Ithaca Energy Inc.: Officers' Share Purchase and Grant of Options

CALGARY, AB -- (Marketwired) -- 06/29/15 -- Ithaca Energy Inc. (TSX: IAE) (LSE: IAE)

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

Ithaca Energy Inc.

Officers' Share Purchase & Grant of Options

29 June 2015

Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) ("Ithaca" or the "Company") announces that on 26 June 2015 the Officers of the Company increased their beneficial shareholdings through the purchase of Common Shares pursuant to the Company's Market Share Incentive Plan ("SIP"). Ithaca also reports that it has granted a total of 950,000 share options to the Non-Executive Directors of the Company.

Officers' Share Purchase The individuals named below increased their beneficial shareholdings in the Company by a total of 39,444 Common Shares at a price of £ 0.5475 per Common Share (the maximum permissible under the SIP) as follows:

Name            Designation            Common Shares          Resultant
                                       Purchased              Holding
Les Thomas      Officer & Director     9,861 shares           213,875 shares
Graham Forbes   Officer                9,861 shares           276,180 shares
Roy Buchan      Officer                9,861 shares           23,261 shares
Nicholas Muir   Officer                9,861 shares           33,980 shares

These purchases were made by MM&K Share Plan Administration, the trustee of the SIP.

Grant of Share Options In accordance with the Company's Stock Option Plan, the Board of Directors approved the grant of 950,000 share options to the Non-Executive Directors at an exercise price of C$1.04, which was the closing price on the Toronto Stock Exchange on 26 June 2015. The options shall be granted effective 29 June 2015 (the "Effective Date") and may be exercised for a period of four years from that date. One third of the options will vest at the end of each of the first, second and third years from the Effective Date.

The total of 950,000 share options was granted as follows:

Jack C. Lee               Director                  200,000
Ron Brenneman             Director                  150,000
Alec Carstairs            Director                  150,000
Brad Hurtubise            Director                  150,000
Frank Wormsbecker         Director                  150,000
Jay Zammit                Director                  150,000

The Company currently has 329,518,620 Common Shares in issue with one voting right per Common Share. There are no Common Shares held in treasury. The total number of voting shares in the Company is therefore 329,518,620.

Fully diluted, the Company now has 351,171,576 Common Shares on issue.

The total number of shares under option is now 21,652,956 Common Shares, representing approximately 6.2% of total shares outstanding and under option.

Enquiries:

Ithaca Energy Les Thomas [email protected] +44(0) 1224 650 261 Graham Forbes [email protected] +44 (0)1224 652 151

FTI Consulting Edward Westropp [email protected] +44 (0)207 269 7230 Tom Hutton [email protected] +44 (0)203 727 1625

Cenkos Securities Neil McDonald [email protected] +44 (0)207 397 8900 Nick Tulloch [email protected] +44 (0)131 220 6939

RBC Capital Markets Daniel Conti [email protected] +44 (0)207 653 4000 Matthew Coakes [email protected] +44 (0)207 653 4000

About Ithaca Energy Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) is a North Sea oil and gas operator focused on the delivery of lower risk growth through the appraisal and development of UK undeveloped discoveries, the exploitation of its existing UK producing asset portfolio and a Norwegian exploration and appraisal business targeting the generation of discoveries capable of monetisation prior to development. Ithaca's strategy is centered on generating sustainable long term shareholder value by building a highly profitable 25 kboe/d North Sea oil and gas company. For further information, please consult the Company's website, www.ithacaenergy.com.

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

Contacts:
RNS
Customer
Services
0044-207797-4400
[email protected]
http://www.rns.com

Source: Ithaca Energy Inc

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