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Greater Stella Area Turnkey Drilling Contract

ABERDEEN, SCOTLAND -- (Marketwired) -- 04/08/13 --




(TSX VENTURE: IAE)

Not for Distribution to U.S. Newswire Services or for Dissemination in
the United States

                           Ithaca Energy Inc.

             Greater Stella Area Turnkey Drilling Contract

                            8 April 2013

Ithaca Energy Inc. (TSX VENTURE: IAE) (LSE: IAE)announces that it has
contracted the services of Applied Drilling Technology International
("ADTI"), to manage development drilling and completion operations on
the Greater Stella Area ("GSA") under"turnkey" contract
arrangements. ADTI is a subsidiary of Transocean, the world's largest
offshore drilling contractor.

In line with Ithaca's strategy for de-risking key development
workscopes, the ADTI turnkey contract locks in the expenditure and
performance requirements of the core drilling operations.

ADTI has played a central role in all aspects of the GSA well planning
and design work that has been completed over the course of 2012. The
drilling campaign is anticipated to commence in Q2-2013 using the
high-spec Ensco 100 heavy duty jack-up rig.

The drilling campaign involves the completion of four wells on the
Stella field prior to start-up of production. Each well is anticipated
to take approximately 80-90 days to drill, complete and clean-up
test.

The joint venture partners in the Ithaca operated Greater Stella Area
are Ithaca Energy (UK) Ltd (54.66%), Dyas UK Ltd (25.34%) and Petrofac
Energy Developments UK Limited (20%).

Mike Travis, Greater Stella Area Project Manager, commented:
"The award of the ADTI contract represents an important step in the
Company's approach to reducing GSA project execution risk. ADTI has a
long and established relationship with Ithaca, having successfully and
safely completed turnkey operations on seven of the Company's operated
wells over recent years. ADTI has a highly experienced drilling team
in place to manage execution of the campaign and we look forward to the
commencement of drilling operations in this quarter."


Enquiries:

Ithaca Energy:
Iain McKendrick, CEO imckendrick@ithacaenergy.com  +44 (0) 1224 650 261
Graham Forbes, CFO   gforbes@ithacaenergy.com      +44 (0) 1224 652 151

FTI Consulting:
Billy Clegg          billy.clegg@fticonsulting.com +44 (0) 207 269 7157
Edward Westropp  edward.westropp@fticonsulting.com +44 (0) 207 269 7230
Georgia Mann        georgia.mann@fticonsulting.com +44 (0) 207 269 7212

Cenkos Securities plc:
Jon Fitzpatrick           jfitzpatrick@cenkos.com  +44 (0) 207 397 8900
Neil McDonald                nmcdonald@cenkos.com  +44 (0) 131 220 6939

RBC Capital Markets:
Tim Chapman                 tim.chapman@rbccm.com  +44 (0) 207 653 4641
Matthew Coakes           matthew.coakes@rbccm.com  +44 (0) 207 653 4871


About Ithaca Energy:

Ithaca Energy Inc. (TSX VENTURE: IAE) (LSE: IAE) and its wholly owned
subsidiary Ithaca Energy (UK) Limited ("Ithaca" or "the Company"),is an
oil and gas operator focused on North Sea production, appraisal and
development activities. The Company's strategy is centred on building
a highly profitable North Sea oil and gas company by maximising
production and cashflow from its existing assets, the appraisal and
development of existing discoveries on properties held by the Company
and the delivery of additional growth via acquisitions and licence
round participation.

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 and current expectations of Ithaca Energy Inc. or its officers
with respect to various matters. When used in this announcement, the
words "anticipate", "continue", "estimate", "expect", "may", "will",
"project", "plan", "should", "believe", "could", "target" and similar
expressions, and the negatives thereof., whether used in connection
with operational activities, potential developments or otherwise, are
intended to identify forward-looking statements. Such statements are
not promises or guarantees, and are subject to known and unknown risks
and uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking statements or information. These forward-looking
statements speak only as of the date of this announcement. Ithaca
Energy Inc. expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statement contained herein to reflect any change in its expectations
with regard thereto or any change in events, conditions or
circumstances on which any forward-looking statement is based except as
required by applicable securities laws.

                               -ENDS-

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