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Press release from Marketwire

Ithaca Energy Inc Offer for Valiant Petroleum

Friday, March 01, 2013

Ithaca Energy Inc Offer for Valiant Petroleum02:28 EST Friday, March 01, 2013ABERDEEN, SCOTLAND--(Marketwire - February 28, 2013) - Ithaca Energy Inc. (TSX VENTURE: IAE)(LSE: IAE)Not for Distribution to U.S. Newswire Services or for Dissemination inthe United StatesNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART,DIRECTLY OR INDIRECTLY IN OR INTO OR FROM ANY JURISDICTION WHERE TO DOSO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OFSUCH JURISDICTION.1 March 2013 RECOMMENDED ACQUISITION OF VALIANT PETROLEUM PLC BY ITHACA ENERGY HOLDINGS (UK) LIMITED (A WHOLLY-OWNED SUBSIDIARY OF ITHACA ENERGY INC.)(TO BE EFFECTED BY MEANS OF A SCHEME OF ARRANGEMENT UNDER PART 26 OFTHE COMPANIES ACT 2006)- The Boards of Ithaca Energy Inc. ("Ithaca") and of ValiantPetroleum plc ("Valiant") are pleased to announce that they havereached agreement on the terms of a recommended acquisition under whichIthaca Energy Holdings (UK) Limited ("Ithaca Bidco") will acquire theentire issued and to be issued share capital of Valiant (the"Acquisition").The Acquisition is to be effected by means of aCourt-sanctioned scheme of arrangement under Part 26 of the CompaniesAct.- Under the terms of the Acquisition, Valiant Shareholders will beentitled to receive 307 pence in cash and 1.33 Ithaca ConsiderationShares for each Valiant Share held at the Scheme Record Time.- Based on the Closing Price of an Ithaca Share of C$1.97 (126pence) on 28 February 2013, the Acquisition values the entire issuedand to be issued share capital of Valiant at approximately GBP203million (equivalent to approximately US$309 million and C$318 million)and each Valiant Share at approximately 475 pence.To view the full text of this press release, paste the following linkinto your web browser: 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