SOURCE: Ithaca Energy Inc

April 29, 2013 06:03 ET

Ithaca Energy Inc.: Exploration Well Result

ABERDEEN, SCOTLAND--(Marketwired - Apr 29, 2013) - Ithaca Energy Inc. (TSX VENTURE: IAE) (LSE: IAE)



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


                         Ithaca Energy Inc.

                Storbarden Exploration Well Result

                           29 April 2013



Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) announces that the
Storbarden exploration well on PL 506S in Norway has not encountered
hydrocarbons and the well is to be plugged and abandoned.The costs of
this and the other committed exploration and appraisal wells
transferred to Ithaca as a result of the acquisition of Valiant
Petroleum plc ("Valiant") were accounted for in the price paid for the
company, with no success assumed.


The Company notes the following announcement made by Rocksource ASA,
the operator of the Storbarden well:"Rocksource ASA ("Rocksource")
announces that the drilling rig"Borgland Dolphin" has completed drilling
of the main reservoir and the secondary target at the high risk Storbarden
prospect in PL 506S in the North Sea. The well has not encountered
hydrocarbons. Final data acquisition and analysis is currently on-going
after which the well will be plugged and abandoned.


A final press release will be provided by the Norwegian Petroleum
Directorate upon completion of the well operations.


Rocksource is the operator of the PL 506S licence with a 25 per cent
working interest. The partners in PL 506S are Petoro (20 per cent),
Petrolia (30 per cent) and Valiant (25 per cent)."



Enquiries:

Ithaca Energy:

Graham Forbes,   CFO   gforbes@ithacaenergy.com      +44 (0) 1224 652 151
Nick Muir,       CTO   nmuir@ithacaenergy.com        +44 (0) 1224 650 267


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




Notes to oil and gas disclosure:

In accordance with AIM Guidelines, John Horsburgh, BSc (Hons)
Geophysics (Edinburgh), MSc Petroleum Geology (Aberdeen) and Subsurface
Manager at Ithaca is the qualified person that has reviewed the
technical information contained in this press release.Mr Horsburgh
has over 15 years operating experience in the upstream oil and gas
industry.


About Ithaca Energy:

Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) ("Ithaca" or "the
Company"),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



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 "anticipate", "continue", "estimate", "expect", "may", "will",
"project", "plan", "should", "believe", "could", "target" and similar
expressions, and the negatives thereof., whether used in connection
with operational activities, potential developments or otherwise, are
intended to identify forward-looking statements. Such statements are
not promises or guarantees, and are subject to known and unknown risks
and uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking statements or information.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.


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