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Press release from Marketwire

Ithaca Energy Inc.: Athena First Oil

Monday, May 28, 2012

Ithaca Energy Inc.: Athena First Oil02:00 EDT Monday, May 28, 2012LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - May 28, 2012) -NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESIthaca Energy Inc. (TSX:IAE)(AIM:IAE) announces the successful start-up of oil production from the Athena field. The initial operations phase of the field is in line with management's expectations and proceeding as planned. This involves bringing production from each well online and establishing stable performance of the oil processing and water injection systems. The Company will issue a further announcement once stabilised production rates have been established. The Company, on behalf of all the Athena field co-venturers, thanks all the individuals and companies that have contributed to this significant milestone in the development of the field; a list of some of the major suppliers involved in the project is provided on the Company's website, www.ithacaenergy.com. Joint Venture partners in the Athena field are: Ithaca, operator (22.5%), Dyas UK Limited (47.5%), EWE Energie AG (20%) and Zeus Petroleum Limited (10%). About Ithaca EnergyIthaca 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.Forward-looking statements Some 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 production and operation activities of the Athena field or otherwise 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.comORJohn WoodsIthaca Energy Inc.CDO+44 (0) 1224 650 273jwoods@ithacaenergy.comORNick MuirIthaca Energy Inc.CTO+44 (0) 1224 650 267nmuir@ithacaenergy.comwww.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