Ithaca Energy Inc.
LSE : IAE

April 18, 2011 09:19 ET

Holding in Company

FOR: ITHACA ENERGY INC.

AIM, TSX VENTURE SYMBOL: IAE

April 18, 2011

Ithaca Energy Inc.: Shareholding

LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - April 18, 2011) - Ithaca Energy Inc. (TSX

VENTURE:IAE)(AIM:IAE)

For filings with the FSA include the annex

For filings with issuer exclude the annex

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES(i)

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1. Identity of the issuer or the underlying issuer of

existing shares to which voting rights are attached:

ii Ithaca Energy Inc.

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2 Reason for the notification (please tick the appropriate box or boxes):

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An acquisition or disposal of voting rights X

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An acquisition or disposal of qualifying financial instruments which may

result in the acquisition of shares already issued to which voting rights

are attached

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An acquisition or disposal of instruments with similar economic effect to

qualifying financial instruments

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An event changing the breakdown of voting rights

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Other (please specify):

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3. Full name of person(s) subject to

the notification obligation: iii Sprott Asset Management LP

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4. Full name of shareholder(s)

(if different from 3.):iv See Section 9

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5. Date of the transaction and date on which

the threshold is crossed or reached: v April 7, 2011

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6. Date on which issuer notified: April 14, 2011

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7. Threshold(s) that is/are crossed

or reached: vi, vii Below 3%

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8. Notified details:

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A: Voting rights attached to shares viii, ix

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Situation

previous

Class/ to

type the Resulting situation after

of triggering the triggering transaction

shares transaction

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Number Number of % of

of voting voting

shares rights rights x

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if Number

possible Number of

using the of Voting Indirect

ISIN CODE Shares Rights Direct Direct xi xii Direct Indirect

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Ordinary

Shares 6,354,778 6,354,778 7,218,278 7,218,278 2.8%

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B: Qualifying Financial Instruments

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Resulting situation after the triggering

transaction

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Number of

voting

rights

that

may be

acquired

if

the

instrument

Type of Exercise/ is % of

financial Expiration Conversion exercised/ voting

instrument date xiii Period xiv converted. rights

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C: Financial Instruments with similar economic effect to Qualifying

Financial Instruments xv, xvi

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Resulting situation after the triggering

transaction

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Number

of

Exercise/ voting

Type of Conversion rights % of

financial Exercise Expiration period instrument voting

instrument price date xvii xviii refers to rights xix, xx

Nominal Delta

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Total (A+B+C)

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Number of voting Percentage of

rights voting rights

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7,218,278 2.8%

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9. Chain of controlled undertakings through which the voting rights

and/or the financial instruments are effectively held, if applicable: xxi

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Sprott Asset Management LP is the portfolio manager acting on behalf of

the Sprott Canadian Equity Fund, Sprott Small Cap Equity Fund, Sprott

Bull/Bear RSP Fund, Sprott Hedge Fund L.P., Sprott Hedge Fund L.P. II,

Sprott Master Fund, Ltd., Sprott Master Fund II, Ltd., Sprott Small

Cap Hedge Fund, Sprott Opportunities Hedge Fund LP and certain Sprott

Managed Accounts.

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Proxy Voting:

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10. Name of the proxy holder:

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11. Number of voting rights proxy holder will cease to hold:

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12. Date on which proxy holder will cease to hold voting rights:

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13. Additional information:

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14. Contact name: Maggie Tang

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15. Contact telephone number: 1-416-943-4072

mtang@sprott.com

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Note: Annex should only be submitted to the FSA not the issuer

Annex: Notification of major interests in shares xxii

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A: Identity of the persons or legal entity subject to the notification

obligation

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Full name

(including legal form of legal entities) Sprott Asset Management LP

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200 Bay Street, Suite

Contact address 2700, PO Box 27

(registered office for legal entities) Royal Bank Plaza, South Tower

Toronto, ON Canada M5J 2J1

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Phone number & email

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Other useful information

(at least legal representative for legal persons)

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B: Identity of the notifier, if applicable

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Full name

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Contact address

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Phone number & email

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Other useful information

(e.g. functional relationship with the

person or legal entity subject to

the notification obligation)

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C: Additional information

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For notes on how to complete form TR-1 please see the FSA website.

FOR FURTHER INFORMATION PLEASE CONTACT:

Pelham Bell Pottinger

Philip Dennis

Director

Direct line: +44(0)20 7861 3919

Contact Information

  • Ithaca Energy Inc.