SOURCE: Ithaca Energy Inc

February 15, 2013 02:00 ET

Response to Requisition of Shareholder Meeting

ABERDEEN, SCOTLAND--(Marketwire - Feb 15, 2013) -

(TSX VENTURE: IAE) (LSE: IAE)

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


                         Ithaca Energy Inc.

           Response to Requisition of Shareholder Meeting

                          15 February 2013


Ithaca Energy Inc. (TSX VENTURE: IAE) (LSE: IAE) announces that further to
a
press release issued by JEC Capital Partners, LLC ("JEC"), JEC, JEC II
Associates, LLC and Anthion Master Fund, LP have issued a requisition
to the Board of Directors (the "Board") of Ithaca to call a meeting of
shareholders for the purpose of adding two new directors to the Board,
neither of which have energy industry experience.

Ithaca is committed to considering the views of its shareholders and
making decisions in the best interests of all of its shareholders.
Ithaca has formal corporate governance procedures in place for
assessing the composition of the Board and for appointing new directors
to the Board. As such, the Board does not support the proposal put to
the Company by the two shareholders and does not consider it to be in
the best interests of all of its shareholders.

Ithaca will make a further announcement in due course.


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

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
Ken Fleming       kfleming@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 VENTURE: IAE) (LSE: IAE)
and its wholly owned subsidiary Ithaca Energy (UK) Limited ("Ithaca" or
"the Company"),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


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 operational activities, production forecasts, budgetary figures
contained in the corporate presentation, potential developments 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.


                            -ENDS-

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