Ithaca Energy Inc.
TSX VENTURE : IAE
AIM : IAE

Ithaca Energy Inc.

September 01, 2010 06:06 ET

Ithaca Energy Inc.: Director Shareholding & Share Options

LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - Sept. 1, 2010) -

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

Ithaca Energy Inc. (the "Company") (TSX VENTURE:IAE)(AIM:IAE) has been notified that on August 31, 2010 Iain McKendrick, Chief Executive Officer of the Company, acquired 25,000 common shares in the Company ('Ordinary Shares') at a price of GBP £1.15 per share. Also, on August 31, 2010 Graham Forbes, Chief Financial Officer of the Company, acquired 43,000 Ordinary Shares at a price of GBP £1.15 per share.

Following this acquisition, Iain McKendrick is interested (beneficially owns) in 100,490 Ordinary Shares, representing approximately 0.04 per cent of the issued share capital of the Company. Graham Forbes is interested in (beneficially owns) 43,000 Ordinary Shares, representing approximately 0.02 per cent of the issued share capital of the Company.

On August 31, 2010, Ron Brenneman, Non-Executive Director of Ithaca was granted 100,000 Ordinary Share Options in the Company at a price of CDN $1.85 which was the closing price on the TSX Venture Exchange on Monday, August 20, 2010. The options shall be granted effective August 31, 2010 and are exerciseable for a period of four years from that date. One third of the options will vest at the end of each of the first, second and third years from the effective date.

In addition, that the Company was informed on July 28, 2010, under the equity offering of the Company which closed on the same day, Jay Zammit, Director of the Company, acquired 50,000 Ordinary Shares at the offering price of CAD $1.70 per share and Brad Hurtubise, Director of the Company, acquired 70,000 Common Ordinary Shares at the offering price of CAD $1.70 per share.

Following the subscription, Jay Zammit and Brad Hurtubise are interested (beneficially own) in 450,000 and 100,000 Ordinary Shares, representing approximately 0.18 and 0.04 per cent of the issued share capital of the Company respectively.

Neither the TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in the policies of the TSX Venture Exchange) does not accept responsibility for the adequacy or accuracy of this news release.

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