Ithaca Energy Inc.
TSX : IAE
AIM : IAE

Ithaca Energy Inc.

April 19, 2012 02:00 ET

Ithaca Energy Inc.: Corporate Presentation Update

LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - April 19, 2012) -

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

Ithaca Energy Inc. (TSX:IAE)(AIM:IAE) announces that an updated corporate presentation is available on the Company's website, www.ithacaenergy.com, following the recently published 2011 financial results, the year end reserves report prepared by Sproule International Limited and approval of the Stella / Harrier Field Development Plan by the Department of Energy and Climate Change.

The presentation confirms the arrival of the BW Athena floating production, storage and offloading (FPSO) vessel on location at the Athena field. The FPSO has been connected to the "STP" mooring buoy. Hook-up and infield commissioning activities are ongoing and a further announcement will be made upon delivery of first oil from the field.

The Company is now scheduled to commence drilling of the planned Hurricane appraisal well in late Q2-2012, later than originally anticipated due to delays in the drilling programmes being performed for other operators prior to the contracted rig being moved to the Hurricane well location.

About Ithaca Energy:

Ithaca Energy Inc. and its wholly owned subsidiary Ithaca Energy (UK) Limited ("Ithaca" or "the Company"), is an oil and gas exploration, development and production company active in the United Kingdom's Continental Shelf ("UKCS"). The goal of Ithaca, in the near term, is to maximize production and achieve early production from the development of existing discoveries on properties held by Ithaca, to originate and participate in exploration and appraisal on properties held by Ithaca when capital permits, and to consider other opportunities for growth as they are identified from time to time by Ithaca.

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 including first oil from Athena and Hurricane drilling schedule. When used in this announcement, the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "plan", "should", "believe", "could", "target", "scheduled" 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 known and unknown risks and uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements or information. 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.

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