Ithaca Energy Inc.: Jacky J03 Legal Judgement

LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire -07/04/12)- NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Ithaca Energy Inc. (IAE.TO)(IAE.L) 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