Corporate Profile for XCL Ltd., dated March 28, 1997.

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Published Date:   March 28, 1997

Company Name:     XCL Ltd.

Address:          110 Rue Jean Lafitte, Second Floor
                  Lafayette, Louisiana 70508

Main Telephone
 Number:          318/237-0325

Main Telefax:     318/237-3316 or 261-0737

Chairman and
 Chief Executive

 Officer:         Marsden W. Miller, Jr.

Investor Relations
 Contact:         Alice M. Lafaye
 Business number: 318/237-0325

Public Relations
 Contact:         Alice M. Lafaye
 Business number: 318/237-0325

Trading Symbol/
 Exchange:        XCL (American Stock Exchange - Common Stock only)
                  Common stock also trades on the London Stock
                  Exchange Limited (no symbol used); Series A,
                  Cumulative Convertible Preferred Stock trades only
                  on the London Stock Exchange Limited

Industry:         Oil and gas exploration and production in China

Specialist/
 Market Makers:   Common Stock

American Stock
 Exchange:        Specialist/Goin & Co.

London Stock
 Exchange Ltd.:    Market Makers/SBC Warburg; Winterflood
                  Securities

Market Makers:    Series A, Cumulative Convertible Preferred Stock

London Stock
 Exchange Ltd.:   SBC Warburg, Kleinwort Benson

Company description: XCL Ltd. is an independent oil and gas exploration and production company that focuses on the development of reserves discovered on the Zhao Dong Block located in the shallow waters of the Bohai Bay, China, while continuing exploration of other areas of the block. XCL was the first foreign company to sign a production sharing agreement with China National Oil and Gas Exploration and Development Corporation (CNODC) in February 1993. As of January 1997, five successful wells have been drilled in the Zhao Dong Block. Combined test results exceed 24,000 barrels of oil per day. Additional drilling is planned for 1997 and beyond.

In keeping with its plans to expand operations in China, in July 1995, the company signed a joint venture agreement to blend, distribute and market lubricating oil throughout China and Southeast Asia. Additionally, the company has signed preliminary agreements to commence cooperation for the exploration and development of coalbed methane in two areas of China.

Although speculative, large financial institutions in the United States, United Kingdom and Hong Kong are shareholders because they recognize XCL's potential in China and the growing energy needs of that country. -0-

                      For the Year 1996

                Common Stock Price Per Share
         (As reported by the American Stock Exchange)

                       High:   $.50
                       Low:    $.13

                      For the Year 1996
                       (in thousands)
         Oil and gas revenues:   $  1,136(a)
         Net Loss:               $(12,074)

(a) Revenues are lower due to divestiture of U.S. producing
properties in keeping with the company's planned program to focus
on China.

CONTACT: XCL Ltd.