Ithaca Energy Inc.
TSX VENTURE : IAE
AIM : IAE

Ithaca Energy Inc.

December 20, 2010 02:00 ET

Ithaca Energy Inc. Grant of Share Options Under the Company's Stock Option Plan

LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - Dec. 20, 2010) -

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

Ithaca Energy Inc. (TSX VENTURE:IAE)(AIM:IAE) ("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 in accordance with the Company's Stock Option Plan, the Board of Directors approved the granting of 5,090,000 share options to Directors and employees at a price of CDN $2.25 which was the closing price on the TSX Venture Exchange on Friday, December 17th, 2010. The options shall be granted effective December 20th, 2010 and may be exercised for a period of four years from that date. One third of the options will vest at the end of each of the first, second and third years from the effective date.

Of the recipients, a total of 2,900,000 share options were granted to Directors and senior officers as follows:

Iain McKendrick  CEO and Director 800,000
Graham Forbes  CFO 600,000
Nicholas Muir  CXO  400,000
John Woods  CDO  400,000
Lawrence Payne  Director and Chairman  100,000
Brad Hurtubise  Director  100,000
Jack Lee  Director  100,000
John Summers  Director  100,000
Frank Wormsbecker  Director  100,000
Jay Zammit  Director  100,000
Ron Brenneman  Director 100,000

Upon granting the options, the Company will have a total of 20,202,670 shares under option representing approximately 7.32% of total shares outstanding and under option. Fully diluted, the Company will have 275,992,134 common shares on issue.

Neither TSX Venture not 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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