Ithaca Energy Regulatory News (IAE)

LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - June 13, 2012) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Ithaca Energy Inc. (the "Company") (TSX:IAE)(AIM:IAE) was notified on June 12, 2012 that on that date two officers of the Company increased their beneficial shareholdings in the Company by a total of 100,000 Common Shares as follows:

Mike Travis (Chief Production Officer) acquired 50,000 Common Shares at a price of GBP 1.10 per share taking his total beneficial shareholding to 50,000 Common Shares representing 0.02% of the voting rights.

John Woods (Chief Developments Officer) acquired 50,000 Common Shares at a price of GBP 1.10 per share taking his total beneficial shareholding to 102,958 shares representing 0.04% of the voting rights.

Additional listing

In addition, following recent exercises of options by employees under the Company's stock option plan, the Company has applied for a total of 181,667 common shares ("New Common Shares") to be admitted to trading on AIM. Each New Common Share will rank pari passu with the existing common shares.

Following this application, the Company will have 259,346,128 Common Shares outstanding with one voting right per Common Share. There are no Common Shares held by Ithaca in treasury. The total number of voting shares in the Company is therefore 259,346,128. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the UK Financial Services Authority's Disclosure and Transparency Rules.

It is expected that dealings in the New Common Shares will commence on June 18, 2012.

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.

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