Ithaca Energy Inc.
LSE : IAE

Ithaca Energy Inc.

April 06, 2009 05:03 ET

Ithaca Energy Inc. First Oil From the Jacky Field and Resumption of Production From Beatrice Bravo Facility

FOR:  ITHACA ENERGY INC.

TSX VENTURE, AIM SYMBOL:  IAE

April 6, 2009

Ithaca Energy Inc. First Oil From the Jacky Field and Resumption of Production From Beatrice Bravo Facility

LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - April 6, 2009) -

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

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, is pleased to announce it has commenced oil production from the Jacky
oilfield and restarted production from the Beatrice Bravo facility, as planned.

Initial production rates from the Jacky well and the Bravo facility are in line with expectations. Stabilised
rates will be established and announced shortly. It is anticipated that Jacky and Beatrice production will
average approximately 10,000 bopd gross during the course of 2009.

Co-venturers in Jacky are Ithaca Energy (UK) Ltd (67.275%) Dyas UK Limited (22.725%) and North Sea Energy (UK)
Limited (10%).

Evaluation of Jacky field performance will lead to a decision, during 2009, on drilling a further well or
wells. An independent evaluation of reserves by Sproule assigns gross proven and probable reserves of 5.1
million barrels to that field.

Iain McKendrick (Chief Executive Officer) said:

"This is a very significant achievement and a milestone for the Company. Ithaca can now look forward to
substantial cashflows from its producing fields, which will then feed through to development activity at the
recently discovered Carna gas field and to further appraisal activity on our strategically important Stella
field in the Central North Sea later this year.

The Jacky development has been the major focus of our operational activity over the last 18 months. Our thanks
go to the Ithaca development team, all contractors, the team on Beatrice Alpha, the field Co-venturers and the
UK Authorities for helping to bring this development to fruition in a difficult time for the oil industry in
general and for small independent companies in particular.

With Wood Group managing the offshore operations and delivering continuing improvements in Beatrice production
rates, we are also pleased to see the increase in activity that our presence has generated in the local economy
around Nigg and the Moray Firth".

The Jacky field was discovered in April 2007 and development approval was granted by the UK authorities in
November 2008. This field is located in Block 12/21c in the UK Continental Shelf, approximately 12 miles from
the Moray Firth coastline and 6 miles from the Beatrice oilfield (held by Ithaca 74.75% and Dyas 25.25%). Jacky
has been developed with a single production well, tied in through a normally unmanned wellhead platform,
constructed by HSM Steel Structures BV, then via a subsea pipeline, installed by Subsea 7 Limited, to the
Beatrice Alpha production facility. From there Jacky production is exported, along with Beatrice oil, to the
Nigg Oil Terminal in the Cromarty Firth (also held by Ithaca 74.75% and Dyas 25.25%).

As part of the same field development activity, Ithaca has re-started production from the Bravo facility within
the Beatrice field. This platform was shut in by the previous field owners, approximately 2 years ago due to
pipeline integrity issues. Ithaca has replaced the pipeline and installed a water injection pipeline to improve
oil recovery from the northern end of the Beatrice Field.

In accordance with AIM Guidelines, Lawrie Payne, MA Marine Geology (Alberta & Columbia) and Chairman of Ithaca
Energy is the qualified person that has reviewed the technical information contained in this press release.

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 "expects," "believes," "anticipates," "plans,"
"may," "will," "should" and similar expressions, and the negatives thereof, 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.

The term "boe" may be misleading, particularly if used in isolation. A boe conversion of 6 Mcf: 1 bbl is based
on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a
value equivalency at the wellhead.



FOR FURTHER INFORMATION PLEASE CONTACT:

Ithaca Energy Inc
Iain McKendrick
CEO
+44 (0) 1224 650 261
imckendrick@ithacaenergy.com

OR

Ithaca Energy Inc
John Woods
CDO
+44 (0) 1224 650 273
jwoods@ithacaenergy.com

OR

Ithaca Energy Inc
Steven Turner
CFO
+44 (0) 1224 652 151
sturner@ithacaenergy.com

OR

Pelham Public Relations
Charles Vivian
+44(0) 207 337 1538
charles.vivian@pelhampr.com

OR

Pelham Public Relations
Philip Dennis
+44 (0) 207 337 1516
philip.dennis@pelhampr.com

OR

Ambrian Partners Limited
Marc Cramsie
+44 (0) 207 634 4858
marc.cramsie@ambrian.com

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

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