Ithaca Energy Inc.

Ithaca Energy Inc.

November 02, 2007 13:28 ET

Ithaca Energy Receives Credit Approval for US$60 Million

LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - Nov. 2, 2007) -


Ithaca Energy Inc. (AIM:IAE)(TSX VENTURE:IAE), an independent oil & gas company with exploration and development, are pleased to announce that the Royal Bank of Scotland plc have agreed to provide Ithaca Energy (UK) Limited with a US$60m Senior Secured Credit Facility, to be utilized for the development of its Athena and Jacky discoveries. The loan facility is subject to satisfactory due diligence, documentation and achievement of all required conditions precedent.

Athena is an oil discovery in the Outer Moray Firth area of the United Kingdom Continental Shelf into which Ithaca has successfully drilled, tested and suspended two oil wells for future production.

Jacky is a one well discovery made earlier this year and is immediately adjacent to the producing Beatrice oilfield. Negotiations are advanced on placing the well on production through the Beatrice facility.

Brad Gunn, CFO of Ithaca commented:

"This loan facility is an enormous step forward in the advancement of the Athena and Jacky discoveries to first production. We appreciate and are very pleased to receive the Royal Bank of Scotland's support and look forward to a mutually beneficial relationship."

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.

In accordance with AIM Guidelines, Lawrie Payne, MA Marine Geology (Alberta & Columbia) and CEO of Ithaca Energy is the qualified person that has reviewed the technical information contained in this press release.

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

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