Ithaca Energy Inc.
TSX VENTURE : IAE
AIM : IAE

Ithaca Energy Inc.

February 22, 2011 02:00 ET

Ithaca Energy Inc.: Retirement of Lawrence Payne, Non-Executive Chairman and Appointment of Jack Lee as Non-Executive Chairman

LONDON, UNITED KINGDOM and CALGARY, CANADA--(Marketwire - Feb. 22, 2011) -

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

Ithaca Energy Inc. (TSX VENTURE:IAE)(AIM:IAE) announces that Lawrie Payne, Non-Executive Chairman of the Board, has notified the Company of his intention to retire from service to the Company and has accordingly resigned from the Board of Directors effective February 22nd, 2011.

Mr. Payne is a founding shareholder of Ithaca and was Chief Executive Officer of the Company from April 2004 to December 1, 2008. Mr. Payne retired as Chief Executive Officer of the Company on December 1, 2008 and assumed the position of Executive Chairman until October 1, 2009. Since October 1, 2009 Mr. Payne had served as Non-Executive Chairman of the Company.

Effective February 22nd, 2011, Jack Lee assumes the position of Non-Executive Chairman of the Company. Mr. Lee has been a director of Ithaca since February 15, 2008. Mr. Lee is on the board of two public companies and is Lead Director of Sprott Inc. and Chairman of Alaris Royalty Corp. Mr Lee has also been past Vice Chairman of Penn West Royalty Trust, past Chairman of Canetic Energy Trust and past Chairman, President and CEO of Acclaim Royalty Trust.

Lawrie Payne commented:

"Ithaca now enjoys a dynamic and outstanding management and Board of Directors which have shaped the Company from a start-up into the well funded multi asset organisation it is today. I am proud to have been part of the growth of Ithaca. It is time for me to step down and pursue other interests and I am doing so for personal reasons. I have thoroughly enjoyed my service to Ithaca and wish it, and all associated, well."

Iain McKendrick, CEO of Ithaca Energy, commented:

"We wish Lawrie well in his retirement and thank him for his contribution to the growth of the Company. I look forward to continuing an excellent and close working relationship with Jack in his new role."

Neither TSX Venture Exchange nor 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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