Ithaca Energy Inc. Announces Conditional Approval for TSX Listing

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UNITED STATES


Ithaca (TSX VENTURE:IAE)(AIM:IAE) announces that it has received conditional
approval to list its common shares ("Common Shares") on the Toronto Stock
Exchange ("TSX"). Final approval of the listing is subject to Ithaca satisfying
certain customary filing requirements of the TSX. Ithaca expects that such
filing requirements will be completed prior to the end of October and that the
Common Shares will begin trading on the TSX on or about November 1, 2011. Upon
listing on the TSX, the Common Shares will continue to trade under the symbol
"IAE".


In connection with the listing on the TSX, Ithaca will make an application to
the TSX Venture Exchange ("TSXV") to voluntarily delist the Common Shares from
the TSXV, such delisting to be effective as of the date the Common Shares
commence trading on the TSX.


Ithaca's graduation to the TSX will mark another progressive stage in the
Company's continued growth profile. Additionally, the listing of the Common
Shares on the TSX will provide the Company with access to Canada's largest stock
exchange and is expected to enhance Ithaca's trading liquidity and visibility
within North American capital markets. Following the listing of the Common
Shares on the TSX, the Common Shares will continue to trade on the Alternative
Investments Market (AIM) of the London Stock Exchange plc under the symbol
"IAE".


About Ithaca Energy:

Ithaca Energy Inc. and its wholly owned subsidiary Ithaca Energy (UK) Limited
("Ithaca" or the "Company"), is an oil and gas exploration, development and
production company active in the United Kingdom's Continental Shelf. The goal of
Ithaca, in the near term, is to maximize production and achieve early production
from the development of existing discoveries on properties held by Ithaca, to
originate and participate in exploration and appraisal on properties held by
Ithaca when capital permits, and to consider other opportunities for growth as
they are identified from time to time by Ithaca.


FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including but not
limited to statements with respect to the receipt of TSX's final approval of the
listing of the Common Shares, the anticipated commencement of trading for the
Common Shares on the TSX, the voluntary delisting of the Common Shares from the
TSXV and the anticipated benefits of obtaining a listing on the TSX. Such
forward-looking statements are based on Ithaca's current expectations and
assumptions which are subject to certain risks and uncertainties. These risks
include but are not limited to failure to obtain the required approvals of the
TSX and the TSXV. In this news release, such forward-looking statements can be
identified by terminology such as "intends", "to be", "expected, "anticipates",
"plan", "may", "will" and similar expressions. Accordingly, readers are
cautioned that events and circumstances could cause results to differ materially
from those predicted, forecasted or projected. Such forward-looking statements
are expressly qualified by the above statements. Ithaca does not undertake any
obligation to publically update or revise any forward-looking statements or
information contained herein, except as required by applicable securities laws.