N@N

Shareholding

^{Published on 2011-04-18 06:35:22, Last Modified on 2011-04-18 06:42:14 - Market Wire}
 

LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - April 18, 2011) - Ithaca Energy Inc. (TSX VENTURE:IAE)(AIM:IAE)

For filings with the FSA include the annex

For filings with issuer exclude the annex

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES(i)

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1. Identity of the issuer or the underlying issuer of
existing shares to which voting rights are attached:
ii Ithaca Energy Inc.
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2 Reason for the notification (please tick the appropriate box or boxes):
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An acquisition or disposal of voting rights X
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An acquisition or disposal of qualifying financial instruments which may
result in the acquisition of shares already issued to which voting rights
are attached
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An acquisition or disposal of instruments with similar economic effect to
qualifying financial instruments
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An event changing the breakdown of voting rights
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Other (please specify):
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3. Full name of person(s) subject to
 the notification obligation: iii Sprott Asset Management LP
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4. Full name of shareholder(s)
 (if different from 3.):iv See Section 9
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5. Date of the transaction and date on which
 the threshold is crossed or reached: v April 7, 2011
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6. Date on which issuer notified: April 14, 2011
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7. Threshold(s) that is/are crossed
 or reached: vi, vii Below 3%
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8. Notified details:
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A: Voting rights attached to shares viii, ix
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 Situation
 previous
Class/ to
type the Resulting situation after
of triggering the triggering transaction
shares transaction
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 Number Number of % of
 of voting voting
 shares rights rights x
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if Number
possible Number of
using the of Voting Indirect
ISIN CODE Shares Rights Direct Direct xi xii Direct Indirect
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Ordinary
Shares 6,354,778 6,354,778 7,218,278 7,218,278 2.8%
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B: Qualifying Financial Instruments
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Resulting situation after the triggering
transaction
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 Number of
 voting
 rights
 that
 may be
 acquired
 if
 the
 instrument
Type of Exercise/ is % of
financial Expiration Conversion exercised/ voting
instrument date xiii Period xiv converted. rights
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C: Financial Instruments with similar economic effect to Qualifying
Financial Instruments xv, xvi
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Resulting situation after the triggering
transaction
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 Number
 of
 Exercise/ voting
Type of Conversion rights % of
financial Exercise Expiration period instrument voting
instrument price date xvii xviii refers to rights xix, xx

 Nominal Delta
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Total (A+B+C)
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Number of voting Percentage of
rights voting rights
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7,218,278 2.8%

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9. Chain of controlled undertakings through which the voting rights
and/or the financial instruments are effectively held, if applicable: xxi
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Sprott Asset Management LP is the portfolio manager acting on behalf of
the Sprott Canadian Equity Fund, Sprott Small Cap Equity Fund, Sprott
Bull/Bear RSP Fund, Sprott Hedge Fund L.P., Sprott Hedge Fund L.P. II,
Sprott Master Fund, Ltd., Sprott Master Fund II, Ltd., Sprott Small
Cap Hedge Fund, Sprott Opportunities Hedge Fund LP and certain Sprott
Managed Accounts.
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Proxy Voting:
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10. Name of the proxy holder:
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11. Number of voting rights proxy holder will cease to hold:
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12. Date on which proxy holder will cease to hold voting rights:
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13. Additional information:
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14. Contact name: Maggie Tang
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15. Contact telephone number: 1-416-943-4072
[ mtang@sprott.com ]
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Note: Annex should only be submitted to the FSA not the issuer

Annex: Notification of major interests in shares xxii

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A: Identity of the persons or legal entity subject to the notification
obligation
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 Full name
 (including legal form of legal entities) Sprott Asset Management LP
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 200 Bay Street, Suite
 Contact address 2700, PO Box 27
 (registered office for legal entities) Royal Bank Plaza, South Tower
 Toronto, ON Canada M5J 2J1
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Phone number & email
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Other useful information
(at least legal representative for legal persons)
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B: Identity of the notifier, if applicable
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Full name 
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Contact address
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Phone number & email
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Other useful information

(e.g. functional relationship with the
person or legal entity subject to
the notification obligation)
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C: Additional information
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For notes on how to complete form TR-1 please see the FSA website.