Ithaca Energy Inc.
TSX VENTURE : IAE
AIM : IAE

Ithaca Energy Inc.

July 27, 2011 02:00 ET

Ithaca Energy Inc.: Share Purchase Under the Market Share Incentive Plan by Officers

LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - July 27, 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 on July 26, 2011 the Company was informed that MM&K Share Plan Administration, the trustee of the Market Share Incentive Plan ("SIP"), made purchases of Ithaca shares under the terms of the SIP on behalf of employees and officers of the Company as a result of which certain officers increased their beneficial shareholdings in the Company by a total of 11,832 shares on July 26, 2011, as follows:

Iain McKendrick (Chief Executive Officer) acquired 2,958 ordinary shares at a price of £1.52 per share taking his total beneficial shareholding to 133,448 shares representing 0.05% of the voting rights.

Graham Forbes (Chief Financial Officer) acquired 2,958 ordinary shares at a price of £1.52 per share taking his total beneficial shareholding to 45,958 shares representing 0.02% of the voting rights.

Nick Muir (Chief Exploration Officer) acquired 2,958 ordinary shares at a price of £1.52 per share taking his total beneficial shareholding to 7,958 shares representing less than 0.01% of the voting rights.

John Woods (Chief Development Officer) acquired 2,958 ordinary shares at a price of £1.52 per share taking his total beneficial shareholding to 52,958 shares representing 0.02% of the voting rights.

The Company has 258,550,295 voting ordinary shares issued and outstanding which remains unchanged.

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.

Neither TSX Venture 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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