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Press release from Marketwire

Ithaca Energy Inc.: Hurricane Well Proceeding to Drill Stem Test

Tuesday, August 14, 2012

Ithaca Energy Inc.: Hurricane Well Proceeding to Drill Stem Test02:00 EDT Tuesday, August 14, 2012LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - Aug. 14, 2012) -NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESIthaca Energy Inc. (TSX:IAE)(AIM:IAE) announces that operations at the Hurricane appraisal well, 29/10b-8, which lies within the Company's Greater Stella Area in the UK sector of the Central North Sea are now proceeding to a Drill Stem Test ("DST"). The well has been drilled to a total measured depth of 10,779 feet to appraise hydrocarbon bearing sands in the eastern lobe of the Hurricane structural closure and logs indicate that the well has encountered hydrocarbons (possibly liquid rich gas) in both the Rogaland and Andrew sands. Pressure and fluid sampling has been undertaken across both reservoir sand intervals. An initial DST will be conducted over the Andrew sand interval. A further update will be issued when the DST results from the Andrew formation become available. The Joint Venture partners in the Ithaca operated Block 29/10b (Hurricane) are Ithaca Energy (UK) Ltd (54.66%), Dyas UK Ltd (25.34%) and Petrofac Energy Developments UK Limited (20%).Notes to oil and gas disclosure:In accordance with AIM Guidelines, Hugh Morel, BSc Physics and Geology (Durham), PhD Hydrogeology (London) and senior petroleum engineer at Ithaca is the qualified person that has reviewed the technical information contained in this press release. Dr Morel has 30 years operating experience in the upstream oil industry.About Ithaca Energy:Ithaca Energy Inc. and its wholly owned subsidiary Ithaca Energy (UK) Limited ("Ithaca" or "the Company"), is an oil and gas exploration, development and production company active in the United Kingdom's Continental Shelf ("UKCS"). The goal of Ithaca, in the near term, is to maximize production and achieve early production from the development of existing discoveries on properties held by Ithaca, to originate and participate in exploration and appraisal on properties held by Ithaca when capital permits, and to consider other opportunities for growth as they are identified from time to time by Ithaca.NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE 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 officers with respect to various matters including operations. When used in this announcement in connection with the Hurricane drilling operation or otherwise, the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "plan", "should", "believe", "could", "target" and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to known and unknown risks and uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements or information. In the view of the Company's management, this information reflects the best currently available estimates and judgements, and presents, to the best of management's knowledge and belief, the expected course of action. These forward-looking statements speak only as of the date of this announcement. Ithaca Energy Inc. expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based except as required by applicable securities laws. Readers are cautioned that the forward-looking statements contained in this press release should not be used for purposes other than for which it is disclosed herein. These statements may not be appropriate for other purposes.FOR FURTHER INFORMATION PLEASE CONTACT: Iain McKendrickIthaca Energy Inc.CEO+44 (0) 1224 650 261imckendrick@ithacaenergy.comORNick MuirIthaca Energy Inc.CTO+44 (0) 1224 650 267nmuir@ithacaenergy.comORJohn WoodsIthaca Energy Inc.CDO+44 (0) 1224 650 273jwoods@ithacaenergy.comORPhilip DennisPelham Bell Pottinger Public Relations+44 (0) 207 861 Crichton-StuartPelham Bell Pottinger Public Relations+44 (0) 207 861 FitzpatrickCenkos Securities plc+44 (0) 207 397 8900jfitzpatrick@cenkos.comORBeth McKiernanCenkos Securities plc+44 (0) 131 220 6939bmckiernan@cenkos.comORTim ChapmanRBC Capital Markets+44 (0) 207 653 4641tim.chapman@rbccm.comORMatthew CoakesRBC Capital Markets+44 (0) 207 653