Directors' Share Purchases

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

Ithaca Energy Inc.

Directors' Share Purchases

5 April 2013

Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) announces that on April 4, 2013 three of the Company's Non-Executive Directors increased their beneficial shareholdings in Ithaca, purchasing a total of 140,000 Common Shares.

Jack C. Leeacquired 65,000 Common Shares at CAD$1.72 per share, increasing his beneficial holding to 765,000 Common Shares, representing approximately 0.29% of the issued share capital of the Company.

Jay Zammit acquired 50,000 Common Shares at CAD$1.72 per share, increasing his beneficial holding to 498,332 Common Shares, representing approximately 0.19% of the issued share capital of the Company.

Brad Hurtubise acquired 25,000 Common Shares at CAD$1.73 per share, increasing his beneficial holding to 125,000 Common Shares, representing approximately 0.05% of the issued share capital of the Company.

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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

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