Exceed Energy Announces Third Quarter 2009 Financial Results

Exceed Energy Inc. (TSX VENTURE:EX.A) today announced that it has filed its
third quarter unaudited financial statements and management's discussion and
analysis for the third quarter ended September 30, 2009 as well as its 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 accordance with National Instrument 51-1-2 released by the Canadian
Securities Administrators, the Company discloses that its auditors have not
reviewed these unaudited interim statements as at and for the interim periods
ending September 30, 2009 and 2008.




Selected Financial Information

Unaudited Financial
 data                  Three Months  Three Months  Nine Months  Nine Months
----------------------------------------------------------------------------
                          30-Sep-09     30-Sep-08    30-Sep-09    30-Sep-08
Oil and natural
 gas revenue             $  280,056  $  1,685,530  $ 1,154,613  $ 4,199,947
Oil and natural gas
 revenue, net of
 royalties               $  200,465  $  1,542,461  $ 1,041,046  $ 3,656,221
Operating expense        $  181,298  $    304,937  $   462,893  $   867,550
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Operating Net back
 (non GAAP)              $   19,167  $  1,237,524  $   578,153  $ 2,788,671

Net (loss) income        $ (345,031) $    398,868  $(2,847,429) $    93,846

 Per share, basic             (0.01)         0.01        (0.04)        0.00

 Per share, diluted           (0.01)         0.01        (0.04)        0.00

Cash flow from
 Operations
 (non GAAP)(1)           $ (118,735) $  1,038,763  $   (92,946) $   986,406

 Per share, basic
  (non GAAP)                  (0.00)         0.02        (0.00)        0.02

 Per share, diluted
  (non GAAP)                  (0.00)         0.02        (0.00)        0.02

Total assets             $8,208,830  $ 14,012,946  $ 8,208,830  $14,012,946
Total liabilities        $2,564,456  $  3,491,847  $ 2,564,456  $ 3,491,847


Share capital data        30-Sep-09     30-Sep-08    30-Sep-09    30-Sep-08
----------------------------------------------------------------------------
Number of class A
 common shares           64,522,527    41,267,507   64,522,527   41,267,507
Number of class B
 common shares                    -     2,333,602            -    2,333,602
Number of options
 outstanding              2,485,000     3,100,000    2,485,000    3,100,000
  Average exercise price      $0.20         $0.21        $0.20        $0.21
Number of options
 exercisable              2,064,995     1,273,333    2,064,995    1,273,333

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(1) before changes in non-cash working capital items



The Company reports:

- Revenue for the nine month period ended September 30, 2009 WAS $1.15 million
and $280,056 for the three month period ended September 30, 2009 compared to
$4.20 million for the nine month period ended September 30, 2008 and $1.69
million for the three month period ended September 30, 2008.


- Operating expenses for the nine month period ended September 30, 2009 of
$462,893 and $181,298 for the three month period ended September 30, 2009
compared to $867,550 for the nine month period ended September 30, 2008 and
$304,937 for the three month period ended September 30, 2008.


- Net after tax loss of $2,847,429 (includes a write down of assets of
$2,061,875 in second quarter fiscal 2009) for the nine month period ended
September 30, 2009 and an after tax loss of $345,031 for the three month period
ended September 30, 2009 compared to a net income of $93,846 for the nine month
period ended September 30, 2008 and net income of $398,868 for the three month
period ended September 30, 2008.


- Cash flow from operations, before changes in non-cash working capital items,
of $(92,946) for the nine month period ended September 30, 2009 and $(118,735)
for the three month period ended September 30, 2009 compared to $986,406 for the
nine month period ended September 30, 2008 and $1,038,763 for the three month
period ended September 30, 2008.


The Company continues to reduce G&A expenses and capital expenditures during the
current period of low natural gas prices. The Company has reduced its 2009
capital budget to $300,000.


Oil and natural gas sales before royalties declined 34% from the fourth quarter
of 2008 to this quarter while the Company's production remained flat. The
reduction in revenue was due to a continued deterioration in natural gas prices
and reduced production. This decline in product prices was also a major
contributing factor in the decline of revenue year over year for the period
ending September 30, 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.