Ithaca Energy Inc.
LSE : IAE

Ithaca Energy Inc.

June 23, 2008 06:58 ET

Ithaca Energy Announces Formation of a Special Committee of the Board

FOR:  ITHACA ENERGY INC.

TSX VENTURE, AIM SYMBOL:  IAE

June 23, 2008

Ithaca Energy Announces Formation of a Special Committee of the Board

LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - June 23, 2008) -

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

Ithaca Energy Inc. (TSX VENTURE:IAE)(AIM:IAE), an independent oil & gas company with exploration and
development assets in the UK North Sea, announced on June 20, 2008 that it had received an unsolicited non-
binding proposed offer (the "Non-Binding Proposed Offer") from Endeavour International Corporation to acquire
the entire issued share capital of Ithaca for a combination of cash and shares at an indicative price of
US$3.25 per Ithaca share.

Ithaca advises that its board of directors has formed a special committee comprised of independent directors
(the "Committee") to carefully review and evaluate the Non-Binding Proposed Offer consistent with the fiduciary
duties of the board of directors and in consultation with the board's legal and financial advisers. The
Committee will consider the various terms, conditions and merits of the Non-Binding Proposed Offer in the
context of Ithaca's long term strategic plan with a view toward pursuing the course of action which best
maximizes shareholder value. The Board will respond once it has completed this process.

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.


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FOR FURTHER INFORMATION PLEASE CONTACT:

Ithaca Energy Inc
Lawrie Payne
CEO
+44 (0) 207 590 3027
Email: lpayne@ithacaenergy.com

OR

Pelham Public Relations
Charles Vivian
+44 (0) 207 743 6672
Email: charles.vivian@pelhampr.com

OR

Pelham Public Relations
Phillip Dennis
+44 (0) 207 743 6363
Email: philip.dennis@pelhampr.com

OR

Nabarro Wells & Co. Limited
Marc Cramsie
+44 (0) 207 710 7400
Email: marccramsie@nabarro-wells.co.uk

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

Contact Information

  • Ithaca Energy Inc.