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IBC Announces 2010 Earnings

Warrants Exercise and Additional Listing

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LONDON, UNITED KINGDOM and CALGARY, CANADA--(Marketwire - March 3, 2011) -

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

Ithaca Energy Inc. (TSX VENTURE:IAE)(AIM:IAE) ("the Company") announces that further to the agreement entered into with Gemini Oil & Gas Fund II, L.P. ("Gemini") in relation to the Company's interest in the Athena field (the Agreement") on September 20, 2010, Gemini has exercised all warrants granted to acquire 2,500,000 common shares of the Company at C$2.25 per share.

Following this exercise, the Company has applied for a total of 2,500,000 common shares ("New Common Shares") to be admitted to trading on AIM. Each New Common Share will rank pari passu with the existing common shares. Following the exercise of these warrants, the Company has no further warrants outstanding.

It is expected that dealings in the New Common Shares will commence on 9 March 2011.

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

This press release is a requirement under the AIM Rules for Companies.


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.