ABERDEEN, SCOTLAND--(Marketwire - Mar 14, 2013) -

TSX-V:IAE

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

Ithaca Energy Inc. Announces Withdrawal of Shareholder Meeting
                             Requisition

March 14, 2013

Ithaca Energy Inc. (the "Company" or "Ithaca") (TSX: IAE, LSE AIM: IAE)
announces that JEC Capital Partners, LLC and JEC II Associates, LLC and
another shareholder of Ithaca (the "Requisitioning Shareholders") have
withdrawn their requisition to the board of directors of Ithaca (the
"Board") requisitioning that the Board call a meeting of shareholders
for the purposes of adding two new directors to the Board and that the
pending proxy contest has been terminated.As a result, no special
meeting of shareholders will occur on April 8, 2013.

In addition, the Requisitioning Shareholders have agreed not to take
any steps to oppose the previously announced acquisition of Valiant
Petroleum plc by Ithaca. Ithaca and the Requisitioning Shareholders
have entered into agreements with respect to the withdrawal of the
requisition.The Board believes the withdrawal of the requisition is
in the best interests of all shareholders and will allow Ithaca to
continue with execution of its strategy to build long term shareholder
value.

Enquiries:

Ithaca Energy Inc.:

Iain McKendrick,CEO   imckendrick@ithacaenergy.com   +44 (0) 1224 650 261
Graham Forbes,CFO     gforbes@ithacaenergy.com       +44 (0) 1224 652 151


Cenkos Securities plc:

Jon Fitzpatrick       jfitzpatrick@cenkos.com        +44 (0) 207 397 8900
Neil McDonald         nmcdonald@cenkos.com           +44 (0) 131 220 6939


FTI Consulting:

Billy Clegg        billy.clegg@fticonsulting.com     +44 (0) 207 269 7157
Edward Westropp   edward.westropp@fticonsulting.com  +44 (0) 207 269 7230
Georgia Mann      georgia.mann@fticonsulting.com     +44 (0) 207 269 7212


Longview Communications:

David Ryan        dryan@longviewcomms.ca             +1 416 649 8007
Louise Kozier     lkozier@longviewcomms.ca           +1 604 644 6090


RBC Capital Markets:

Tim Chapman       tim.chapman@rbccm.com              +44 (0) 207 6534641
Matthew Coakes    matthew.coakes@rbccm.com           +44 (0) 207 653 4871


About Ithaca Energy:

Ithaca (TSX: IAE, LSE AIM: IAE), and its wholly owned subsidiary Ithaca
Energy (UK) Limited, is an oil and gas operator focused on production,
appraisal and development activities on the United Kingdom Continental
Shelf. The Company's strategy is centred on building a highly
profitable North Sea oil and gas company by maximising production and
cash flow from its existing assets, the appraisal and development of
existing discoveries on properties held by the Company and the delivery
of additional growth via acquisitions and licence round participation.

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 "proposed", "anticipate", "expect", "may", "will", "should",and
similar expressions, and the negatives thereof, whether used in
connection with the acquisition or otherwise, are intended to identify
forward-looking statements. Such statements, including information in
respect of the proposed acquisition, 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 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.


-ENDS-



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