ELE Elemental Altus Royalties Corp

NOT FOR DISSEMINATION IN THE UNITED STATES

Excelsior Energy Limited (TSX VENTURE:ELE) ("Excelsior" or the "Company") is
pleased to announce that pursuant to the Hangingstone farm-in agreement ("the
Agreement") dated February 26, 2007, it has exercised its option to acquire and
cancel the gross overriding royalty (the "GORR") that currently encumbers the
Company's Hangingstone oil sands property located in the Athabasca oil sands
region near Fort McMurray, Alberta. Pursuant to the Agreement, in consideration
for the cancellation of the GORR, Excelsior will issue 1,445,056 common shares
to the current GORR holder, representing 1% of Excelsior's issued and
outstanding share capital (on a non-diluted basis) subsequent to such issuance.
Total outstanding shares will be 144,505,646 common shares after the
acquisition. The common shares issued pursuant to the cancellation of the GORR
will be subject to a four month hold period. 


About Excelsior Energy

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 potential for improved economies in the
development and recovery of heavy oil and bitumen. An application for an
experimental pilot project to field demonstrate the COGD technology was
submitted in at the end of the second quarter of 2009 with a targeted start up
in early 2011. 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 with
developing technologies to produce oil and gas. Additional information about
Excelsior and its business activities is available on SEDAR at www.sedar.com or
the Company's website at www.excelsior-energy.com.

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