Ithaca Energy Inc.
TSX VENTURE : IAE
AIM : IAE

Ithaca Energy Inc.

August 27, 2009 02:00 ET

Ithaca Energy Change of Nominated Advisor Board of Directors Announcement

LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - Aug. 27, 2009) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Ithaca Energy Inc. (TSX VENTURE:IAE)(AIM:IAE) and its wholly owned subsidiary Ithaca Energy (UK) Limited ("Ithaca" or "the Company"), an independent oil & gas company with exploration, development and production assets in the UK sector of the North Sea, is pleased to announce the appointment of Cenkos Securities plc as its NOMAD and UK joint broker with immediate effect.

Following the closing of the Dyas transaction, and the cancellation of any remaining debt between Ithaca and Dyas UK Limited, (as announced on July 29, 2009), Alexander Berger has now resigned from the boards of Ithaca Energy Inc. and Ithaca Energy (UK) Limited. As announced at the time, Alexander was appointed to the Board as part of the original agreement with Dyas in October 2008. We would like to thank him for his contribution to the board of directors and to the Company.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Forward-looking statements

Some of the statements in this announcement are forward-looking. Forward-looking statements include statements regarding the intent, belief and current expectations of Ithaca Energy Inc. or its officers with respect to various matters. When used in this announcement, the words "expects," "believes," "anticipates," "plans," "may," "will," "should" and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcome to differ materially from those suggested by any such statements. These forward-looking statements speak only as of the date of this announcement. Ithaca Energy Inc. expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based except as required by applicable securities laws.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

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