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Press release from Marketwire

Ithaca Energy Inc.: Athena Project Update

Wednesday, February 29, 2012

Ithaca Energy Inc.: Athena Project Update02:00 EST Wednesday, February 29, 2012LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - Feb. 29, 2012) -NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESIthaca Energy Inc. (TSX:IAE)(AIM:IAE) announces that the 'BW Athena' Floating Production, Storage and Offloading Vessel ("FPSO") has departed Dubai Dry Docks World to be met by a dedicated guard vessel. As previously stated, routes, sailing times and location updates for the vessel will not be issued.All FPSO production critical equipment was run and fully tested prior to vessel departure thus minimizing the period between arrival in the field and first production of oil.Upon arrival in the field the BW Athena will be hooked up to the pre-installed production system. Hook-up will mark completion of the development phase and the Company anticipates that the production phase will commence in early Q2 2012. Production is anticipated to reach approximately 22,000 (1) barrels of oil per day ("bopd"), ~5,000 bopd (net to Ithaca).Joint Venture partners in the Athena field are: Ithaca, operator (22.5%), Dyas UK Limited (47.5%), EWE Aktiengesellschaft (20%) and Zeus Petroleum Limited (10%) (1)Source: Sproule International Ltd reserves report dated 31st December 2010About Ithaca Energy: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 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" and similar expressions, and the negatives thereof, whether used in connection with the estimated net production levels of fields or anticipated time of first oil from the Athena field 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: Iain McKendrick, CEOIthaca Energy:+44 (0) 1224 650 261imckendrick@ithacaenergy.comORGraham Forbes, CFOIthaca Energy:+44 (0) 1224 652 151gforbes@ithacaenergy.comORJohn Woods, CDOIthaca Energy:+44 (0) 1224 650 273jwoods@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