Ithaca Energy Inc.: Share Purchase Under the Market Share Incentive Plan by Officers

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES


Ithaca Energy Inc. (TSX VENTURE:IAE)(AIM:IAE) announces that on July 26, 2011
the Company was informed that MM&K Share Plan Administration, the trustee of the
Market Share Incentive Plan ("SIP"), made purchases of Ithaca shares under the
terms of the SIP on behalf of employees and officers of the Company as a result
of which certain officers increased their beneficial shareholdings in the
Company by a total of 11,832 shares on July 26, 2011, as follows: 


Iain McKendrick (Chief Executive Officer) acquired 2,958 ordinary shares at a
price of GBP 1.52 per share taking his total beneficial shareholding to 133,448
shares representing 0.05% of the voting rights. 


Graham Forbes (Chief Financial Officer) acquired 2,958 ordinary shares at a
price of GBP 1.52 per share taking his total beneficial shareholding to 45,958
shares representing 0.02% of the voting rights. 


Nick Muir (Chief Exploration Officer) acquired 2,958 ordinary shares at a price
of GBP 1.52 per share taking his total beneficial shareholding to 7,958 shares
representing less than 0.01% of the voting rights. 


John Woods (Chief Development Officer) acquired 2,958 ordinary shares at a price
of GBP 1.52 per share taking his total beneficial shareholding to 52,958 shares
representing 0.02% of the voting rights. 


The Company has 258,550,295 voting ordinary shares issued and outstanding which
remains unchanged.


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 ("UKCS").
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.