Meeting and Record Dates for Special Meeting

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

Ithaca Energy Inc.

Announces Meeting and Record Dates for Special Meeting

4 March 2013

Ithaca Energy Inc. ("Ithaca") (TSX: IAE, LSE AIM: IAE) announced today that it will hold a special meeting of shareholders on April 8, 2013 in Calgary, Alberta to vote on the two director nominees proposed by JEC Capital Partners, LLC ("JEC"), JEC II Associates, LLC and Anthion Master Fund, LP (collectively, the "Dissident Shareholders"). Holders of common shares of Ithaca as of the close of trading on March 11, 2013 will be eligible to vote their shares at the meeting.

The April 8 meeting date is consistent with the date proposed by the Dissident Shareholders, who have requested that the requisitioned meeting occur by no later than April 8, 2013.

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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

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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