Ithaca Energy Inc.: Management Changes

ABERDEEN, SCOTLAND--(Marketwired - Sep 27, 2013) - Ithaca Energy Inc. (TSX: IAE) (AIM: IAE)

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                            Ithaca Energy Inc.
                            Management Changes

                            27 September 2013

Ithaca Energy Inc. (TSX: IAE) (AIM: IAE) ("Ithaca" or the "Company")
announces that the Chief Executive Officer ("CEO") Iain McKendrick is
ceasing active employment for personal reasons unrelated to his role or
the Company. Mr McKendrick will be leaving the Company during October
2013 and will be replaced by Mr Les Thomas, formerly an Executive
Director of John Wood Group PLC ("Wood Group") and prior to that the
head of Marathon Oil's European Upstream Business. Mr Thomas will take
up the position of CEO and Executive Board Director on 1 October 2013.

Mr McKendrick has served as Ithaca's CEO since December 2008, growing
and developing the Company into a leading independent mid cap North Sea
oil and gas operator.

Following the successful execution and integration of the acquisition
of Valiant Petroleum plc and the significant progress and de-risking
that has been achieved towards the start-up of the Greater Stella Area
development, Mr McKendrick will leave the Company in October 2013.

Mr Thomas has over 30 years of experience in the oil and gas industry,
in various subsurface, engineering, operational and senior management
positions. Until June 2012, Mr Thomas served as a main Board Director
of Wood Group and Chief Executive of its Production Facilities business
and Group Director responsible for HSE. Prior to this, he spent 22
years with Marathon Oil, including four years as European Business Unit
Leader, responsible for Marathon's upstream business in the UK,
Ireland, Netherlands and Norway.

Jack Lee, Non-Executive Chairman of Ithaca, commented:"The Board would like
to thank Iain for his enormous contribution and
dedication to successfully growing the company from a market cap of
under $40 million when he became CEO in late 2008 to over $700 million
today. Under Iain's leadership, Ithaca has established itself as a
dynamic North Sea oil and gas company with a very exciting future and
he leaves with the full support and best wishes of the Board.

I am pleased to be welcoming Les as Ithaca's new CEO. He brings a
wealth of operational experience that is ideally matched to delivering
the next phase of growth for the Company. I am also particularly
pleased that the Company has attracted a CEO of such an exceptional
calibre and look forward to working with Les on continuing to deliver
upon the Company's existing strategy."

Other Information
In relation to the appointment of Mr Thomas to the Board of Directors,
Ithaca confirms that there is no further information to be disclosed
under paragraph (g) of Schedule 2 of the AIM Rules for Companies save
as disclosed below:

Full Name:                            Leslie James Thomas

Age:                                  56

Current Directorships / Partnerships  Heriot Resources Limited
in the last 5 years:
                                      The Scottish Oil Club

Previous Directorships / Partnerships John Wood Group PLC
in the last 5 Years:

                                - ENDS -

Enquiries

Ithaca Energy
Graham Forbes       gforbes@ithacaenergy.com           +44(0) 1224 652
                                                     151
Richard Smith       rsmith@ithacaenergy.com            +44(0) 1224 652
                                                     172

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
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


About Ithaca Energy
Ithaca Energy Inc. (TSX: IAE, LSE AIM: 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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