Ithaca Energy Inc.: Director and Officers' Share Purchase

ABERDEEN, SCOTLAND--(Marketwired - May 24, 2013) - Ithaca Energy Inc. (TSX VENTURE: IAE) (LSE: IAE)

(TSX VENTURE: IAE)

Not for Distribution to U.S. Newswire Services or for Dissemination in
the United States


                            Ithaca Energy Inc.

                  Director and Officers' Share Purchase

                             24 May 2013

Ithaca Energy Inc. (TSX VENTURE: IAE) (LSE: IAE) ("Ithaca" or
the "Company") announces that on 23rd May 2013, Iain McKendrick, CEO
and a Director, along with the other Officers of the Company increased
their beneficial shareholdings in Ithaca through the purchase of Common
Shares pursuant to the Company's Market Share Incentive Plan ("SIP").
These purchases were made by MM&K Share Plan Administration, the
trustee of the SIP.

The individuals named below increased their beneficial shareholdings in
the Company by a total of 18,300 Common Shares at a price of GBP1.23 per
Common Share (the maximum permissible under the SIP) as follows:

Name          Designation        Common      Resultant         % of
                                 Shares      Holding         voting
                              Purchased                      rights
Iain          Officer and         3,660      209,125 shares    0.07%
McKendrick       Director        shares

Graham Forbes     Officer         3,660       68,305 shares    0.02%
                                 shares

Nicholas Muir     Officer         3,660       20,105 shares    0.01%
                                 shares

John Woods        Officer         3,660      135,105 shares    0.04%
                                 shares

Mike Travis       Officer         3,660       57,347 shares   0.02%
                                 shares


Enquiries:

Ithaca Energy:

Iain McKendrick, CEO  imckendrick@ithacaenergy.com    +44(0) 1224 650 261
Graham Forbes, CFO    gforbes@ithacaenergy.com        +44(0) 1224 652 151

FTI Consulting:
Billy Clegg        billy.clegg@fticonsulting.com      +44 (0) 207 269 7157
Edward Westropp    edward.westropp@fticonsulting.com  +44 (0) 207 269 7230
Georgia Mann       georgia.mann@fticonsulting.com     +44 (0) 207 269 7212

Cenkos Securities plc:
Jon Fitzpatrick      jfitzpatrick@cenkos.com          +44 (0) 207 397 8900
Neil McDonald        nmcdonald@cenkos.com             +44 (0) 131 220 6939

RBC Capital Markets:
Tim Chapman          tim.chapman@rbccm.com            +44 (0) 207 653 4641
Matthew Coakes       matthew.coakes@rbccm.com         +44 (0) 207 653 4871


About Ithaca Energy:

Ithaca Energy Inc. (TSX VENTURE: IAE) (LSE: IAE) is an oil and gas
operator focused on North Sea production, appraisal and development
activities. The Company's strategy is centred on building a highly
profitable North Sea oil and gas company by maximising production and
cashflow from its existing assets, the appraisal and development of
existing discoveries on properties held by the Company and the delivery
of additional growth via acquisitions and licence round participation.


Not for Distribution to U.S. Newswire Services or for Dissemination in
the United States


-ENDS-

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