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Press release from Marketwire

Ithaca Energy Inc.: Completion of Greater Stella Area Transactions

Tuesday, May 08, 2012

Ithaca Energy Inc.: Completion of Greater Stella Area Transactions02:00 EDT Tuesday, May 08, 2012LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - May 8, 2012) -NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESIthaca Energy Inc. (TSX:IAE)(AIM:IAE) announces the completion of the various transactions entered into on 19 October 2011 concerning the Company's Greater Stella Area (GSA) assets.Completion of the transactions results in Ithaca transferring various field interests to Petrofac and Dyas and acquiring a shareholding interest in FPF-1 Limited, the company that owns the "FPF-1" floating production unit that will be used as the GSA production hub. The interest of each co-venturer in the GSA fields is now as follows: FieldBlockIthacaDyasPetrofacStella / Harrier*30/6a54.66%25.34%20%Hurricane29/10b54.66%25.34%20%Helios29/10d54.66%25.34%20%* Petrofac's 20% interest in the Stella and Harrier fields will be transferred under the terms of an Earn-In type agreement, upon first hydrocarbons from the joint development and subject to the normal regulatory approvals.About Ithaca Energy:Ithaca Energy Inc. and its wholly owned subsidiary Ithaca Energy (UK) Limited (together "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 Forward-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, 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 McKendrickIthaca Energy Inc.CEO+44 (0) 1224 650 261imckendrick@ithacaenergy.comORNick MuirIthaca Energy Inc.CTO+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