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TSX Conditional Approval for the Issue of Shares

March 11, 2013 - Aberdeen, Scotland


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

Ithaca Announces Conditional Approval of the Toronto Stock Exchange for
the Issuance of Common Shares Pursuant to the Offer for
Valiant Petroleum plc

March 11, 2013

Ithaca Energy Inc. (the "Company" or "Ithaca") (TSX: IAE, LSE AIM: IAE)
is pleased to announce that it has received the conditional approval of
the Toronto Stock Exchange (the "TSX") for the issuance of common
shares of the Company pursuant to the terms of the acquisition by
Ithaca Energy Holdings (UK) Limited, a wholly-owned subsidiary of the
Company, of the issued and outstanding shares, including those issuable
upon the exercise of convertible securities, of Valiant Petroleum plc
(the "Acquisition"). For further details regarding the Acquisition,
please see Ithaca's press release dated March 1, 2013 which is
available under Ithaca's profile on SEDAR at

The closing of the Acquisition is subject to the ordinary terms and
conditions of the TSX including the filing of certain materials with
the TSX following completion of the Acquisition.

Pursuant to the terms of the TSX approval and in accordance with TSX
policies, shareholder approval will not be required in connection with
the issuance of Ithaca common shares relating to the Acquisition.


Ithaca Energy:

Iain McKendrick,CEO +44 (0) 1224 650 261

Graham Forbes, CFO +44 (0) 1224 652 151

Cenkos Securities plc:

Jon Fitzpatrick +44 (0) 207 397 8900

Ken Fleming +44 (0) 131 220 6939

FTI Consulting:

Billy Clegg +44 (0) 207 269 7157

Edward Westropp +44 (0) 207 269 7230

Georgia Mann +44 (0) 207 269 7212

About Ithaca Energy:

Ithaca (TSX: IAE, LSE AIM: IAE), and its wholly owned subsidiary Ithaca
Energy (UK) Limited, 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 "proposed", "anticipate", "expect", "may", "will", "should",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, including information in
respect of the proposed Acquisition, 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 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.


This information is provided by RNS
The company news service from the London Stock Exchange


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