Ithaca Energy Inc.
TSX VENTURE : IAE
AIM : IAE

Ithaca Energy Inc.

September 17, 2009 09:00 ET

Ithaca Energy Inc.: Changes in Management

LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - Sept. 17, 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, announces today that Lawrie Payne shall assume a Non-Executive role as Non-Executive Chairman of the Board of Ithaca Energy Inc.

Effective from 1st October 2009, Lawrie Payne shall step down from management of the Company and take on the role of Non-Executive Chairman of the Company. As previously stated in former releases, Mr. Payne stepped down as Chief Executive Officer in December 2008, following an orderly transition of the office of Chief Executive Officer to Iain McKendrick. At that time, Mr. Payne took on the role of Executive Chairman. The Board wishes to express thanks to Lawrie for his tireless contribution to the management of the Company over the past five years.

Coinciding with this announcement, the Company's London office will close on 1st October 2009, however investor enquiries by telephone should continue to utilise the London number which has been changed to +44 (0) 207 590 3665.

In addition the Company advises that its Calgary address has been changed to:

Ithaca Energy Inc.
7078 – 7th Avenue,
SW Calgary,
Alberta
T2P 3H6.

General:
Aberdeen Office +44 (0) 1224 638582

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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