TSX Conditional Approval for the Issue of Shares

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

Ithaca Announces Conditional Approval of the Toronto Stock Exchange for the Issuance of Common Shares Pursuant to the Offer for Valiant Petroleum plc

March 11, 2013

Ithaca Energy Inc. (the "Company" or "Ithaca") (TSX: IAE, LSE AIM: IAE) is pleased to announce that it has received the conditional approval of the Toronto Stock Exchange (the "TSX") for the issuance of common shares of the Company pursuant to the terms of the acquisition by Ithaca Energy Holdings (UK) Limited, a wholly-owned subsidiary of the Company, of the issued and outstanding shares, including those issuable upon the exercise of convertible securities, of Valiant Petroleum plc (the "Acquisition"). For further details regarding the Acquisition, please see Ithaca's press release dated March 1, 2013 which is available under Ithaca's profile on SEDAR at www.sedar.com.

The closing of the Acquisition is subject to the ordinary terms and conditions of the TSX including the filing of certain materials with the TSX following completion of the Acquisition.

Pursuant to the terms of the TSX approval and in accordance with TSX policies, shareholder approval will not be required in connection with the issuance of Ithaca common shares relating to the Acquisition.

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About Ithaca Energy:

Ithaca (TSX: IAE, LSE AIM: IAE), and its wholly owned subsidiary Ithaca Energy (UK) Limited,  is an oil and gas operator focused on production, appraisal and development activities on the United Kingdom Continental Shelf. The Company's strategy is centred on building a highly profitable North Sea oil and gas company by maximising production and cash flow 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.

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 "proposed", "anticipate", "expect", "may", "will", "should", and similar expressions, and the negatives thereof, whether used in connection with the Acquisition or otherwise, are intended to identify forward-looking statements. Such statements, including information in respect of the proposed Acquisition, 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 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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