Ithaca Energy Inc.
TSX VENTURE : IAE
AIM : IAE

Ithaca Energy Inc.

October 11, 2010 02:00 ET

Ithaca Energy Inc.: Stella Project Delivery Manager Appointed

LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - Oct. 11, 2010) -

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

Ithaca Energy Inc. (TSX VENTURE:IAE)(AIM:IAE) and its wholly owned subsidiary Ithaca Energy (UK) Limited ("Ithaca" or the "Company"), an independent oil & gas company with exploration, development and production assets in the UK sector of the North Sea, announces the appointment of Fergus McGhie as Project Delivery Manager for the development of the Stella, Harrier and Hurricane discoveries, located in the UK sector of the Central North Sea.

Mr McGhie joins the company from Shell UK Limited where he was Central and Northern North Sea Project Portfolio Manager with overall responsibility for delivery of the group's major integrated capital expenditure projects through to first production.

Formerly, Mr McGhie was Head of Subsea and Pipeline Projects for Shell in Europe and was responsible for the delivery of projects worth almost US$1.5 billion including gas fields Caravel/Shamrock, the Starling, Scoter and Merganser developments via Shearwater infrastructure in the Central North Sea ("CNS"), major reconstructions on the Anasuria, Curlew, Pierce FPSOs, FLAGS Hot-tap, various Brownfield tiebacks over the Penguins, Nelson and Gannet (CNS) infrastructure and several other seabed asset integrity upgrades in the North Sea.

Mr McGhie is a marine engineer and Fellow of the Society of Underwater Technology, with over 35 years experience having worked for the British Merchant Navy, Vetco Offshore, Conoco and Elf before joining Shell in 1997.

Iain McKendrick, Chief Executive Officer commented:

"The appointment of someone with Fergus' calibre and experience underlines our strategy of using the best technical, project delivery, operational and commercial expertise to find and develop hydrocarbons in the UK sector of the North Sea. The highly successful appraisal of Stella, particularly the confirmation of a significant oil column and the additional proved and probable reserves, has provided the Company with a challenging and exciting combined development of Stella and Harrier for which Fergus' skills are ideally matched. Our ability to recruit top people, the successes of our discoveries and development projects to date coupled with recent acquisitions of producing assets at attractive terms continues to strengthen Ithaca's footing in the North Sea."

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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 "expects," "believes," "anticipate," "plans," "may," "will," "should", "scheduled", "targeted", "estimated" and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcome to differ materially from those suggested by any such statements. 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.

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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