IAE Ithaca Energy Inc.

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


Ithaca Energy Inc. (TSX VENTURE:IAE)(AIM:IAE) announces the final production
well on the Athena field has been drilled and fully cased. The well encountered
a considerable section of oil saturated net reservoir, with good porosities.
Development drilling has now been successfully concluded and the project remains
on schedule for production start up in Q4 2011 at approximately 22,000 barrels
of oil per day ("bopd") (gross), approx. 5,000 bopd (net to Ithaca), in-line
with previous disclosure.


Athena field development well 14/18b-A2Z ("the Well") intersected 515 feet
(measured depth) of net reservoir in the sub horizontal section of the well bore
which was drilled to a total measured depth of 15,497 feet. The drilling rig,
Sedco 704, is now proceeding to run completion equipment and perforate the Well,
the three existing suspended production wells and the water injection well.


The Well was directionally drilled to the northwest of the Athena field where it
encountered the principal reservoir section, the Scapa A reservoir, at 11,967
feet (measured depth), 8,851 feet (true vertical depth subsea), in line with
prognosis. Electric logs acquired across the entire reservoir section of
interbedded Scapa age sandstones and shales confirmed a series of reservoir
sands with porosities up to 20%. Two of the thickest, high porosity sandstone
units were encountered close to the top of the reservoir section and Management
anticipates that these will contribute to strong flow rates when the Well comes
into production. A production liner has been run across the reservoir section.


The ongoing modification and recertification work on the Floating Production,
Storage and Offloading ("FPSO") vessel, 'BW Athena' (currently in dry dock in
Dubai) is well advanced. The vessel has been successfully separated for
installation of a turret docking section which is currently being welded into
the structure amidships. The vessel will be extended by approximately 65 feet.
The FPSO will return to UK waters for 'hook up' to the turret mooring buoy by
the end of Q3 2011. More details and images are provided on the Company's
website:


http://www.ithacaenergy.com/Athena-Area.asp

Athena Joint Venture Partners are Ithaca (operator, 22.5%), Dyas UK Ltd (47.5%),
EWE Aktiengesellschaft (20%) and Zeus Petroleum Limited (10%).


Notes to oil and gas disclosure:

In accordance with AIM Guidelines, Hugh Morel, BSc Physics and Geology (Durham),
PhD Hydrogeology (London) and senior petroleum engineer at Ithaca Energy is the
qualified person that has reviewed the technical information contained in this
press release. Dr Morel has 30 years operating experience in the upstream oil
industry.


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.


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


Forward-looking statements

Some of the statements in this announcement 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. When used in this announcement, the words "anticipate", "continue",
"estimate", "expect", "may", "will", "project", "plan", "should", "believe",
"could", "target" and similar expressions, and the negatives thereof, whether
used in connection with the estimated production levels of the Athena field,
anticipated time of first oil from the Athena field or reserves associated with
the Athena field are intended to identify forward-looking statements. The
reserves for individual properties may not reflect the same confidence level as
estimates of reserves of all properties, due to the effects of aggregation. Such
statements are not promises or guarantees, and are subject to known and unknown
risks and uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such forward-looking
statements or information. 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.


The term "boe" may be misleading, particularly if used in isolation. A boe
conversion of 6 Mcf: 1 bbl is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead.

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