ELE Elemental Altus Royalties Corp

Excelsior Energy Limited (TSX VENTURE:ELE) ("Excelsior" or the "Company") is
pleased to announce it has engaged CIBC World Markets Inc. ("CIBC") as its
strategic advisor to identify and secure a major joint venture partner for the
development of its experimental in situ combustion overhead gravity drainage
("COGD") pilot project at the Company's Hangingstone oilsands property near Fort
McMurray, Alberta.


In advance of retaining CIBC, the Company has attained several important
milestones towards developing the Hangingstone property. In June 2009, Excelsior
submitted an application for the approval of its planned COGD pilot project with
regulatory authorities, and received confirmation the application was
administratively complete and a public notice filed in August 2009. The Company
also filed a patent application for the proprietary process associated with COGD
in September 2009. In addition, a July 1, 2009, resource evaluation by the
independent petroleum engineers, McDaniel & Associates of Calgary, confirmed the
high quality bitumen resource at Hangingstone. The Company is now preparing for
project execution and has engaged the global reach of CIBC to identify a
potential joint venture candidate to fund the COGD pilot project operations
which are expected to commence mid 2010.


COGD is a proprietary technology developed by Excelsior and its technical
advisors Hot-Tec Energy Inc. ("Hot-Tec"). Hot-Tec is a private company
affiliated with members of the In Situ Combustion Research Group, Department of
Chemical and Petroleum Engineering, University of Calgary. Research and
development of the COGD technology is also supported by, advanced computer
simulation modelling (CMG's "STARS" model). COGD technology is forecasted to
require 80% less water and natural gas than current SAGD technology
("steam-assisted gravity drainage") for in situ projects. More importantly,
improved recovery factors in excess of 65%, or double those of SAGD, are also
expected from COGD technology. The cost of the experimental pilot project is
estimated to be approximately $35 to $50 million dollars which contemplates a
1,000 barrel per day facility and up to three COGD well arrays.


About Excelsior

Excelsior is an early stage, oil sands company with 58 operated sections on two
contiguous blocks in the Hangingstone and West Surmont areas of the Athabasca
Oil Sands Region near Fort McMurray, Alberta. The Company has developed a
proprietary in situ combustion technology ("Combustion Overhead Gravity
Drainage" or "COGD") which has game-changing potential in the development and
recovery of heavy oil and bitumen. In addition, the Company indirectly holds a
100% working interest in UK North Sea Licences P1500 and P1691 covering four
part-blocks through its 75% owned subsidiary ENS Energy Ltd. Excelsior's
strategy is to capture oil and gas appraisal and development opportunities where
we can leverage Management's diverse international operating, heavy oil and
field development expertise.


Forward-Looking Statements

In the interest of providing Excelsior's shareholders and potential investors
with information regarding Excelsior, certain statements contained in this press
release constitute forward-looking statements or information (collectively
"forward-looking statements") within the meaning of applicable securities
legislation. Forward-looking statements are typically identified by words such
as "anticipate", "continue", "estimate", "expect", "forecast", "may", "will",
"project", "could", "plan", "intend", "should", "believe", "outlook",
"potential", "target" and similar words suggesting future events or future
performance. This press release may contain forward-looking statements based on
management's expectations, estimates and projections. All statements that
address expectations or projections about the future, including statements about
the Company's deployment of their COGD technology, timing of commencement of the
pilot project, costs associated with the pilot project and expected results from
the deployment of such technology are forward-looking statements. These
statements are not a guarantee of future performance and involve a number of
risks, uncertainties and assumption including that there is no guarantee that
the Company's Process can or will successfully prepare a viscous oil reservoir
for exploitation using in-situ combustion, the cost savings and operational
efficiencies that the Company expects from its proprietary processes can be
achieved and even if the Company's COGD technology can be used as described in
this press release, there is no guarantee that such use will result in improved
efficiencies compared to other available technologies.


The forward-looking statements contained in this document speak only as of the
date of this document. Except as expressly required by applicable securities
laws, Excelsior does not undertake any obligation to publicly update or revise
any forward looking statements, whether as a result of new information, future
events or otherwise. The forward-looking statements contained in this document
are expressly qualified by this cautionary statement.

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