Corporate Presentation

TSX-V:IAE

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

Ithaca Energy Inc.

Corporate Presentation

London, UK - Calgary, Canada, September 18, 2012 - Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) announces that an updated corporate presentation is available on the Company's website, www.ithacaenergy.com. The presentation summarises the current status and priorities associated with the Company's operational activities and ongoing development work programmes and highlights that additional oil price hedging has been put in place to further underpin revenues in the 2012-13 period.

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

Beth McKiernan [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. 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.

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

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