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Press release from Marketwire

Ithaca Energy Inc.: Management Changes

Friday, September 27, 2013

Ithaca Energy Inc.: Management Changes

02:00 EDT Friday, September 27, 2013

ABERDEEN, SCOTLAND--(Marketwired - September 26, 2013) - Ithaca Energy Inc. (TSX: IAE) (AIM: IAE)

Not for Distribution to U.S. Newswire Services or for Dissemination inthe United States Ithaca Energy Inc. Management Changes 27 September 2013Ithaca Energy Inc. (TSX: IAE) (AIM: IAE) ("Ithaca" or the "Company")announces that the Chief Executive Officer ("CEO") Iain McKendrick isceasing active employment for personal reasons unrelated to his role orthe Company. Mr McKendrick will be leaving the Company during October2013 and will be replaced by Mr Les Thomas, formerly an ExecutiveDirector of John Wood Group PLC ("Wood Group") and prior to that thehead of Marathon Oil's European Upstream Business. Mr Thomas will takeup the position of CEO and Executive Board Director on 1 October 2013.Mr McKendrick has served as Ithaca's CEO since December 2008, growingand developing the Company into a leading independent mid cap North Seaoil and gas operator.Following the successful execution and integration of the acquisitionof Valiant Petroleum plc and the significant progress and de-riskingthat has been achieved towards the start-up of the Greater Stella Areadevelopment, Mr McKendrick will leave the Company in October 2013.Mr Thomas has over 30 years of experience in the oil and gas industry,in various subsurface, engineering, operational and senior managementpositions. Until June 2012, Mr Thomas served as a main Board Directorof Wood Group and Chief Executive of its Production Facilities businessand Group Director responsible for HSE. Prior to this, he spent 22years with Marathon Oil, including four years as European Business UnitLeader, responsible for Marathon's upstream business in the UK,Ireland, Netherlands and Norway.Jack Lee, Non-Executive Chairman of Ithaca, commented:"The Board would liketo thank Iain for his enormous contribution anddedication to successfully growing the company from a market cap ofunder $40 million when he became CEO in late 2008 to over $700 milliontoday. Under Iain's leadership, Ithaca has established itself as adynamic North Sea oil and gas company with a very exciting future andhe leaves with the full support and best wishes of the Board.I am pleased to be welcoming Les as Ithaca's new CEO. He brings awealth of operational experience that is ideally matched to deliveringthe next phase of growth for the Company. I am also particularlypleased that the Company has attracted a CEO of such an exceptionalcalibre and look forward to working with Les on continuing to deliverupon the Company's existing strategy."Other InformationIn relation to the appointment of Mr Thomas to the Board of Directors,Ithaca confirms that there is no further information to be disclosedunder paragraph (g) of Schedule 2 of the AIM Rules for Companies saveas disclosed below:Full Name: Leslie James ThomasAge: 56Current Directorships / Partnerships Heriot Resources Limitedin the last 5 years: The Scottish Oil ClubPrevious Directorships / Partnerships John Wood Group PLCin the last 5 Years: - ENDS -EnquiriesIthaca EnergyGraham Forbes +44(0) 1224 652 151Richard Smith +44(0) 1224 652 172FTI ConsultingBilly Clegg +44 (0) 207 269 7157Edward Westropp +44 (0) 207 269 7230Georgia Mann +44 (0) 207 269 7212Cenkos SecuritiesJon Fitzpatrick +44 (0) 207 397 8900Neil McDonald +44 (0) 131 220 6939RBC Capital MarketsTim Chapman +44 (0) 207 653 4641Matthew Coakes +44 (0) 207 6534871About Ithaca EnergyIthaca Energy Inc. (TSX: IAE, LSE AIM: IAE) is a North Sea oil and gasoperator focused on the delivery of lower risk growth through theappraisal and development of UK undeveloped discoveries, theexploitation of its existing UK producing asset portfolio and aNorwegian exploration and appraisal business centred on the generationof discoveries capable of monetisation prior to development. Ithaca'sstrategy is centred on generating sustainable long term shareholdervalue by building a highly profitable 25kboe/d North Sea oil and gascompany. For further information please consult the Company's for Distribution to U.S. Newswire Services or for Dissemination inthe United States This information is provided by RNS The company news service from the London Stock ExchangeEND


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