(IAE) Ithaca Energy

FOR: ITHACA ENERGY INC.

TSX, AIM SYMBOL: IAE

January 23, 2012

Ithaca Energy Inc. Announces Statement Concerning Share Price Movement

LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - Jan. 23, 2012) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OR ANY OTHER
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

Ithaca Energy Inc. ("Ithaca" or "the Company") (TSX:IAE)(AIM:IAE) notes the recent movement in the Company's
share price on the Toronto Stock Exchange and confirms that it has received a confidential, non-binding
proposal to acquire all of the outstanding shares of the Company. The proposal is conditional upon, among other
things, due diligence, negotiation of all definitive documentation, receipt of all necessary approvals by the
interested party and approval of the Board of the Company. The Board of the Company, which is being advised by
CIBC World Markets Inc., wishes to stress that discussions are at a preliminary stage and there can be no
certainty that the approach will lead to an offer being made for the Company.

Shareholders of the Company are not presently required or advised to take any action. The Company does not
intend commenting further on the approach unless a definitive agreement is reached or unless otherwise required
by law or applicable regulation.

UK Takeover Code

The Company's registered office is in Canada. The UK Panel on Takeovers and Mergers has confirmed that the
Company is not subject to the UK City Code on Takeovers and Mergers ("the Takeover Code") and accordingly the
Company's shareholders will not be afforded any protection under the Takeover Code.

A copy of this announcement will be available at www.ithacaenergy.com. The content of the website referred to
in this announcement is not incorporated into and does not form part of this announcement.

Reader Advisory

Forward-looking statements

This news release contains certain forward looking statements. The reader is cautioned that all such forward
looking statements involve substantial risks and uncertainties and the assumptions used in their preparation
may not prove to be correct. Ithaca's actual results could differ materially from those expressed in, or
implied by, these forward looking statements and accordingly, the forward looking statements are qualified by
reference to these cautionary statements. The forward looking statements contained herein are made as at the
date of this news release. Ithaca undertakes no obligation to update or publicly revise forward looking
statements or information unless so required by applicable securities laws.

TSX notifications

The TSX accepts no responsibility for the adequacy or accuracy of this release.

Cenkos Securities plc, which is authorised and regulated in the United Kingdom by the Financial Services
Authority under FSA number 416932, is acting exclusively as Nominated Adviser and Joint Broker to the Company
and is not acting for or advising any other person and accordingly will not be responsible to any person other
than the Company for providing advice in relation to the contents of this announcement. Neither Cenkos
Securities plc nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever
(whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not
a customer of Cenkos Securities plc in connection with this announcement, any statement contained herein or
otherwise.

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the
solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any
securities whether pursuant to this announcement or otherwise.

Website: www.ithacaenergy.com

FOR FURTHER INFORMATION PLEASE CONTACT:

ENQUIRIES:
Ithaca Energy Inc.
Iain McKendrick
CEO
+44 (0) 1224 650 261
imckendrick@ithacaenergy.com

OR

Ithaca Energy Inc.
Graham Forbes
CFO
+44 (0) 1224 652 151
gforbes@ithacaenergy.com
www.ithacaenergy.com

OR

Financial Adviser:
CIBC World Markets Inc.
Chris Folan
+44 (0) 207 234 6152
chris.folan@cibc.co.uk

OR

NOMAD and Joint Broker:
Cenkos Securities plc
Jon Fitzpatrick
+44 (0) 207 397 8900
jfitzpatrick@cenkos.com

OR

Cenkos Securities plc
Beth McKiernan
+44 (0) 131 220 6939
bmckiernan@cenkos.com

OR

Joint Broker:
RBC Capital Markets
Tim Chapman
+44 (0) 207 653 4641
tim.chapman@rbccm.com

OR

RBC Capital Markets
Matthew Coakes
+44 (0) 207 653 4871
matthew.coakes@rbccm.com

OR

Public Relations:
Pelham Bell Pottinger
Phillip Dennis
+44 (0) 207 861 3919
pdennis@pelhambellpottinger.co.uk

OR

Pelham Bell Pottinger
Rollo Crichton-Stuart
+44 (0) 207 861 3918
rcrichton-stuart@pelhambellpottinger.co.uk

Ithaca Energy Inc.



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FOR: ITHACA ENERGY INC.

