Exceed Energy Announces 2008 Financial Results

Exceed Energy Inc. (TSX VENTURE:EX.A) today announced that it has filed its
audited financial statements and management's discussion and analysis for the
year ended December 31, 2008 as well as the Company's NI 51-101 F1, F2 & F3, and
the NI 52-109 CEO and CFO Certificates. This press release is meant to be read
in concurrence with the above filed documents. Copies of these documents are
available on SEDAR at www.sedar.com. In May, Exceed Energy Inc. ("Exceed" or the
"Company") will file with the securities commissions its 2008 Management
Information Circular, providing governance and voting information for
shareholders in advance of the Company's June 24, 2009, annual general meeting.
As announced on January 30, 2008, effective as of the close of business on Feb.
2, 2009, and pursuant to the articles of the corporation, all of the then issued
and outstanding Class B common shares of Exceed Energy Inc. were converted into
Class A common shares of the Company.




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                            Year ended December 31,  Year ended December 31,
Annual financial data                         2008                     2007
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Oil and natural gas revenue       $      4,853,533         $      3,580,328
Oil and natural gas revenue,
 net of royalties                 $      4,236,973         $      2,913,017
Operating expense                        1,228,221                  856,594
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Operating Net back (non GAAP)     $      3,008,752         $      2,056,423

Net loss                          $     (2,042,748)        $       (745,495)
 Per share, basic                            (0.03)                   (0.01)
 Per share, diluted                          (0.03)                   (0.01)
Cash flow from operations
 (non GAAP)(1)                    $      2,045,747         $      1,225,611
 Per share, basic (non GAAP)                  0.03                     0.02
 Per share, diluted (non GAAP)                0.03                     0.02

Total assets                      $     11,177,220         $     14,006,666
Total liabilities                 $      2,697,406         $      3,591,492

Share capital data               December 31, 2008        December 31, 2007
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Number of class A common shares         41,186,507               41,368,007
Number of class B common shares          2,333,602                2,333,602
Number of options outstanding            2,640,000                2,100,000
 Average exercise price             $         0.22           $         0.21
Number of options
 exercisable                             1,708,330                  636,667
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(1)before changes in non-cash working capital related to operating items



Financial Highlights for 2008 

(year ended December 31, 2008 comparison to the same period in 2007, where
applicable).


- Net loss for the period was $2,042,748

- Net loss prior to impairment charges was $131,274 

- Oil and gas sales increased 36% 

- Expenses less impairment increased 22%

- Finding and development costs for proved reserves 2008 was $28.56/BOE

- Cash flow from operations before changes in non-cash working capital related
to operating activities increased to $2,045,747, up 67%


- The Company expects to spend $700,000 on capital expenditures in 2009

Commodity prices are expected to remain very low due to macro economic factors
causing an over supply in natural gas and crude oil markets. There is some
expectation that natural gas prices may recover into the winter of 2009/2010.
The Company has in late 2008 and early 2009 instigated a G&A reduction program
and is working with its partners to reduce field operating costs. The Company
has a limited capital expenditure program for 2009 and as a result its
production may decrease in 2009. 


The Company has over the last 6 months investigated numerous merger candidates
and found all to be non-accretive to shareholders. The Company will continue to
investigate mergers, divestitures, and acquisition opportunities in 2009.


Forward Looking Statements

This press release may contain forward-looking statements including expectations
of future production, cash flow and earnings. Certain information regarding
Exceed in this news release including management's assessment of future plans
and operations, timing of drilling and tie-in of wells, productive capacity of
the new wells, expected production rates, drilling success rates, dates of
commencement of production, may constitute forward-looking statements under
applicable securities laws and necessarily involve risks. These statements are
based on current expectations that involve a number of risks and uncertainties,
which could cause actual results to differ from those anticipated. These risks
include, but are not limited to: the risks associated with the oil and gas
industry (e.g. operational risks in development, exploration and production;
delays or changes in plans with respect to exploration or development projects
or capital expenditures; the uncertainty of reserve estimates; the uncertainty
of estimates and projects relating to production, costs and expenses, and
health, safety and environmental risks), commodity price, price and exchange
rate fluctuation and uncertainties resulting from the potential delays or
changes in plans with respect to exploration or development projects or capital
expenditures. Readers are cautioned that the foregoing list of factors is not
exhaustive. Additional information on these and other factors that could affect
Exceed's operations or financial results are included in Exceed's reports on
file with Canadian securities regulatory authorities that may be accessed at
www.sedar.com or through the Company's website, www.exceedenergy.com.
Furthermore, the forward-looking statements contained in this news release are
made as at the date of this news release and Exceed 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. 


Disclosure provided herein in respect of barrels of oil equivalent (boe) may be
misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:
1 Bbl is based on an energy equivalency conversion method primarily applicable
at the burner tip and does not represent a value equivalency at the wellhead.