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Press release from Marketwire

TSX Conditional Approval for the Issue of Shares

Monday, March 11, 2013

TSX Conditional Approval for the Issue of Shares09:00 EDT Monday, March 11, 2013ABERDEEN, SCOTLAND--(Marketwire - March 11, 2013) -TSX-V:IAENot for Distribution to U.S. Newswire Services or for Dissemination inthe United States Ithaca Announces Conditional Approval of the Toronto Stock Exchange for the Issuance of Common Shares Pursuant to the Offer for Valiant Petroleum plc March 11, 2013Ithaca Energy Inc. (the "Company" or "Ithaca") (TSX: IAE, LSE AIM: IAE)is pleased to announce that it has received the conditional approval ofthe Toronto Stock Exchange (the "TSX") for the issuance of commonshares of the Company pursuant to the terms of the acquisition byIthaca Energy Holdings (UK) Limited, a wholly-owned subsidiary of theCompany, of the issued and outstanding shares, including those issuableupon the exercise of convertible securities, of Valiant Petroleum plc(the "Acquisition"). For further details regarding the Acquisition,please see Ithaca's press release dated March 1, 2013 which isavailable under Ithaca's profile on SEDAR at www.sedar.com.The closing of the Acquisition is subject to the ordinary terms andconditions of the TSX including the filing of certain materials withthe TSX following completion of the Acquisition.Pursuant to the terms of the TSX approval and in accordance with TSXpolicies, shareholder approval will not be required in connection withthe issuance of Ithaca common shares relating to the Acquisition.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 8900Ken Fleming kfleming@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 (TSX: IAE, LSE AIM: IAE), and its wholly owned subsidiary IthacaEnergy (UK) Limited, is an oil and gas operator focused on production,appraisal and development activities on the United Kingdom ContinentalShelf. The Company's strategy is centred on building a highlyprofitable North Sea oil and gas company by maximising production andcash flow from its existing assets, the appraisal and development ofexisting discoveries on properties held by the Company and the deliveryof additional growth via 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 "proposed", "anticipate", "expect", "may", "will", "should",andsimilar expressions, and the negatives thereof, whether used inconnection with the Acquisition or otherwise, are intended to identifyforward-looking statements. Such statements, including information inrespect of the proposed Acquisition, are not promises or guarantees,and are subject to known and unknown risks and uncertainties and otherfactors that may cause actual results or events to differ materiallyfrom those anticipated in such forward-looking statements orinformation.These forward-looking statements speak only as of thedate of this announcement.Ithaca expressly disclaims any obligationor undertaking to release publicly any updates or revisions to anyforward-looking statement contained herein to reflect any change in itsexpectations with 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.comhttp://www.rns.com