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Ithaca Energy Inc Offer for Valiant Petroleum

ABERDEEN, SCOTLAND--(Marketwire - Mar 1, 2013) - Ithaca Energy Inc. ( TSX VENTURE : IAE ) ( LSE : IAE )

Not for Distribution to U.S. Newswire Services or for Dissemination in the United States NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION. 1 March 2013 RECOMMENDED ACQUISITION OF VALIANT PETROLEUM PLC BY ITHACA ENERGY HOLDINGS (UK) LIMITED (A WHOLLY-OWNED SUBSIDIARY OF ITHACA ENERGY INC.) (TO BE EFFECTED BY MEANS OF A SCHEME OF ARRANGEMENT UNDER PART 26 OF THE COMPANIES ACT 2006) - The Boards of Ithaca Energy Inc. ("Ithaca") and of Valiant Petroleum plc ("Valiant") are pleased to announce that they have reached agreement on the terms of a recommended acquisition under which Ithaca Energy Holdings (UK) Limited ("Ithaca Bidco") will acquire the entire issued and to be issued share capital of Valiant (the"Acquisition"). The Acquisition is to be effected by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act. - Under the terms of the Acquisition, Valiant Shareholders will be entitled to receive 307 pence in cash and 1.33 Ithaca Consideration Shares for each Valiant Share held at the Scheme Record Time. - Based on the Closing Price of an Ithaca Share of C$1.97 (126 pence) on 28 February 2013, the Acquisition values the entire issued and to be issued share capital of Valiant at approximately GBP203 million (equivalent to approximately US$309 million and C$318 million) and each Valiant Share at approximately 475 pence. To view the full text of this press release, paste the following link into your web browser: http://www.rns-pdf.londonstockexchange.com/rns/9899Y_1-2013-3-1.pdf This information is provided by RNS The company news service from the London Stock Exchange END