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Press release from Marketwire

Response to Requisition of Shareholder Meeting

Friday, February 15, 2013

Response to Requisition of Shareholder Meeting02:00 EST Friday, February 15, 2013ABERDEEN, SCOTLAND--(Marketwire - February 14, 2013) -(TSX VENTURE: IAE) (LSE: IAE) Not for Distribution to U.S. Newswire Services or for Dissemination in the United States Ithaca Energy Inc. Response to Requisition of Shareholder Meeting 15 February 2013Ithaca Energy Inc. (TSX VENTURE: IAE) (LSE: IAE) announces that further toapress release issued by JEC Capital Partners, LLC ("JEC"), JEC, JEC IIAssociates, LLC and Anthion Master Fund, LP have issued a requisitionto the Board of Directors (the "Board") of Ithaca to call a meeting ofshareholders for the purpose of adding two new directors to the Board,neither of which have energy industry experience.Ithaca is committed to considering the views of its shareholders andmaking decisions in the best interests of all of its shareholders.Ithaca has formal corporate governance procedures in place forassessing the composition of the Board and for appointing new directorsto the Board. As such, the Board does not support the proposal put tothe Company by the two shareholders and does not consider it to be inthe best interests of all of its shareholders.Ithaca will make a further announcement in due course.Enquiries:Ithaca Energy:Iain McKendrick, CEO +44 (0) 1224 650 261Graham Forbes, CFO +44 (0) 1224 652 151FTI Consulting:Billy Clegg +44 (0) 207 269 7157Edward Westropp +44 (0) 207 269 7230Georgia Mann +44 (0) 207 269 7212Cenkos Securities plc:Jon Fitzpatrick +44 (0) 207 397 8900Ken Fleming +44 (0) 131 220 6939RBC Capital Markets:Tim Chapman +44 (0) 207 653 4641Matthew Coakes +44 (0) 207 653 4871About Ithaca Energy:Ithaca Energy Inc. (TSX VENTURE: IAE) (LSE: IAE)and its wholly owned subsidiary Ithaca Energy (UK) Limited ("Ithaca" or"the Company"),is anoil and gas operator focused on North Sea production, appraisal anddevelopment activities. The Company's strategy is centred on buildinga highly profitable North Sea oil and gas company by maximisingproduction and cashflow from its existing assets, the appraisal anddevelopment of existing discoveries on properties held by the Companyand the delivery of additional growth via acquisitions and licenceround participation.Not for Distribution to U.S. Newswire Services or for Dissemination inthe 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 officerswith respect to various matters. When used in this announcement, thewords "anticipate", "continue", "estimate", "expect", "may", "will","project", "plan", "should", "believe", "could", "target" and similarexpressions, and the negatives thereof., whether used in connectionwith operational activities, production forecasts, budgetary figurescontained in the corporate presentation, potential developments orotherwise, are intended to identify forward-looking statements. Suchstatements are not promises or guarantees, and are subject to known andunknown risks and uncertainties and other factors that may cause actualresults or events to differ materially from those anticipated in suchforward-looking statements or information. These forward-lookingstatements speak only as of the date of this announcement. IthacaEnergy Inc. expressly disclaims any obligation or undertaking torelease publicly any updates or revisions to any forward-lookingstatement contained herein to reflect any change in its expectationswith regard thereto or any change in events, conditions orcircumstances on which any forward-looking statement is based except asrequired by applicable securities laws. -ENDS- This information is provided by RNS The company news service from the London Stock ExchangeENDFOR FURTHER INFORMATION PLEASE CONTACT: Contact Information: RNSCustomerServices0044-207797-4400rns@londonstockexchange.com