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


Ithaca Energy Inc. (TSX VENTURE:IAE)(AIM:IAE) and its wholly owned subsidiary
Ithaca Energy (UK) Limited ("Ithaca" or the "Company"), an independent oil & gas
company with exploration, development and production assets in the UK sector of
the North Sea, announces that pursuant to the Earn In agreement signed on
October 27, 2009 between Ithaca and Challenger Mineral (North Sea) Limited
("CMI") the transaction has now completed.


The Earn In concerned the Stella appraisal well drilled in Q1 2010, whereby CMI
has paid 27% of gross Stella appraisal costs in exchange for an 18% equity
interest in the Stella and Harrier discoveries, thereby carrying a part of
Ithaca's share of drilling costs. In addition, due to the successful appraisal
of Stella, CMI shall now disproportionately fund a further Stella or Harrier
development well.


The revised equities in the Stella and Harrier fields (Blocks 29/10a and 30/6a
(Chalk Layers and Younger) are: Ithaca (50.33%), Dyas UK Limited (31.67%) and
CMI (18.00%).


Forward-looking statements:

Some of the statements in this press release 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, including, without limitation, the development of Stella and
Harrier, estimates of oil and gas reserves and associated future development
plans of the Company. When used in this press release, the words "expects,"
"believes," "anticipate," "plans," "may," "will," "should", "scheduled",
"targeted", "estimated" and similar expressions, and the negatives thereof,
whether used in connection with the development plans, hydrocarbon composition
or otherwise, are intended to identify forward-looking statements. Such
statements are not promises or guarantees, and are subject to risks and
uncertainties that could cause actual outcome to differ materially from those
suggested by any such statements, including the risk that the Stella and Harrier
projects may not proceed on the terms described herein or at all and the risk
that the future benefits and anticipated production by the Company are not
realized. These forward-looking statements speak only as of the date of this
announcement. Ithaca Energy Inc. 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.
Ithaca Energy Inc. (TSXV:IAE)
Historical Stock Chart
From Sep 2024 to Oct 2024 Click Here for more Ithaca Energy Inc. Charts.
Ithaca Energy Inc. (TSXV:IAE)
Historical Stock Chart
From Oct 2023 to Oct 2024 Click Here for more Ithaca Energy Inc. Charts.