Organisation Changes

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

Ithaca Energy Inc.

Organisation Changes

23 December 2014

Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) (the "Company") is pleased to announce the appointment of Mr Roy Buchan as Chief Operations Officer, starting 5 January 2015.

Mr Buchan has over 30 years of operational experience in the oil and gas industry. He has held various technical and senior management positions in the North Sea and internationally for Royal Dutch Shell plc and was previously Group Head of Operations for BG Group plc and, most recently, Technical & Production Director of Talisman Sinopec Energy UK Limited.

In accordance with the Company's Stock Option Plan, the Board of Directors has granted 750,000 share options to Mr Buchan at a price of C$1.06, which was the closing price on the Toronto Stock Exchange on 5 December 2014. The options may be exercised for a period of four years from 8 December 2014 (the "Effective Date"). One third of the options will vest at the end of each of the first, second and third years from the Effective Date. This share option grant does not increase the total number of shares under option, as updated on 8 December 2014.

The Company also confirms that Mr John Woods, currently Chief Development Officer, will be leaving the Company on 31 January 2015.

Les Thomas, Chief Executive Officer of Ithaca, commented:

"We are delighted to welcome Roy to head up the Company's operations organisation. He brings a wealth of industry experience and a deep understanding of North Sea operations that will be invaluable as the Company prepares for the commencement of production from the Stella development. We would also like to sincerely thank John for his contribution to the company over the years and wish him well in the future."

- ENDS -

Enquiries:

Ithaca Energy

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

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

FTI Consulting

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

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

Cenkos Securities

Neil McDonald [email protected] +44 (0)207 397 8900

Nick Tulloch [email protected] +44 (0)131 220 6939

RBC Capital Markets

Jeremy Low [email protected] +44 (0)207 653 4000

Matthew Coakes [email protected] +44 (0)207 653 4000

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