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Press release from Marketwire

Option Award Exercise and SIP Purchase

Friday, October 12, 2012

Option Award Exercise and SIP Purchase02:00 EDT Friday, October 12, 2012ABERDEEN, SCOTLAND--(Marketwire - October 11, 2012) -TSX-V:IAE Not for Distribution to U.S. Newswire Services or for Dissemination in the United States Ithaca Energy Inc. Grant of Share Options, Exercise of Existing Options and Market Share Incentive Plan Purchases 12 October, 2012Ithaca Energy Inc (TSX: IAE, LSE AIM: IAE) announces that in accordancewith the Company's Stock Option Plan, the Board of Directors hasapproved the grant of 5,645,000 share options to Directors andemployees at a price of C$1.99, which was the closing price on the TSXExchange on Wednesday, 10th October, 2012. The options shall be grantedeffective 11th October, 2012 and may be exercised for a period of fouryears from that date. One third of the options will vest at the end ofeach of the first, second and third years from the effective date.Of the recipients, a total of 2,900,000 share options were granted toDirectors and Officers as follows:Iain McKendrick Officer and Director 800,000Graham Forbes Officer 600,000Nicholas Muir Officer 300,000Mike Travis Officer 300,000John Woods Officer 300,000Jack Lee Director and Chairman 100,000Ron Brenneman Director 100,000Brad Hurtubise Director 100,000John Summers Director 100,000Frank Wormsbecker Director 100,000Jay Zammit Director 100,000Options ExercisesOn 11th October the following Directors and Officers exercised expiringoptions at a price of C$1.80 per Common Share:Iain McKendrick Officer and Director 150,000Nicholas Muir Officer 100,000John Woods Officer 100,000On the same day, those same Officers sold the following shares at aprice of GBP1.22 per Common Share in order to cover the associated costsof the purchases reported above, including income taxes.Iain McKendrick Officer and Director 142,800Nicholas Muir Officer 95,200John Woods Officer 95,200The balance of shares acquired following completion of the transactionsreported above has been retained by each of those Officers in order toincrease their individual shareholdings.A further 223,875 of options have also been exercised by otheremployees of the Company.As a result of the option exercises reported above, the Company hasapplied for a total of 573,875 Common Shares to be admitted to tradingon AIM. Each new Common Share will rank pari passu with the existingCommon Shares.Share purchase under the Market Share Incentive Plan by OfficersOn 11th October the Company was informed that MM&K Share PlanAdministration, the trustee of the Company's Market Share IncentivePlan ("SIP"), had on that same day made purchases of the Company'sCommon Shares under the terms of the SIP on behalf of employees andofficers of the Company. As a result, the Officers of the Companyincreased their beneficial shareholdings in the Company by a total of18,435 shares at a price of GBP1.22 per Common Share as follows:Iain McKendrick Officer and Director 3,687Graham Forbes Officer 3,687Nicholas Muir Officer 3,687John Woods Officer 3,687Mike Travis Officer 3,687SummaryFollowing completion of all the transactions noted above, the revisedshareholdings of the Directors and Officers of the Company are asfollows: No. of shares held % of voting rights represented by shares heldIain McKendrick 175,465 0.07%Graham Forbes 49,645 0.02%Nicholas Muir 16,445 0.01%John Woods 111,445 0.04%Mike Travis 53,687 0.02%Jack Lee 700,000 0.27%Brad Hurtubise 100,000 0.04%John Summers 214,700 0.08%Frank Wormsbecker 200,000 0.08%Jay Zammit 448,332 0.17%Ron Brenneman 60,000 0.02%The total number of shares under option is now 20,347,964 CommonShares, representing approximately 7.8% of total shares outstanding andunder option.The Company will have 259,920,003 Common Shares outstanding with onevoting right per Common Share. There are no Common Shares held byIthaca in treasury. The total number of voting shares in the Company istherefore 259,920,003. This figure may be used by shareholders in theCompany as the denominator for the calculations by which they willdetermine if they are required to notify their interest in, or a changein their interest in, the share capital of the Company under the UKFinancial Services Authority's Disclosure and Transparency Rules.Fully diluted, the Company now has 280,267,967 Common Shares on issue.Enquiries:Ithaca Energy:Iain McKendrick, CEO +44 (0) 1224 650 261Nick Muir, CTO +44 (0) 1224 650 267FTI Consulting:Billy Clegg +44 (0) 207 269 7157Edward Westropp +44 (0) 207 269 7230Georgia Mann +44 (0) 207 269 7212Cenkos Securities plc:Jon Fitzpatrick +44 (0) 207 397 8900Ken Fleming +44 (0) 131 220 6939RBC Capital Markets:Tim Chapman +44 (0) 207 653 4641Matthew Coakes +44 (0) 207 653 4871About 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 goal of Ithaca,in the near term, is to maximize production and achieve earlyproduction from the development of existing discoveries on propertiesheld by Ithaca, to originate and participate in exploration andappraisal on properties held by Ithaca when capital permits, and toconsider other opportunities for growth as they are identified fromtime to time by Ithaca.Not for Distribution to U.S. Newswire Services or for Dissemination inthe United States -ENDS- This information is provided by RNS The company news service from the London Stock ExchangeENDFOR FURTHER INFORMATION PLEASE CONTACT: CustomerRNSServices0044-207797-4400rns@londonstockexchange.com