SOURCE: Ithaca Energy Inc

October 02, 2013 02:00 ET

Ithaca Energy Inc.: Directors Shareholdings & Grant of Options

ABERDEEN, SCOTLAND--(Marketwired - Oct 2, 2013) -

 (TSX: IAE) (LSE: IAE)

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

                        Ithaca Energy Inc.

  Increase in Directors and Officers Shareholdings & Grant of Options

                           2 October 2013

Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) ("Ithaca" or the "Company")
announces that certain Directors and Officers have increased their
shareholdings in the Company. The Directors and Officers exercised
share options nearing expiry, resulting in an aggregate increase in
their shareholdings of 1,025,668 Common Shares after taking into
account shares sold to cover the option purchase costs.

Ithaca also reports that it has granted 1,000,000 share options to Mr
Les Thomas, Ithaca's newly appointed Chief Executive Officer and
Executive Board Director and implemented a new incentivisation share
plan focused on delivery of first hydrocarbons from the Greater Stella
Area production hub for its UK Officers and employees.

Exercise of Share Options

On 1 October 2013, the Directors and Officers listed below exercised
the following share options nearing expiry. All parties will increase
their individual shareholdings by the balance of the shares available
after selling sufficient shares to approximately cover the option
purchase costs, including incomes taxes. The shares were sold at a
price of GBP1.48 (C$2.46) per Common Share.

Name        Designation Exercised Option Price  Shares  Sale   Shares
                        Options                 Sold    Price  Retained

Iain        Officer /   750,000   C$0.87        495,000 C$2.46 255,000
McKendrick  Director

Brad        Director    100,000   C$0.87        50,000  C$2.46 50,000
Hurtubise

John        Director    100,000   C$0.87        65,000  C$2.46 35,000
Summers

Frank       Director    100,000   C$0.87        50,000  C$2.46 50,000
Wormsbecker

Jay Zammit  Director    66,667    C$0.87        39,999  C$2.46 26,668

Graham      Officer     750,000   C$1.59        610,000 C$2.46 140,000
Forbes

Nicholas    Officer     1,030,000 C$0.25-1.54*  735,000 C$2.46 295,000
Muir

John Woods  Officer     430,000   C$0.25-0.87** 256,000 C$2.46 174,000


* N Muir exercised 200,000 options at C$0.25, 230,000 options at C$0.87
and 600,000 options at C$1.54

** J Woods exercised 200,000 options at C$0.25 and 230,000 options at
C$0.87

A further 1,056,961 of options have also been exercised by other
employees of the Company.

As a result of the option exercises reported above, the Company has
applied for a total of 4,383,628 Common Shares (the "New Common
Shares") to be admitted to trading on AIM ("Admission"). Admission of
the New Common Shares is expected to occur on 7 October 2013. Each New
Common Share will rank pari passu with the existing Common Shares.

Share Options Award

In accordance with the Company's existing Stock Option Plan the Board
of Directors has granted 1,000,000 share options to Mr Les Thomas,
Ithaca's newly appointed Chief Executive Officer and Executive Board
Director, at a price of C$2.53, which was the closing price on the
Toronto Stock Exchange on 30 September 2013. The options were granted
effective 1 October 2013 and may be exercised for a period of four
years from that date. One third of the options vest at the end of each
of the first, second and third years from the effective date.

Greater Stella Area Share Options

A new tax efficient performance incentivisation share plan focused on
delivery of first hydrocarbons from the Greater Stella Area production
hub has been established under the Company's existing Stock Option
Plan.

Each Officer and employee based in the UK has been granted 19,736
options with an exercise price of C$2.53, which was the closing price
on the Toronto Stock Exchange on 30 September 2013. The effective date
for the grant of the options is 1 October 2013, with the options
vesting three months after delivery of first hydrocarbons from the
Stella field. The options are exercisable for a period of four years
from 1 October 2013. The options will not vest in the event of any
change of control of the Company prior to delivery of first
hydrocarbons from the Stella field.

The plan has been approved by the UK tax authorities, HM Revenue &
Customs, under Schedule 4 to the Income Taxes (Earnings and Pensions)
Act 2003.

