ELE Elemental Altus Royalties Corp

Excelsior Energy Limited (TSX VENTURE:ELE) ("Excelsior" or the "Company") is
pleased to announce it has completed this winter's core well delineation program
on the Hangingstone property. The program was completed ahead of schedule and on
budget. A total of 29 core wells were drilled further delineating three of five
areas that encountered thick net bitumen pay during the Company's 2007-2008
winter drilling program.


"We are very pleased with the coring results this winter and we have achieved
all of our program objectives" commented David Winter, Excelsior's President and
CEO, "We have obtained all the data necessary to support our proprietary COGD in
situ combustion experimental pilot application. We have further delineated two
additional areas discovered last year. These greatly expand the area of thick
bitumen sands and confirm the excellent resource potential at Hangingstone"


South East Area:

Eleven core wells were drilled to delineate an area of thick McMurray Formation
bitumen sands. Initial log analyses indicate between 13.5 meters and 31.5 meters
of net continuous bitumen pay using a 27% porosity and 20 ohm-meter resistivity
(approximates to 6% weight bitumen) cut-off, ("Net Pay"). Average Net Pay was
22.7 meters. Two of the wells targeted the edge of the McMurray sand channel
system interpreted on seismic data and confirmed the geological model by
encountering thin channel sands less than 10 meters of Net Pay.


Two further wells were drilled to the west of the seismic anomaly defining the
focus area sand channel system. They encountered thick bitumen bearing sands
that were interrupted by shale layers such that continuous sand sections were
less than 10 meters of Net Pay


The wells also confirmed the presence of more than 70 meters of homogeneous
shales of the Clearwater Formation which comprise the critical cap-rock above
the McMurray required to seal potential thermal recovery processes. Detailed
geotechnical work is nearing completion and results so far demonstrate excellent
cap-rock integrity.


Furthermore, an excellent water source has been confirmed and tested flowing
over 1,250 barrels of water per day. With an appropriate water completion the
acquifer is estimated to be capable of flowing in excess of 3,000 barrels of
water per day per well. Fluid analysis indicates the water to be a brine which
will allow Excelsior to avoid the use of fresh water in a thermal project


Northern Area:

Nine core wells were drilled to further delineate a four section area of thick
net bitumen pay discovered last season. Initial log analyses indicate between
14.0 and 34.0 meters of Net Pay. Average Net Pay was 23.1 meters. Two of the
wells encountered less than 10 meters of Net Pay and thereby delineate the
northern edge of the sand channel system. The boundary of the thick sand channel
system remains unknown on three sides and provides upside potential for further
delineation.


Western Area:

Seven core wells were drilled in this area and greatly extended the area of
thick McMurray net bitumen sands. Initial log analyses indicate between 12.0 and
24.0 meters of Net Pay and an average Net Pay of 19.4 meters. Three of the wells
drilled external to the seismic anomaly that was interpreted to define a thick
sand channel system encountered Net Pay of less than 10 meters thereby delineate
the eastern edge of the sand channel system and confirmed the geological model.
The boundaries of the sand channel system area remain unknown on three sides
providing upside potential for further delineation.


The Company currently has remaining working capital of approximately $3 million
to support corporate objectives through 2010


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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