Cook Field Acquisition Completion

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

Ithaca Energy Inc.

Cook Field Acquisition Completion

5 February 2013

Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) announces that further to the press release made on 9 October 2012, the Company has completed the acquisition of the wholly owned UK subsidiary company of Noble Energy Capital Limited (a subsidiary of Noble Energy Inc., NYSE: NBL), which owns the 12.885% non-operated interest in the Cook field. Following the transaction, the Company now holds a 41.345% in the Cook field.

Enquiries:

Ithaca Energy:

Iain McKendrick, CEO [email protected] +44 (0) 1224 650 261

Graham Forbes, CFO [email protected] +44 (0) 1224 652 151

FTI Consulting:

Billy Clegg [email protected] +44 (0) 207 269 7157

Edward Westropp [email protected] +44 (0) 207 269 7230

Georgia Mann [email protected] +44 (0) 207 269 7212

Cenkos Securities plc:

Jon Fitzpatrick [email protected] +44 (0) 207 397 8900

Ken Fleming [email protected] +44 (0) 131 220 6939

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) and its wholly owned subsidiary Ithaca Energy (UK) Limited ("Ithaca" or "the Company"),is an oil and gas operator focused on North Sea production, appraisal and development activities. The Company's strategy is centred on building a highly profitable North Sea oil and gas company by maximising production and cashflow 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.

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

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 operational activities, production forecasts, budgetary figures contained in the corporate presentation, potential developments 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.

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