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Press release from Marketwire

Presentation re: Recommended Offer for Valiant

Friday, March 01, 2013

Presentation re: Recommended Offer for Valiant02:50 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 States Ithaca Offer for Valiant Petroleum plc Recommended Offer by the Board of Valiant Petroleum plc 1 March 2013Ithaca Energy Inc. (the "Company") (TSX: IAE, LSE AIM: IAE) announcesthat it has reached agreement on the terms of a recommended acquisitionunder which Ithaca Energy Holdings (UK) Limited, a wholly-ownedsubsidiary of the Company, will acquire the entire issued and to beissued share capital of Valiant Petroleum plc (the "Acquisition").A presentation summarising the Acquisition is available on theCompany's website, www.ithacaenergy.com, and the terms and conditionsof the Acquisition are described in the announcement issued pursuant toRule 2.7 of the City Code on Takeovers and Mergers in the UnitedKingdom, a copy of which is attached hereto.Enquiries:Ithaca Energy:Iain McKendrick,CEO imckendrick@ithacaenergy.com +44 (0) 1224 650 261Graham Forbes,CFO gforbes@ithacaenergy.com +44 (0) 1224 652 151Cenkos Securities plc:Jon Fitzpatrick jfitzpatrick@cenkos.com +44 (0) 207 397 8900Neil McDonald nmcdonald@cenkos.com +44 (0) 131 220 6939FTI Consulting:Billy Clegg billy.clegg@fticonsulting.com +44 (0) 207 269 7157Edward Westropp edward.westropp@fticonsulting.com +44 (0) 207 269 7230Georgia Mann georgia.mann@fticonsulting.com +44 (0) 207 269 7212About Ithaca Energy:Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) and its wholly ownedsubsidiary Ithaca Energy (UK) Limited ("Ithaca" or "the Company"),is anoil and gas operator focused on production, appraisal and developmentactivities on the United Kingdom Continental Shelf. The Company'sstrategy is centred on building a highly profitable North Sea oil andgas company by maximising production and cash flow from its existingassets, the appraisal and development of existing discoveries onproperties held by the Company and the delivery of additional growthvia acquisitions and licence round participation.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 officerswith respect to various matters. When used in this announcement, thewords "anticipate", "continue", "estimate", "expect", "may","will","project", "plan", "should", "believe", "could", "target" andsimilar expressions, andthe negatives thereof, whether used in connection with the Acquisition 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 to releasepublicly any updates or revisions to any forward-looking statementcontained herein to reflect any change in its expectations with regardthereto or any change in events, conditions or circumstances on whichany forward-looking statement is based except as required by applicablesecurities laws.Click on, or paste the following link into your web browser, to viewthe associated PDF document.http://www.rns-pdf.londonstockexchange.com/rns/9898Y_-2013-3-1.pdf-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.comhttp://www.rns.com