price of $0.29 per Common Share and 27,169,900 flow-through
common shares (the "FT Common Shares") at a price of $0.34 per FT Common Share
(collectively, the "Offering").


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


The Offering was marketed through a syndicate of investment dealers led by
Raymond James Ltd. and including Macquarie Capital Markets Canada Ltd.,
Canaccord Capital Corporation and National Bank Financial Inc.


Excelsior is also pleased to announce that it has negotiated an option to extend
the completion of the earning obligation at West Surmont from March 31, 2009 to
March 31, 2010 and to extend payment of any supplemental bonus payable to March
31, 2011. For further information on the West Surmont farmout agreement between
a private Alberta corporation and the Corporation dated July 20, 2007, see the
Corporation's news release dated July 23, 2007.


"We are pleased to secure financing to further delineate the Hangingstone asset
this winter and move closer to a pilot project application next year" commented
Dr. David A. Winter, Excelsior's President and Chief Executive Officer.
"Re-negotiating the farmout agreement at Surmont provides the flexibility to
deploy the proceeds from financing in the most effective manner."


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 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 Common Shares and FT Common Shares 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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