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Press release from Marketwire

Ithaca Energy Inc.: Directors Shareholdings & Grant of Options

Wednesday, October 02, 2013

Ithaca Energy Inc.: Directors Shareholdings & Grant of Options

02:00 EDT Wednesday, October 02, 2013

ABERDEEN, SCOTLAND--(Marketwired - October 01, 2013) -

 (TSX VENTURE: IAE) (LSE: IAE)Not for Distribution to U.S. Newswire Services or for Dissemination inthe United States Ithaca Energy Inc. Increase in Directors and Officers Shareholdings & Grant of Options 2 October 2013Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) ("Ithaca" or the "Company")announces that certain Directors and Officers have increased theirshareholdings in the Company. The Directors and Officers exercisedshare options nearing expiry, resulting in an aggregate increase intheir shareholdings of 1,025,668 Common Shares after taking intoaccount shares sold to cover the option purchase costs.Ithaca also reports that it has granted 1,000,000 share options to MrLes Thomas, Ithaca's newly appointed Chief Executive Officer andExecutive Board Director and implemented a new incentivisation shareplan focused on delivery of first hydrocarbons from the Greater StellaArea production hub for its UK Officers and employees.Exercise of Share OptionsOn 1 October 2013, the Directors and Officers listed below exercisedthe following share options nearing expiry. All parties will increasetheir individual shareholdings by the balance of the shares availableafter selling sufficient shares to approximately cover the optionpurchase costs, including incomes taxes. The shares were sold at aprice of GBP1.48 (C$2.46) per Common Share.Name Designation Exercised Option Price Shares Sale Shares Options Sold Price RetainedIain Officer / 750,000 C$0.87 495,000 C$2.46 255,000McKendrick DirectorBrad Director 100,000 C$0.87 50,000 C$2.46 50,000HurtubiseJohn Director 100,000 C$0.87 65,000 C$2.46 35,000SummersFrank Director 100,000 C$0.87 50,000 C$2.46 50,000WormsbeckerJay Zammit Director 66,667 C$0.87 39,999 C$2.46 26,668Graham Officer 750,000 C$1.59 610,000 C$2.46 140,000ForbesNicholas Officer 1,030,000 C$0.25-1.54- 735,000 C$2.46 295,000MuirJohn Woods Officer 430,000 C$0.25-0.87-- 256,000 C$2.46 174,000- N Muir exercised 200,000 options at C$0.25, 230,000 options at C$0.87and 600,000 options at C$1.54-- J Woods exercised 200,000 options at C$0.25 and 230,000 options atC$0.87A further 1,056,961 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 4,383,628 Common Shares (the "New CommonShares") to be admitted to trading on AIM ("Admission"). Admission ofthe New Common Shares is expected to occur on 7 October 2013. Each NewCommon Share will rank pari passu with the existing Common Shares.Share Options AwardIn accordance with the Company's existing Stock Option Plan the Boardof Directors has granted 1,000,000 share options to Mr Les Thomas,Ithaca's newly appointed Chief Executive Officer and Executive BoardDirector, at a price of C$2.53, which was the closing price on theToronto Stock Exchange on 30 September 2013. The options were grantedeffective 1 October 2013 and may be exercised for a period of fouryears from that date. One third of the options vest at the end of eachof the first, second and third years from the effective date.Greater Stella Area Share OptionsA new tax efficient performance incentivisation share plan focused ondelivery of first hydrocarbons from the Greater Stella Area productionhub has been established under the Company's existing Stock OptionPlan.Each Officer and employee based in the UK has been granted 19,736options with an exercise price of C$2.53, which was the closing priceon the Toronto Stock Exchange on 30 September 2013. The effective datefor the grant of the options is 1 October 2013, with the optionsvesting three months after delivery of first hydrocarbons from theStella field. The options are exercisable for a period of four yearsfrom 1 October 2013. The options will not vest in the event of anychange of control of the Company prior to delivery of firsthydrocarbons from the Stella field.The plan has been approved by the UK tax authorities, HM Revenue &Customs, under Schedule 4 to the Income Taxes (Earnings and Pensions)Act 2003.Shareholding & Options SummaryFollowing completion of the transactions noted above, the revisedshareholdings and share options held by the Directors and Officers ofthe Company are as follows:Name Designation No. % Voting Rights No.Shares Represented by Options Held by Shares Held HeldIain McKendrick Officer / Director 464,125 0.14% 3,000,000Les Thomas Officer / Director Nil 0.00% 1,000,000Brad Hurtubise Director 175,000 0.05% 400,000John Summers Director 289,700 0.09% 400,000Frank Wormsbecker Director 250,000 0.08% 400,000Jay Zammit Director 525,000 0.16% 300,001Jack C. Lee Director 1,000,000 0.31% 300,000Ron Brenneman Director 60,000 0.02% 300,000Jannik Lindbaek Director Nil 0.00% NilGraham Forbes Officer 208,305 0.06% 1,219,736Mike Travis Officer 57,347 0.02% 719,736Nicholas Muir Officer 315,105 0.10% 719,736John Woods Officer 309,105 0.10% 1,319,736The Company now has 321,749,286 Common Shares in issue with one votingright per Common Share. There are no Common Shares held in treasury.The total number of voting shares in the Company is therefore321,749,286. This figure may be used by shareholders in the Company asthe denominator for the calculations by which they will determine ifthey are required to notify their interest in, or a change in theirinterest in, the share capital of the Company under the UK FinancialServices Authority's Disclosure and Transparency Rules.The total number of Common Shares under option is now 16,961,234,representing approximately 5.0% of the total shares outstanding andunder option.Fully diluted, the Company now has 338,710,520 Common Shares in issue.Other InformationIthaca provides the following information under paragraph (g) ofSchedule 2 of the AIM Rules for Companies in relation to Mr Les Thomas,who commenced his role as Chief Executive Officer and Executive BoardDirector of the Company on 1 October 2013.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: Wood Group Engineering & Operations Support Limited Wood Group Engineering (North Sea) Limited Wood Group Engineering International Limited Wood Group Holdings (International) Limited Wood Group Management Services Limited - ENDS -Enquiries:Ithaca 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) 207 653 4871About 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 StatesForward-looking statementsSome of the statements and information in this press release areforward-looking. Forward-looking statements and forward-lookinginformation (collectively, "forward-looking statements") are based onthe Company's internal expectations, estimates, projections,assumptions and beliefs as at the date of such statements orinformation. The reader is cautioned that assumptions used in thepreparation of such information may prove to be incorrect. Suchstatements are not promises or guarantees, and are subject to known andunknown risks, uncertainties and other factors that may cause actualresults or events to differ materially from those anticipated in suchforward-looking statements. The Company believes that the expectationsreflected in those forward-looking statements and are reasonable but noassurance can be given that these expectations, or the assumptionsunderlying these expectations, will prove to be correct and suchforward-looking statements and included in this press release shouldnot be unduly relied upon. These forward-looking statements speak onlyas of the date of this press release. Ithaca Energy Inc. expresslydisclaims any obligation or undertaking to release publicly any updatesor revisions to any forward-looking statement contained herein toreflect any change in its expectations with regard thereto or anychange in events, conditions or circumstances on which anyforward-looking statement is based except as required by applicablesecurities laws This information is provided by RNS The company news service from the London Stock ExchangeEND


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