Xcite Energy (TSX-V: XEL) (AIM: XEL) (LSE: XEL), a developer of heavy oil assets in the UK North Sea, reported an offering of new ordinary shares of the Company which will be offered for sale pursuant to a short form prospectus filed in all of the provinces of Canada except Québec.

The press release is quoted as saying:

The net proceeds from the Offering will be used primarily to fund the drilling and flow testing of a pre-development well on the Company's Bentley oil field, which the Company currently estimates will cost approximately C$40 million, for early production system planning and engineering (approximately C$5 million) and for general working capital purposes (approximately C$5 million).

Click here to access the entire press release ^[1]