Ithaca Energy Inc.
TSX VENTURE : IAE
AIM : IAE

Ithaca Energy Inc.

January 25, 2007 09:07 ET

Ithaca Energy Issues Stock Options Under Stock Option Plan and Warrants Exercised

LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(CCNMatthews - Jan. 25, 2007) - Ithaca Energy Inc. (TSX VENTURE:IAE)(AIM:IAE) -

Not for Distribution to U.S. Newswire Services or for Dissemination in the United States

This announcement does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares or other securities of Ithaca Energy Inc., nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of Ithaca Energy Inc.

The securities of Ithaca have not been registered under the US Securities Act 1933, as amended, or any state securities law, and they may not be offered or sold in the United States unless an exemption from registration is available.

Ithaca Energy Inc. (TSX VENTURE:IAE)(AIM:IAE) announces that it has issued and allotted 267,054 common shares following a notice of exercise of warrants ("Warrants") in the Company. The Warrants were exercised on January 2, 2007 at a price of US$0.90 per share.

Application has been made for these common shares to be admitted to trading on AIM. These common shares will rank pari passu with the existing common shares in the Company and trading of these shares on AIM is expected to commence on January 31, 2007.

The Company also announces that its Board of Directors has approved the granting of 400,000 share options to employees at an exercise price of CAD$2.32. The options shall be granted in accordance with the Company's Stock Option Plan, and shall be effective January 25, 2006 and are exerciseable for a period of 3 years from that date. One half of each grant will vest immediately, the other half one year from the date of the grant.

Ithaca Energy Inc. is a Canadian company which is focused on the exploration and development of oil and gas reserves in the North Sea on the United Kingdom's Continental Shelf.

The securities of Ithaca have not been registered under the US Securities Act of 1933, as amended, or any state securities law, and they may not be offered or sold in the United States unless an exemption from registration is available.

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.

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

Contact Information

  • Ithaca Energy Inc:
    Lawrie Payne
    In London:
    +44 (0) 20 7590 3027
    or
    Ithaca Energy Inc:
    Neill Carson
    In Aberdeen:
    +44 (0) 12 2465 0261
    or
    Ithaca Energy Inc:
    Brad Gunn
    In Calgary:
    (403) 668-9599
    or
    Pelham Public Relations
    Charles Vivian
    In London:
    +44 (0) 20 7743 6673
    or
    Pelham Public Relations
    Philip Dennis
    In London:
    +44 (0) 20 7743 6363
    or
    Nabarro Wells & Co. Limited
    Marc Cramsie
    In London:
    +44 (0) 20 7710 7400
    or
    Nabarro Wells & Co. Limited
    John Wilkes
    In London:
    +44 (0) 20 7710 7410