Acquisition Completion

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

Ithaca Energy Inc.

Completion of Acquisition of Interests in three UK Producing Oil Fields

1 August 2014

Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) ("Ithaca" or the "Company") is pleased to report that, further to the announcement made on 23 June 2014, it has now completed the acquisition of the three UK producing oil field interests from Sumitomo Corporation ("Sumitomo").

Ithaca has acquired Summit Petroleum Limited ("SPL"), a subsidiary company of Sumitomo, which holds the Cook (20.00%), Pierce (7.48%) and Wytch Farm (7.43%) field interests that have been acquired. The net consideration paid at completion was $163 million, taking into account working capital and net cashflows since the transaction effective date of 1 January 2014.

- ENDS -

Enquiries:

Ithaca Energy

Les Thomas [email protected] +44 (0)1224 650 261

Richard Smith [email protected] +44 (0)1224 652 172

FTI Consulting

Edward Westropp [email protected] +44 (0)203 727 1521

Shannon Brushe [email protected] +44 (0)203 727 1077

Cenkos Securities

Neil McDonald [email protected] +44 (0)131 220 6939

Beth McKiernan [email protected] +44 (0)131 220 9778

RBC Capital Markets

Tim Chapman [email protected] +44 (0)207 653 4641

Matthew Coakes [email protected] +44 (0)207 653 4871

About Ithaca Energy

Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) is a North Sea oil and gas operator focused on the delivery of lower risk growth through the appraisal and development of UK undeveloped discoveries, the exploitation of its existing UK producing asset portfolio and a Norwegian exploration and appraisal business targeting the generation of discoveries capable of monetisation prior to development. Ithaca's strategy is centred on generating sustainable long term shareholder value by building a highly profitable 25kboe/d North Sea oil and gas company. For further information please consult the Company's website www.ithacaenergy.com.

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