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Presentation re: Recommended Offer for Valiant

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 Ithaca Offer for Valiant Petroleum plc Recommended Offer by the Board of Valiant Petroleum plc 1 March 2013 Ithaca Energy Inc. (the "Company") (TSX: IAE, LSE AIM: IAE) announces that it has reached agreement on the terms of a recommended acquisition under which Ithaca Energy Holdings (UK) Limited, a wholly-owned subsidiary of the Company, will acquire the entire issued and to be issued share capital of Valiant Petroleum plc (the "Acquisition"). A presentation summarising the Acquisition is available on the Company's website, www.ithacaenergy.com , and the terms and conditions of the Acquisition are described in the announcement issued pursuant to Rule 2.7 of the City Code on Takeovers and Mergers in the United Kingdom, a copy of which is attached hereto. 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 Cenkos Securities plc: Jon Fitzpatrick jfitzpatrick@cenkos.com +44 (0) 207 397 8900 Neil McDonald nmcdonald@cenkos.com +44 (0) 131 220 6939 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 About Ithaca Energy: Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) and its wholly owned subsidiary Ithaca Energy (UK) Limited ("Ithaca" or "the Company"),is an oil and gas operator focused on production, appraisal and development activities on the United Kingdom Continental Shelf. The Company's strategy is centred on building a highly profitable North Sea oil and gas company by maximising production and cash flow 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. 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 the Acquisition 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. Click on, or paste the following link into your web browser, to view the associated PDF document. http://www.rns-pdf.londonstockexchange.com/rns/9898Y_-2013-3-1.pdf -ENDS- This information is provided by RNS The company news service from the London Stock Exchange END