Ithaca Energy Regulatory News (IAE)

FOR: ITHACA ENERGY INC.

TSX, AIM SYMBOL: IAE

July 4, 2012

Ithaca Energy Inc.: Jacky J03 Legal Judgement

LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - July 4, 2012) -

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

Ithaca Energy Inc. (TSX:IAE)(AIM:IAE) announces that the Commercial Court of the High Court of Justice
("Court") has handed down judgment in favour of Ithaca in respect of the Jacky J03 well proceedings raised
against North Sea Energy (UK) Limited ("NSE").

The Court has confirmed Ithaca's position in concluding that the Jacky J03 well was drilled as a "Joint
Operation" under the joint operating agreement. Accordingly, NSE remains obliged to contribute to the Jacky J03
well costs in accordance with its field equity (10%).

NSE has not requested leave to appeal the judgment and has been ordered to pay Ithaca's legal costs of the
proceedings.

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 States

FOR FURTHER INFORMATION PLEASE CONTACT:

Ithaca Energy:
Iain McKendrick
CEO
+44 (0) 1224 650 261
imckendrick@ithacaenergy.com

OR

Ithaca Energy:
John Woods
CDO
+44 (0) 1224 650 273
jwoods@ithacaenergy.com

OR

Pelham Bell Pottinger Public Relations:
Philip Dennis
+44 (0) 207 861 3919
pdennis@pelhambellpottinger.co.uk

OR

Pelham Bell Pottinger Public Relations:
Rollo Crichton-Stuart
+44 (0) 207 861 3918
rcrichton-stuart@pelhambellpottinger.co.uk

OR

Cenkos Securities plc:
Jon Fitzpatrick
+44 (0) 207 397 8900
jfitzpatrick@cenkos.com

OR

Cenkos Securities plc:
Beth McKiernan
+44 (0) 131 220 6939
bmckiernan@cenkos.com

OR

RBC Capital Markets:
Tim Chapman
+44 (0) 207 653 4641
tim.chapman@rbccm.com

OR

RBC Capital Markets:
Matthew Coakes
+44 (0) 207 653 4871
matthew.coakes@rbccm.com

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