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Press release from Marketwire

Ithaca Energy Inc. Announces Statement Concerning Share Price Movement

Monday, January 23, 2012

Ithaca Energy Inc. Announces Statement Concerning Share Price Movement02:00 EST Monday, January 23, 2012LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - Jan. 23, 2012) -NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTIONIthaca Energy Inc. ("Ithaca" or "the Company") (TSX:IAE)(AIM:IAE) notes the recent movement in the Company's share price on the Toronto Stock Exchange and confirms that it has received a confidential, non-binding proposal to acquire all of the outstanding shares of the Company. The proposal is conditional upon, among other things, due diligence, negotiation of all definitive documentation, receipt of all necessary approvals by the interested party and approval of the Board of the Company. The Board of the Company, which is being advised by CIBC World Markets Inc., wishes to stress that discussions are at a preliminary stage and there can be no certainty that the approach will lead to an offer being made for the Company. Shareholders of the Company are not presently required or advised to take any action. The Company does not intend commenting further on the approach unless a definitive agreement is reached or unless otherwise required by law or applicable regulation.UK Takeover CodeThe Company's registered office is in Canada. The UK Panel on Takeovers and Mergers has confirmed that the Company is not subject to the UK City Code on Takeovers and Mergers ("the Takeover Code") and accordingly the Company's shareholders will not be afforded any protection under the Takeover Code. A copy of this announcement will be available at www.ithacaenergy.com. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.Reader AdvisoryForward-looking statementsThis news release contains certain forward looking statements. The reader is cautioned that all such forward looking statements involve substantial risks and uncertainties and the assumptions used in their preparation may not prove to be correct. Ithaca's actual results could differ materially from those expressed in, or implied by, these forward looking statements and accordingly, the forward looking statements are qualified by reference to these cautionary statements. The forward looking statements contained herein are made as at the date of this news release. Ithaca undertakes no obligation to update or publicly revise forward looking statements or information unless so required by applicable securities laws.TSX notificationsThe TSX accepts no responsibility for the adequacy or accuracy of this release.Cenkos Securities plc, which is authorised and regulated in the United Kingdom by the Financial Services Authority under FSA number 416932, is acting exclusively as Nominated Adviser and Joint Broker to the Company and is not acting for or advising any other person and accordingly will not be responsible to any person other than the Company for providing advice in relation to the contents of this announcement. Neither Cenkos Securities plc nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a customer of Cenkos Securities plc in connection with this announcement, any statement contained herein or otherwise.This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this announcement or otherwise.Website: www.ithacaenergy.comFOR FURTHER INFORMATION PLEASE CONTACT: Ithaca Energy Inc.ENQUIRIES:Iain McKendrickCEO+44 (0) 1224 650 261imckendrick@ithacaenergy.comORGraham ForbesIthaca Energy Inc.CFO+44 (0) 1224 652 151gforbes@ithacaenergy.comwww.ithacaenergy.comORCIBC World Markets Inc.Financial Adviser:Chris Folan+44 (0) 207 234 6152chris.folan@cibc.co.ukORCenkos Securities plcNOMAD and Joint Broker:Jon Fitzpatrick+44 (0) 207 397 8900jfitzpatrick@cenkos.comORBeth McKiernanCenkos Securities plc+44 (0) 131 220 6939bmckiernan@cenkos.comORRBC Capital MarketsJoint Broker:Tim Chapman+44 (0) 207 653 4641tim.chapman@rbccm.comORMatthew CoakesRBC Capital Markets+44 (0) 207 653 4871matthew.coakes@rbccm.comORPelham Bell PottingerPublic Relations:Phillip Dennis+44 (0) 207 861 3919pdennis@pelhambellpottinger.co.ukORRollo Crichton-StuartPelham Bell Pottinger+44 (0) 207 861 3918rcrichton-stuart@pelhambellpottinger.co.uk