SOURCE: Ithaca Energy Inc

March 01, 2013 02:49 ET

Presentation re: Recommended Offer for Valiant

ABERDEEN, SCOTLAND--(Marketwire - Mar 1, 2013) - Ithaca Energy Inc. (TSX VENTURE: IAE) (LSE: IAE)




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

             Ithaca Offer for Valiant Petroleum plc

       Recommended Offer by the Board of Valiant Petroleum plc

                          1 March 2013

Ithaca Energy Inc. (the "Company") (TSX: IAE, LSE AIM: IAE) announces
that it has reached agreement on the terms of a recommended acquisition
under which Ithaca Energy Holdings (UK) Limited, a wholly-owned
subsidiary of the Company, will acquire the entire issued and to be
issued share capital of Valiant Petroleum plc (the "Acquisition").

A presentation summarising the Acquisition is available on the
Company's website,  www.ithacaenergy.com , and the terms and conditions
of the Acquisition are described in the announcement issued pursuant to
Rule 2.7 of the City Code on Takeovers and Mergers in the United
Kingdom, a copy of which is attached hereto.

Enquiries:

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

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

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

About Ithaca Energy:

Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) and its wholly owned
subsidiary Ithaca Energy (UK) Limited ("Ithaca" or "the Company"),is an
oil and gas operator focused on production, appraisal and development
activities on the United Kingdom Continental Shelf. The Company's
strategy is centred on building a highly profitable North Sea oil and
gas company by maximising production and cash flow 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.

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, whether used in connection with the Acquisition or
otherwise, 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.

Click on, or paste the following link into your web browser, to view
the associated PDF document.
 http://www.rns-pdf.londonstockexchange.com/rns/9898Y_-2013-3-1.pdf 




-ENDS-

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