As an alternative, using Framework 3.5 or higher

Code:
Dim Identifier As Integer = 4
Dim results = xmlDoc...<returnset> _
              .FirstOrDefault(
              Function(item) item.<ID>.Value = Identifier.ToString)

If results IsNot Nothing Then
    results.<EJStatus>.Value = "Got it"
    ' show in the ide output window the element has changed
    Console.WriteLine(xmlDoc.ToString)
End If
output
Code:
<DocumentElement>
  <returnset>
    <ID>3</ID>
    <EJStatus />
  </returnset>
  <returnset>
    <ID>4</ID>
    <EJStatus>Got it</EJStatus>
  </returnset>
  <returnset>
    <ID>5</ID>
    <EJStatus />
  </returnset>
  <returnset>
    <ID>6</ID>
    <EJStatus />
  </returnset>
</DocumentElement>