Shareholding & Options Summary

Following completion of the transactions noted above, the revised
shareholdings and share options held by the Directors and Officers of
the Company are as follows:

Name              Designation          No.    % Voting Rights    No.
Shares  Represented by  Options
                                       Held   by Shares Held    Held

Iain McKendrick   Officer / Director  464,125    0.14%        3,000,000
Les Thomas        Officer / Director   Nil       0.00%        1,000,000
Brad Hurtubise    Director            175,000    0.05%          400,000
John Summers      Director            289,700    0.09%          400,000
Frank Wormsbecker Director            250,000    0.08%          400,000
Jay Zammit        Director            525,000    0.16%          300,001
Jack C. Lee       Director           1,000,000   0.31%          300,000
Ron Brenneman     Director             60,000    0.02%          300,000
Jannik Lindbaek   Director              Nil      0.00%            Nil
Graham Forbes     Officer             208,305    0.06%        1,219,736
Mike Travis       Officer              57,347    0.02%          719,736
Nicholas Muir     Officer             315,105    0.10%          719,736
John Woods        Officer             309,105    0.10%        1,319,736

The Company now has 321,749,286 Common Shares in issue with one voting
right per Common Share. There are no Common Shares held in treasury.
The total number of voting shares in the Company is therefore
321,749,286. This figure may be used by shareholders in the Company as
the denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change in their
interest in, the share capital of the Company under the UK Financial
Services Authority's Disclosure and Transparency Rules.

The total number of Common Shares under option is now 16,961,234,
representing approximately 5.0% of the total shares outstanding and
under option.

Fully diluted, the Company now has 338,710,520 Common Shares in issue.

Other Information

Ithaca provides the following information under paragraph (g) of
Schedule 2 of the AIM Rules for Companies in relation to Mr Les Thomas,
who commenced his role as Chief Executive Officer and Executive Board
Director of the Company on 1 October 2013.

Full Name:                            Leslie James Thomas

Age:                                  56

Current Directorships / Partnerships  Heriot Resources Limited
in the last 5 years:                  The Scottish Oil Club

Previous Directorships / Partnerships John Wood Group PLC
in the last 5 Years:                  Wood Group Engineering &
                                      Operations Support Limited
                                      Wood Group Engineering (North
                                      Sea) Limited
                                      Wood Group Engineering
                                      International Limited
                                      Wood Group Holdings
                                      (International) Limited
                                      Wood Group Management Services
                                      Limited

                          - ENDS -

Enquiries:

Ithaca Energy
Graham Forbes       gforbes@ithacaenergy.com         +44(0) 1224 652 151
Richard Smith       rsmith@ithacaenergy.com          +44(0) 1224 652 172

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
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: IAE, LSE AIM: IAE) is a North Sea oil and gas
operator focused on the delivery of lower risk growth through the
appraisal and development of UK undeveloped discoveries, the
exploitation of its existing UK producing asset portfolio and a
Norwegian exploration and appraisal business centred on the generation
of discoveries capable of monetisation prior to development. Ithaca's
strategy is centred on generating sustainable long term shareholder
value by building a highly profitable 25kboe/d North Sea oil and gas
company. For further information please consult the Company's website
 www.ithacaenergy.com .

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

Forward-looking statements

Some of the statements and information in this press release are
forward-looking. Forward-looking statements and forward-looking
information (collectively, "forward-looking statements") are based on
the Company's internal expectations, estimates, projections,
assumptions and beliefs as at the date of such statements or
information. The reader is cautioned that assumptions used in the
preparation of such information may prove to be incorrect. Such
statements are not promises or guarantees, and are subject to known and
unknown risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in such
forward-looking statements. The Company believes that the expectations
reflected in those forward-looking statements and are reasonable but no
assurance can be given that these expectations, or the assumptions
underlying these expectations, will prove to be correct and such
forward-looking statements and included in this press release should
not be unduly relied upon. These forward-looking statements speak only
as of the date of this press release. 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

                    This information is provided by RNS
          The company news service from the London Stock Exchange

END

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