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Press release from Marketwire

Ithaca Energy Inc.: Crathes Well Encounters Light Oil

Tuesday, November 29, 2011

Ithaca Energy Inc.: Crathes Well Encounters Light Oil02:00 EST Tuesday, November 29, 2011LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - Nov. 29, 2011) -NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESIthaca Energy Inc. (TSX:IAE)(AIM:IAE) announces today that the Crathes exploration well, 21/13a-5, encountered a 52ft light oil column in excellent quality reservoir sands. The well is currently undergoing wireline logging, before drilling ahead to intersect the Moon prospect. The recent corporate acquisition of Challenger Minerals (North Sea) Limited by Ithaca included a dual target exploration opportunity in Block 21/13a alongside the Scolty and Torphins undeveloped discoveries. The primary exploration target is the Crathes prospect which lies within the Palaeocene section. The secondary target is the Moon prospect within the deeper Upper Jurassic section.The operator, EnQuest, will evaluate the potential commerciality of the joint development of Scolty, Torphins and Crathes/Moon.The Joint Venture Partners are: Enquest, operator (40%), Wintershall (E&P) (50%), Ithaca (10%).About Ithaca Energy:Ithaca Energy Inc. and its wholly owned subsidiaries Ithaca Energy (UK) Limited and Ithaca Minerals (North Sea) 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 StatesForward-looking statementsSome 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", "potential" and similar expressions, and the negatives thereof, used in connection with the Crathes exploration well 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. FOR FURTHER INFORMATION PLEASE CONTACT: Ithaca EnergyEnquiries:Iain McKendrickCEO+44 (0) 1224 650 261imckendrick@ithacaenergy.comORJohn WoodsIthaca EnergyCDO+44 (0) 1224 650 273jwoods@ithacaenergy.comORNick MuirIthaca EnergyCTO+44 (0) 1224 650 267nmuir@ithacaenergy.comORPhilip DennisPelham Bell Pottinger Public Relations:+44 (0) 207 861 3919pdennis@pelhambellpottinger.co.ukORRollo Crichton-StuartPelham Bell Pottinger Public Relations:+44 (0) 207 861 3918rcrichton-stuart@pelhambellpottinger.co.ukORJon FitzpatrickCenkos Securities plc:+44 (0) 207 397 8900jfitzpatrick@cenkos.comORBeth McKiernanCenkos Securities plc:+44 (0) 131 220 6939bmckiernan@cenkos.comORTim ChapmanRBC Capital Markets:+44 (0) 207 653 4641tim.chapman@rbccm.comORMatthew CoakesRBC Capital Markets:+44 (0) 207 653 4871matthew.coakes@rbccm.com