Ithaca Energy Inc.
LSE : IAE

Ithaca Energy Inc.

March 03, 2011 02:00 ET

Warrants Exercise and Additional Listing

LONDON, UNITED KINGDOM and CALGARY, CANADA--(Marketwire - March 3, 2011) -

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

Ithaca Energy Inc. (TSX VENTURE:IAE)(AIM:IAE) ("the Company") announces that further to the agreement
entered into with Gemini Oil & Gas Fund II, L.P. ("Gemini") in relation to the Company's interest in
the Athena field (the Agreement") on September 20, 2010, Gemini has exercised all warrants granted to
acquire 2,500,000 common shares of the Company at C$2.25 per share.

Following this exercise, the Company has applied for a total of 2,500,000 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 the exercise of these warrants, the Company has no further warrants
outstanding.

It is expected that dealings in the New Common Shares will commence on 9 March 2011.

Ithaca Energy Inc. and its wholly owned subsidiary Ithaca Energy (UK) Limited ("Ithaca" or "the
Company"), is an oil and gas exploration, development and production company active in the United
Kingdom's Continental Shelf ("UKCS"). The goal of Ithaca, in the near term, is to maximize production
and achieve early production from the development of existing discoveries on properties held by
Ithaca, to originate and participate in exploration and appraisal on properties held by Ithaca when
capital permits, and to consider other opportunities for growth as they are identified from time to
time by Ithaca.

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

This press release is a requirement under the AIM Rules for Companies.

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FOR FURTHER INFORMATION PLEASE CONTACT:

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

OR

Ithaca Energy
Graham Forbes
CFO
+44 (0) 1224 652 151
gforbes@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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  • Ithaca Energy Inc.