Xcite Energy Limited reported unaudited earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net loss of GBP 1.70 million or 0.6 pence per basic and diluted share against GBP 0.05 million a year ago. Net loss in the current period, arising primarily from unrealized foreign exchange losses on a strengthening US dollar over the 3 month period. Net cash used in operations were GBP 1.33 million against net cash flow from operations of GBP 3.49 million a year ago.

Xcite Energy Limited Presents at 12th Annual Oil & Gas 1-1 Investor Forum, Apr-15-2013 . Venue: The Grove, Chandler's Cross, Rickmansworth WD3 4TG, Herefordshire, United Kingdom.

Xcite Energy Limited announced the results from its updated reserves assessment report as prepared by TRACS. Highlights: Mean PIIP for the Bentley field of 909 MMstb, increased from 550 MMstb as previously reported in February 2012. 1P, 2P and 3P oil reserves for the Bentley field of 198 MMstb, 250 MMstb and 312 MMstb, respectively, based on an initial 35 year production period. Projected P50 peak production rate of approximately 45,000 stb/d in the first phase development, increasing to approximately 57,000 stb/d in the second phase development. NPV10 (after tax) value of oil reserves for the Bentley field of approximately $1.5 billion, $2.2 billion and $2.8 billion on a 1P, 2P and 3P basis, respectively. An additional 46 MMstb of P50 Contingent Resources assigned to the Bentley field for recoverable volumes beyond the initial 35 years production period. Aggregate, unrisked mean Prospective Resources assigned of approximately 96 MMstb, relating to prospects adjacent to the Bentley field and prospects as awarded in the recent UK Offshore 27th Licence Round.