Ithaca Energy Inc.

Ithaca Energy Inc.

July 07, 2011 02:00 ET

Ithaca Energy Inc.: Management Addition

LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - July 7, 2011) -


Ithaca Energy Inc. (TSX VENTURE:IAE)(AIM:IAE) is pleased to announce the appointment of Mr. Mike Travis as Chief Production Officer. Mr. Travis is anticipated to commence employment as an officer of the Company at the beginning of 2012.

Mike Travis (aged 51) has over 28 years of diverse offshore and onshore experience in the oil industry which has been acquired in the North Sea and other challenging international locations. He has held key leadership positions throughout his career in all aspects of Production and Development projects including asset management, drilling and operations. Mr. Travis has previously been employed by BP, LASMO, Venture Production and more recently by Premier Oil. He has a strong track record of generating outstanding team performance and delivering results, throughout his career.

In accordance with the Company's Stock Option Plan, the Board of Directors approved the granting of 400,000 share options to Mr. Travis at a price of CDN$2.31 which was the closing price on the TSX Venture Exchange on Wednesday, July 6th, 2011. Upon granting the options, the Company will have a total of 19,798,505 shares under option representing approximately 8 per cent of total common shares outstanding and under option. On a fully diluted basis, the Company will have 278,333,800 common shares on issue.

About Ithaca Energy:

Ithaca Energy Inc. and its wholly owned subsidiary Ithaca Energy (UK) Limited ("Ithaca" or "the Company"), is an oil and gas exploration, development and production company active in the United Kingdom's Continental Shelf ("UKCS"). The goal of Ithaca, in the near term, is to maximize production and achieve early production from the development of existing discoveries on properties held by Ithaca, to originate and participate in exploration and appraisal on properties held by Ithaca when capital permits, and to consider other opportunities for growth as they are identified from time to time by Ithaca.

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," "anticipate," "plans," "may," "will," "should", "scheduled", "targeted", "estimated" and similar expressions, and the negatives thereof, whether used in connection with the anticipated start date of Mr. Travis or otherwise, 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.

Neither the TSX Venture Exchange nor its Regulatory Service Provider (as that term is defined in the policies of the TSX Venture Exchange) does not accept responsibility for the adequacy or accuracy of this news release.

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