AIM, TSX SYMBOL: IAE

January 12, 2012

Ithaca Energy Inc. Production and Operations Update

LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - Jan. 12, 2012) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Ithaca Energy Inc. (TSX:IAE)(AIM:IAE) reports 2011 full year production, details of the 2012 CAPEX programme and a
project update.

Export Production 2011

Full year export production for the Company in 2011 totalled 1,595,039 barrels of oil equivalent ("boe") and represents
an average rate of 4,370 barrels of oil equivalent per day ("boepd") net to Ithaca. The Company's export production
volumes for 2011 came from the operated Beatrice, Jacky and Anglia fields and from the non-operated Topaz, Cook and
Broom fields. Cook and Broom production are included from their effective acquisition dates of January 1 and October 20
2011, respectively.

-- The Company's current daily export production rate is approximately
5,010 boepd net. This number benefits from the result of a workover
recently completed at the Beatrice Bravo platform.

-- The Cook field suffered downtime during the last quarter due to the
partial failure of a subsea control module. This was replaced and
production was fully restored during the quarter.

-- The Beatrice field experienced some downtime in December as a result of
electrical power outages caused by interruption of the shore based
supply and a temporary failure of the produced water treatment system.

Cash Position

The Company had over US$100 million cash at the end of 2011 having taken its first lifting of oil from the Cook field in
December 2011. This cargo was sold for a net value of over US$34 million.

2012 Guidance

The Company anticipates 2012 net capital expenditure to total approximately US$210 million. This expenditure is almost
entirely focused on the execution of the Greater Stella Area development, including approximately US$24 million to drill
and test the Hurricane appraisal well that is scheduled to spud in late Q1 2012. The total net capital expenditure also
includes approximately US$2.6 million on Athena to take the development to first oil.

As previously indicated, the Company will provide full year production guidance for 2012 once the BW Athena Floating
Production, Storage and Offtake ("FPSO") vessel is hooked up in the field.

Athena Development Update

The Athena field development activities continue to progress. The BW Athena FPSO, is undergoing final phases of
conversion work in Dubai Dry Dock World. Commissioning is underway and will be completed before sailaway from Dubai to
ensure that the hook-up and offshore commissioning phase is minimised once the vessel arrives on location. Further to
the Company's update of December 8, 2011, engineering work on the mooring design and associated power supply has
resulted in the mooring system receiving certification for year round operation in the UK North Sea. Commissioning of
the vessel power turbine is well advanced. Sailaway from Dubai is scheduled for mid-February and hardening of the vessel
to add protection during its transit to the UK is now in progress.

Due to security issues in the area, the Company will not be issuing further announcements on routes or sailing times.

Notes to oil and gas disclosure:

In accordance with AIM Guidelines, Hugh Morel, BSc Physics and Geology (Durham), PhD Hydrogeology (London) and senior
petroleum engineer at Ithaca is the qualified person that has reviewed the technical information contained in this press
release. Dr Morel has 30 years operating experience in the upstream oil industry.

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

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 estimated expenditures and estimated timing and developments on the Athena or Stella fields 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.

The term "boe" may be misleading, particularly if used in isolation. A boe conversion of 6 Mcf: 1 bbl is based on an
energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency
at the wellhead.

FOR FURTHER INFORMATION PLEASE CONTACT:

Ithaca Energy:
Iain McKendrick, CEO
+44 (0) 1224 650 261
imckendrick@ithacaenergy.com

OR

Graham Forbes, CFO
+44 (0) 1224 652 151
gforbes@ithacaenergy.com

OR

John Woods, CDO
+44 (0) 1224 650 273
jwoods@ithacaenergy.com

OR

Pelham Bell Pottinger Public Relations:
Philip Dennis
+44 (0) 207 861 3919
pdennis@pelhambellpottinger.co.uk

OR

Rollo Crichton-Stuart
+44 (0) 207 861 3918
rcrichton-stuart@pelhambellpottinger.co.uk

OR

Cenkos Securities plc:
Jon Fitzpatrick
+44 (0) 207 397 8900
jfitzpatrick@cenkos.com

OR

Beth McKiernan
+44 (0) 131 220 6939
bmckiernan@cenkos.com

OR

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

OR

Matthew Coakes
+44 (0) 207 653 4871
matthew.coakes@rbccm.com

Ithaca Energy Inc



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