Ithaca Energy Inc.

Ithaca Energy Inc.

January 05, 2011 02:00 ET

Ithaca Energy Inc. Director's Dealing

LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - Jan. 5, 2011) -


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 received notification yesterday that, the same day, Jay Zammit, a director and company secretary, exercised options over 66,666 common shares in the Company ("Common Shares") at C$0.25 per Common Share, an additional 33,333 options at C$0.87 per Common Share and a further 33,333 options at C$1.54 per Common Share.

Further, the Company received notification yesterday that Jay Zammit has sold yesterday a total of 135,000 Common Shares at a price of C$2.80 per Common Share. Following the options exercise and the share sale, Jay Zammit's revised interest in the Company is a total of 448,332 Common Shares. 

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, whether used in connection with the estimated production levels, actual production levels from well workover programs, anticipated timing of well workover programs, oil in place, hydrocarbon composition or otherwise, 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 Exchange nor its 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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