Withdrawal of Shareholder Meeting Requisition

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

Ithaca Energy Inc. Announces Withdrawal of Shareholder Meeting Requisition

March 14, 2013

Ithaca Energy Inc. (the "Company" or "Ithaca") (TSX: IAE, LSE AIM: IAE) announces that JEC Capital Partners, LLC and JEC II Associates, LLC and another shareholder of Ithaca (the "Requisitioning Shareholders") have withdrawn their requisition to the board of directors of Ithaca (the "Board") requisitioning that the Board call a meeting of shareholders for the purposes of adding two new directors to the Board and that the pending proxy contest has been terminated. As a result, no special meeting of shareholders will occur on April 8, 2013.

In addition, the Requisitioning Shareholders have agreed not to take any steps to oppose the previously announced acquisition of Valiant Petroleum plc by Ithaca. Ithaca and the Requisitioning Shareholders have entered into agreements with respect to the withdrawal of the requisition. The Board believes the withdrawal of the requisition is in the best interests of all shareholders and will allow Ithaca to continue with execution of its strategy to build long term shareholder value.

Enquiries:

Ithaca Energy Inc.:

Iain McKendrick, CEO [email protected] +44 (0) 1224 650 261

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

Cenkos Securities plc:

Jon Fitzpatrick [email protected] +44 (0) 207 397 8900

Neil McDonald [email protected] +44 (0) 131 220 6939

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

Longview Communications:

David Ryan [email protected] +1 416 649 8007

Louise Kozier [email protected] +1 604 644 6090

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 (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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