Ithaca Energy Inc.: Officers' Share Purchase and Grant of Options

CALGARY, AB--(Marketwired - Jun 29, 2015) - Ithaca Energy Inc. (TSX: IAE) (LSE: IAE)

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

Ithaca Energy Inc.

Officers' Share Purchase & Grant of Options

29 June 2015

Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) ("Ithaca" or the "Company") announces that on 26 June 2015 the Officers of the Company increased their beneficial shareholdings through the purchase of Common Shares pursuant to the Company's Market Share Incentive Plan ("SIP"). Ithaca also reports that it has granted a total of 950,000 share options to the Non-Executive Directors of the Company.

Officers' Share Purchase
The individuals named below increased their beneficial shareholdings in the Company by a total of 39,444 Common Shares at a price of £0.5475 per Common Share (the maximum permissible under the SIP) as follows:

Name		Designation		Common Shares Purchased		Resultant Holding
Les Thomas		Officer & Director		9,861 shares		213,875 shares
Graham Forbes		Officer		9,861 shares		276,180 shares
Roy Buchan		Officer		9,861 shares		23,261 shares
Nicholas Muir		Officer		9,861 shares		33,980 shares

These purchases were made by MM&K Share Plan Administration, the trustee of the SIP.

Grant of Share Options
In accordance with the Company's Stock Option Plan, the Board of Directors approved the grant of 950,000 share options to the Non-Executive Directors at an exercise price of C$1.04, which was the closing price on the Toronto Stock Exchange on 26 June 2015. The options shall be granted effective 29 June 2015 (the "Effective Date") 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.

The total of 950,000 share options was granted as follows:

Jack C. Lee		Director		200,000
Ron Brenneman		Director		150,000
Alec Carstairs		Director		150,000
Brad Hurtubise		Director		150,000
Frank Wormsbecker		Director		150,000
Jay Zammit		Director		150,000

The Company currently has 329,518,620 Common Shares in issue with one voting right per Common Share. There are no Common Shares held in treasury. The total number of voting shares in the Company is therefore 329,518,620.

Fully diluted, the Company now has 351,171,576 Common Shares on issue.

The total number of shares under option is now 21,652,956 Common Shares, representing approximately 6.2% of total shares outstanding and under option.

Enquiries:

Ithaca Energy
Les Thomas lthomas@ithacaenergy.com +44(0) 1224 650 261
Graham Forbes gforbes@ithacaenergy.com +44 (0)1224 652 151

FTI Consulting
Edward Westropp edward.westropp@fticonsulting.com +44 (0)207 269 7230
Tom Hutton tom.hufton@fticonsulting.com +44 (0)203 727 1625

Cenkos Securities
Neil McDonald nmcdonald@cenkos.com +44 (0)207 397 8900
Nick Tulloch ntulloch@cenkos.com +44 (0)131 220 6939

RBC Capital Markets
Daniel Conti daniel.conti@rbccm.com +44 (0)207 653 4000
Matthew Coakes matthew.coakes@rbccm.com +44 (0)207 653 4000

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 targeting the generation of discoveries capable of monetisation prior to development. Ithaca's strategy is centered on generating sustainable long term shareholder value by building a highly profitable 25 kboe/d North Sea oil and gas company. For further information, please consult the Company's website, www.ithacaenergy.com.

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