Ithaca Energy Inc.

Ithaca Energy Inc.

March 25, 2010 09:30 ET

Ithaca Energy Inc.: Chief Financial Officer Appointment

LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - March 25, 2010) -


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 that it has appointed a permanent Chief Financial Officer to succeed Mr Wood who has held the post of interim Chief Financial Officer since December 2009.

Mr Graham Forbes, a Chartered Accountant, has been appointed as Ithaca's Chief Financial Officer. The early part of Mr Forbes' career was spent with Price Waterhouse Coopers before moving to ExxonMobil where he held a number of leadership positions including Financial Reporting and Business Analysis Team Lead for the Esso Exploration & Production company. Mr Forbes subsequently joined First Oil in 2002 as Finance Director where he was instrumental in building the company from a start up to one with production of up to 8,000 barrels of oil equivalent per day from 13 North Sea fields. In 2007, Mr Forbes was promoted to Executive Director (CEO equivalent) of First Oil.

An orderly transition is planned for Q2 2010 between Mr Wood and Mr Forbes.

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," "anticipate," "plans," "may," "will," "should", "scheduled", "targeted", "estimated" 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.

Neither TSX Venture nor it's Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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