SOURCE: Ithaca Energy Inc

January 17, 2014 02:00 ET

Ithaca Energy Inc. - Exercise of Share Options

CALGARY, AB--(Marketwired - Jan 17, 2014) - Ithaca Energy Inc. (TSX: IAE) (LSE: IAE) ("Ithaca" or the "Company") announces that certain Directors and Officers have increased their shareholdings in the Company. The Directors and Officers exercised a portion of their share options, resulting in an aggregate increase in their shareholdings of 403,333 Common Shares after taking into account shares sold, as described below.

On 16 January 2014 the following Directors and Officers exercised the number of options set forth below at prices ranging between C$0.25 - C$2.25 per Common Share:

Jack Lee   Director   100,000
Brad Hurtubise   Director   200,000
John Summers   Director   333,333
Frank Wormsbecker   Director   200,000
Jay Zammit   Director   100,001
John Woods   Officer   600,000

On the same day, the following Directors and Officers sold the following number of shares at a price of £1.45 per Common Share.

Brad Hurtubise   Director   115,000
John Summers   Director   215,000
Frank Wormsbecker   Director   100,000
Jay Zammit   Director   100,001
John Woods   Officer   600,000

Where applicable, the balance of shares acquired following completion of the transactions reported above has been retained by each of those Officers in order to increase their individual shareholdings.

A further 981,667 options have also been exercised by other employees of the Company.

As a result of the option exercises reported above, the Company has issued a total of 2,515,001Common Shares and has applied for such Common Shares to be admitted to trading on AIM. Each new Common Share will rank paripassu with the existing Common Shares and admission to trading on AIM is expected to occur on 24 January 2014.

Nick Muir, an Officer of the Company, also sold 295,000 shares on 16th January at a price of £1.45 per Common Share.

Summary
Following completion of all the transactions noted above, the revised shareholdings of the relevant Directors and Officers of the Company are as follows:

        No. of shares held   % of voting rights represented by shares held
Jack Lee   Director   1,100,000   0.34%
Brad Hurtubise   Director   260,000   0.08%
John Summers   Director   408,033   0.13%
Frank Wormsbecker   Director   350,000   0.11%
Jay Zammit   Director   525,000   0.16%
NickMuir   Officer   20,105   0.01%
John Woods   Officer   309,105   0.10%

The Company now has 326,148,621 Common Shares outstanding with one voting right per Common Share. There are no Common Shares held by Ithaca in treasury. The total number of voting shares in the Company is therefore 326,148,621. 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 shares under option is now 19,243,566Common Shares, representing approximately 5.6% of total shares outstanding and under option.Fully diluted, the Company now has 345,392,187 CommonShares on issue.

About Ithaca Energy
Ithaca Energy Inc. (TSX: IAE) (LSE: 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.

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