Ithaca Energy Inc.
TSX : IAE
AIM : IAE

Ithaca Energy Inc.

November 03, 2011 03:00 ET

Ithaca Energy Inc.: Rig Secured for Development Drilling in Greater Stella Area

LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - Nov. 3, 2011) -

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

Ithaca Energy Inc. (TSX:IAE)(AIM:IAE) announces that it has signed an agreement with Ensco Offshore UK Limited to provide a jack up drilling unit for development drilling on the Stella and Harrier fields to commence in 2012.

Further to the recently announced Development Concept selection for the Stella and Harrier Fields in Block 30/6a of the Central North Sea, the Company has signed a Letter of Award for the Ensco 100 drilling unit for the development drilling campaign on the Stella and Harrier fields. The campaign, which will include the drilling of 5 firm wells and up to 3 options for additional wells, will commence on Stella in H2 2012.

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.

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

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 "anticipate", "continue", "estimate", "expect", "may", "will", "project", "plan", "should", "believe", "could", "target" and similar expressions, and the negatives thereof, used in connection with the estimated timing and development plan for the Stella and Hurricane fields are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to known and unknown risks and uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements or information. 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.

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