SYS-CON MEDIA Authors: Greg Ness, Sean Houghton, Glenn Rossman, Ignacio M. Llorente, Xenia von Wedel

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Ithaca Energy Inc. - Exercise of Share Options

CALGARY, AB -- (Marketwired) -- 01/17/14 -- Ithaca Energy Inc. (TSX: IAE) (LSE: IAE) ("Ithaca" or the "Company") announces that certain Directors and Officers have increased their shareholdings in the Company. The Directors and Officers exercised a portion of their share options, resulting in an aggregate increase in their shareholdings of 403,333 Common Shares after taking into account shares sold, as described below.

On 16 January 2014 the following Directors and Officers exercised the number of options set forth below at prices ranging between C$0.25 - C$2.25 per Common Share:

Jack Lee             Director   100,000
Brad Hurtubise       Director   200,000
John Summers         Director   333,333
Frank Wormsbecker    Director   200,000
Jay Zammit           Director   100,001
John Woods           Officer    600,000

On the same day, the following Directors and Officers sold the following number of shares at a price of £ 1.45 per Common Share.

Brad Hurtubise      Director   115,000
John Summers        Director   215,000
Frank Wormsbecker   Director   100,000
Jay Zammit          Director   100,001
John Woods          Officer    600,000

Where applicable, the balance of shares acquired following completion of the transactions reported above has been retained by each of those Officers in order to increase their individual shareholdings.

A further 981,667 options have also been exercised by other employees of the Company.

As a result of the option exercises reported above, the Company has issued a total of 2,515,001Common Shares and has applied for such Common Shares to be admitted to trading on AIM. Each new Common Share will rank paripassu with the existing Common Shares and admission to trading on AIM is expected to occur on 24 January 2014.

Nick Muir, an Officer of the Company, also sold 295,000 shares on 16th January at a price of £ 1.45 per Common Share.

Summary
Following completion of all the transactions noted above, the revised shareholdings of the relevant Directors and Officers of the Company are as follows:

                                        No. of shares  % of voting rights
                                                 held    represented by
                                                          shares held
Jack Lee               Director             1,100,000        0.34%
Brad Hurtubise         Director               260,000        0.08%
John Summers           Director               408,033        0.13%
Frank Wormsbecker      Director               350,000        0.11%
Jay Zammit             Director               525,000        0.16%
NickMuir               Officer                 20,105        0.01%
John Woods             Officer                309,105        0.10%

The Company now has 326,148,621 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 326,148,621. 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.

The total number of shares under option is now 19,243,566Common Shares, representing approximately 5.6% of total shares outstanding and under option.Fully diluted, the Company now has 345,392,187 CommonShares on issue.

About Ithaca Energy
Ithaca Energy Inc. (TSX: IAE) (LSE: IAE) is a North Sea oil and gas operator focused on the delivery of lower risk growth through the appraisal and development of UK undeveloped discoveries, the exploitation of its existing UK producing asset portfolio and a Norwegian exploration and appraisal business centred on the generation of discoveries capable of monetisation prior to development. Ithaca's strategy is centred on generating sustainable long term shareholder value by building a highly profitable 25kboe/d North Sea oil and gas company. For further information please consult the Company's website www.ithacaenergy.com.

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

Enquiries:

Ithaca Energy
Graham Forbes
[email protected]
+44 (0)1224 652 151

Richard Smith
[email protected]
+44(0) 1224 652 172

FTI Consulting
Edward Westropp
[email protected]
+44 (0)207 269 7230

Georgia Mann
[email protected]
+44 (0)207 269 7212

Cenkos Securities
Neil McDonald
[email protected]
+44 (0)131 220 6939

Beth McKiernan
[email protected]
+44 (0)131 220 9778

RBC Capital Markets
Tim Chapman
[email protected]
+44 (0)207 653 4641

Matthew Coakes
[email protected]
+44 (0)207 653 4871

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