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 Lawrie Payne,
Non-Executive Chairman of the Board, has notified the Company of his intention
to retire from service to the Company and has accordingly resigned from the
Board of Directors effective February 22nd, 2011.


Mr. Payne is a founding shareholder of Ithaca and was Chief Executive Officer of
the Company from April 2004 to December 1, 2008. Mr. Payne retired as Chief
Executive Officer of the Company on December 1, 2008 and assumed the position of
Executive Chairman until October 1, 2009. Since October 1, 2009 Mr. Payne had
served as Non-Executive Chairman of the Company.


Effective February 22nd, 2011, Jack Lee assumes the position of Non-Executive
Chairman of the Company. Mr. Lee has been a director of Ithaca since February
15, 2008. Mr. Lee is on the board of two public companies and is Lead Director
of Sprott Inc. and Chairman of Alaris Royalty Corp. Mr Lee has also been past
Vice Chairman of Penn West Royalty Trust, past Chairman of Canetic Energy Trust
and past Chairman, President and CEO of Acclaim Royalty Trust.


Lawrie Payne commented:

"Ithaca now enjoys a dynamic and outstanding management and Board of Directors
which have shaped the Company from a start-up into the well funded multi asset
organisation it is today. I am proud to have been part of the growth of Ithaca.
It is time for me to step down and pursue other interests and I am doing so for
personal reasons. I have thoroughly enjoyed my service to Ithaca and wish it,
and all associated, well."


Iain McKendrick, CEO of Ithaca Energy, commented:

"We wish Lawrie well in his retirement and thank him for his contribution to the
growth of the Company. I look forward to continuing an excellent and close
working relationship with Jack in his new role."
Ithaca Energy Inc. (TSXV:IAE)
Historical Stock Chart
From Oct 2024 to Nov 2024 Click Here for more Ithaca Energy Inc. Charts.
Ithaca Energy Inc. (TSXV:IAE)
Historical Stock Chart
From Nov 2023 to Nov 2024 Click Here for more Ithaca Energy Inc. Charts.