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Press release from Marketwire

Ithaca Energy Inc. Announces Statement Concerning Interest In The Company

Monday, May 07, 2012

Ithaca Energy Inc. Announces Statement Concerning Interest In The Company01:43 EDT Monday, May 07, 2012LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - May 7, 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) announced on March 1, 2012, that it had received unsolicited interest from a number of third parties. The Company also advised that the Board of Ithaca concluded that it was in shareholders' best interests that the Company enter into discussions with all such bona fide parties. The Company is aware of recent press and media speculation concerning the status of these discussions and confirms that it remains in dialogue with bona fide parties. During the discussion period the Company has confirmed all parties' financial and deal execution capability. A timetable for the submission of final bids has been set. The Company expects to provide a further update to the market within the next four weeks.The Board stresses that although discussions with parties continue, there can be no certainty of an offer being made for the Company.The Board is being advised by CIBC World Markets Inc ("CIBC") in this respect.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. The Company is subject to regulation under applicable Canadian securities and corporate laws and shareholders will therefore benefit from the protections of such laws.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. Forward-looking statements This 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. 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.ukTSX notifications The TSX accepts no responsibility for the adequacy or accuracy of this release.