IAE.L Regulatory News (IAE)

19 Jul 2007 07:01

Ithaca Energy Inc19 July 2007 Not for Distribution to U.S. Newswire Services or for Dissemination in the United States Ithaca Energy ("Ithaca" or "the Corporation") Director Dealings LONDON, U.K. - CALGARY, ALBERTA, 19 July, 2007 -- Ithaca Energy Inc. (LSE-AIM:IAE, TSX-V: IAE), a Canadian independent oil and gas company with explorationand development assets in the UK North Sea, announces that on 18 July 2007,certain of its directors exercised options and disposed of a minority of theirshareholdings. The options were exercised at a price of US$0.90 per share. Theshares were sold at a price of CAD$3.30, or approximately £1.55 per share. Director No. of No. of Options Shares Exercised Post Exercise John P. Summers Chairman 100,000 225,000Lawrence H. Payne CEO 400,000 2,857,334Neill A Carson COO 400,000 2,505,556Bradley G. Gunn CFO 300,000 987,500Franklin M. Wormsbecker Non-executive 100,000 250,000Jay M. Zammit Non-executive 100,000 500,000 Certain Directors also declare their intention to sell shares. Following thesedisposals and acquisitions, their respective holdings are as follows: Director No of No. of % of total issued Shares shares held share capital Sold post disposal post disposal & acquisition & acquisition John P. Summers 50,000 175,000 0.2%Lawrence H. Payne 400,000 2,457,334 2.9%Neill A Carson 150,000 2,355,556 2.8%Bradley G. Gunn 300,000 687,500 1.0%Franklin M. Wormsbecker 100,000 150,000 0.2%Jay M. Zammit 100,000 400,000 0.5%Michael B. A. Nobbs 0 100,000 0.1% Pursuant to a lock-in agreement ("Lock-In Agreement") entered into at the timeof the Initial Public Offering ("IPO"), the Directors, officers and certainemployees of the Corporation had agreed not to dispose of any securities of theCorporation for 12 months following the IPO, and to obtain certain permissionsfor any disposals in the ensuing 9 months. The Corporation confirms that theabove directors have complied with such agreement. For further information, please contact: Ithaca Energy Inc:Lawrie Payne, CEO lpayne@ithacaenergy.com +44 (0) 207 590 3027Neill Carson, COO ncarson@ithacaenergy.com +44 (0) 1224 650 261Brad Gunn, CFO bgunn@ithacaenergy.com +44 (0) 207 590 3026 Pelham Public Relations:Charles Vivian charles.vivian@pelhampr.com +44 (0) 207 743 6672Phillip Dennis philip.dennis@pelhampr.com +44 (0) 207 743 6363 Nabarro Wells & Co. LimitedMarc Cramsie ithaca@nabarro-wells.co.uk +44 (0) 207 710 7400John Wilkes ithaca@nabarro-wells.co.uk +44 (0) 207 710 7400 Not for Distribution to U.S. Newswire Services or for Dissemination in the United States Forward-looking statements Some of the statements in this announcement are forward-looking.Forward-looking statements include statements regarding the intent, belief andcurrent expectations of Ithaca Energy Inc. or its officers with respect tovarious matters. When used in this announcement, the words "expects," "believes," "anticipates," "plans," "may," "will," "should" and similarexpressions, and the negatives thereof, are intended to identify forward-lookingstatements. Such statements are not promises or guarantees, and are subject torisks and uncertainties that could cause actual outcome to differ materiallyfrom those suggested by any such statements. These forward-looking statementsspeak only as of the date of this announcement. Ithaca Energy Inc. expresslydisclaims any obligation or undertaking to release publicly any updates orrevisions to any forward-looking statement contained herein to reflect anychange in its expectations with regard thereto or any change in events,conditions or circumstances on which any forward-looking statement is based. The TSX Venture Exchange does not accept responsibility for the adequacy oraccuracy of this news release. -ENDS- This information is provided by RNS The company news service from the London Stock Exchange