Ithaca Energy - Increase in Director Shareholding

ABERDEEN, SCOTLAND--(Marketwired - May 21, 2013) - Ithaca Energy Inc. (TSX VENTURE: IAE)

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

TSX VENTURE: IAE

                           Ithaca Energy Inc.

                   Increase in Director Shareholding

                              21 May 2013

Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) ("Ithaca" or the "Company")
announces that on May 20, 2013 Jack C. Lee (Non-Executive Chairman)
increased his beneficial shareholding in the Company to 1,000,000
Common Shares through the exercise of 200,000 share options.

Mr Lee exercised 100,000 options at C$0.25 per Common Share and 100,000
at C$0.87 per Common Share. A further 260,001 options have also been
exercised by employees of the Company.

As a result of the option exercises reported above, the Company has
applied for a total of 460,001 Common Shares ("New Common Shares") to
be admitted to trading on AIM. Each New Common Share will rank pari
passu with the existing Common Shares.

Following admission to trading of the New Common Sharesthe Company
will have 317,365,658 Common Shares outstanding with one voting right
per Common Share. Mr Lee's beneficial holding in the Company will
represent 0.32% of the issued share capital.

There are no Common Shares held by Ithaca in treasury. The total number
of voting shares in the Company is therefore 317,365,658. This figure
may be used by shareholders in the Company as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change in their interest in, the share
capital of the Company under the UK Financial Conduct Authority's
Disclosure and Transparency Rules.

It is expected that dealings in the New Common Shares will commence on
May 24, 2013.




Enquiries:

Ithaca Energy:
Iain McKendrick,   imckendrick@ithacaenergy.com      +44 (0) 1224 650 261
CEO
Graham Forbes,     gforbes@ithacaenergy.com          +44 (0) 1224 652 151
CFO

FTI Consulting:
Billy Clegg       billy.clegg@fticonsulting.com       +44 (0) 207 269 7157
Edward Westropp   edward.westropp@fticonsulting.com   +44 (0) 207 269 7230
Georgia Mann      georgia.mann@fticonsulting.com      +44 (0) 207 269 7212

Cenkos Securities plc:
Jon Fitzpatrick    jfitzpatrick@cenkos.com            +44 (0) 207 397 8900
Neil McDonald      nmcdonald@cenkos.com               +44 (0) 131 220 6939

RBC Capital Markets:
Tim Chapman        tim.chapman@rbccm.com              +44 (0) 207 653 4641
Matthew Coakes     matthew.coakes@rbccm.com           +44 (0) 207 653 4871


About Ithaca Energy:
Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) is an oil and gas operator
focused on North Sea production, appraisal and development activities.
The Company?s strategy is centred on building a highly profitable North
Sea oil and gas company by maximising production and cashflow from its
existing assets, the appraisal and development of existing discoveries
on properties held by the Company and the delivery of additional growth
via acquisitions and licence round participation.


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


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