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Press release from Marketwire

Withdrawal of Shareholder Meeting Requisition

Thursday, March 14, 2013

Withdrawal of Shareholder Meeting Requisition03:01 EDT Thursday, March 14, 2013ABERDEEN, SCOTLAND--(Marketwire - March 14, 2013) -TSX-V:IAENot for Distribution to U.S. Newswire Services or for Dissemination inthe United StatesIthaca Energy Inc. Announces Withdrawal of Shareholder Meeting RequisitionMarch 14, 2013Ithaca Energy Inc. (the "Company" or "Ithaca") (TSX: IAE, LSE AIM: IAE)announces that JEC Capital Partners, LLC and JEC II Associates, LLC andanother shareholder of Ithaca (the "Requisitioning Shareholders") havewithdrawn their requisition to the board of directors of Ithaca (the"Board") requisitioning that the Board call a meeting of shareholdersfor the purposes of adding two new directors to the Board and that thepending proxy contest has been terminated.As a result, no specialmeeting of shareholders will occur on April 8, 2013.In addition, the Requisitioning Shareholders have agreed not to takeany steps to oppose the previously announced acquisition of ValiantPetroleum plc by Ithaca. Ithaca and the Requisitioning Shareholdershave entered into agreements with respect to the withdrawal of therequisition.The Board believes the withdrawal of the requisition isin the best interests of all shareholders and will allow Ithaca tocontinue with execution of its strategy to build long term shareholdervalue.Enquiries:Ithaca Energy Inc.: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 7212Longview Communications:David Ryan dryan@longviewcomms.ca +1 416 649 8007Louise Kozier lkozier@longviewcomms.ca +1 604 644 6090RBC Capital Markets:Tim Chapman tim.chapman@rbccm.com +44 (0) 207 6534641Matthew Coakes matthew.coakes@rbccm.com +44 (0) 207 653 4871About 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