Ithaca Energy Inc.
LSE : IAE

Ithaca Energy Inc.

February 22, 2011 02:00 ET

Retirement of Lawrence Payne, Non-Executive Chairman and Appointment of Jack Lee as Non-Executive Chairman

LONDON, UNITED KINGDOM and CALGARY, CANADA--(Marketwire - Feb. 22, 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 Lawrie Payne, Non-Executive Chairman of
the Board, has notified the Company of his intention to retire from service to the Company and has
accordingly resigned from the Board of Directors effective February 22nd, 2011.

Mr. Payne is a founding shareholder of Ithaca and was Chief Executive Officer of the Company from
April 2004 to December 1, 2008. Mr. Payne retired as Chief Executive Officer of the Company on
December 1, 2008 and assumed the position of Executive Chairman until October 1, 2009. Since October
1, 2009 Mr. Payne had served as Non-Executive Chairman of the Company.

Effective February 22nd, 2011, Jack Lee assumes the position of Non-Executive Chairman of the Company.
Mr. Lee has been a director of Ithaca since February 15, 2008. Mr. Lee is on the board of two public
companies and is Lead Director of Sprott Inc. and Chairman of Alaris Royalty Corp. Mr Lee has also
been past Vice Chairman of Penn West Royalty Trust, past Chairman of Canetic Energy Trust and past
Chairman, President and CEO of Acclaim Royalty Trust.

Lawrie Payne commented:

"Ithaca now enjoys a dynamic and outstanding management and Board of Directors which have shaped the
Company from a start-up into the well funded multi asset organisation it is today. I am proud to have
been part of the growth of Ithaca. It is time for me to step down and pursue other interests and I am
doing so for personal reasons. I have thoroughly enjoyed my service to Ithaca and wish it, and all
associated, well."

Iain McKendrick, CEO of Ithaca Energy, commented:

"We wish Lawrie well in his retirement and thank him for his contribution to the growth of the
Company. I look forward to continuing an excellent and close working relationship with Jack in his new
role."


FOR FURTHER INFORMATION PLEASE CONTACT:

Enquiries
Ithaca Energy
Iain McKendrick
CEO
+44 (0) 1224 650 261
imckendrick@ithacaenergy.com

OR

Ithaca Energy
Nick Muir
CXO
+44 (0) 1224 650 267
nmuir@ithacaenergy.com

OR

Ithaca Energy
John Woods
CDO
+44 (0) 1224 650 273
jwoods@ithacaenergy.com

OR

Pelham Bell Pottinger Public Relations
Philip Dennis
+44 (0) 207 861 3919
pdennis@pelhambellpottinger.co.uk

OR

Pelham Bell Pottinger Public Relations
Elena Dobson
+44 (0) 207 861 3147
edobson@pelhambellpottinger.co.uk

OR

Cenkos Securities plc
Jon Fitzpatrick
+44 (0) 207 397 8900
jfitzpatrick@cenkos.com

OR

Cenkos Securities plc
Ken Fleming
+44 (0) 131 220 6939
kfleming@cenkos.com

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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