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


Ithaca Energy Inc. (TSX VENTURE:IAE)(AIM:IAE) announces that an updated
presentation of the Company's activities will be provided at the 2011 Annual &
Special Meeting of Shareholders. The presentation contains details of the
company's revised capital expenditure plans for 2011 which show an increase from
$120 to $136 million to mainly cover the re-phasing of long lead items for the
Stella project. The presentation is now available on the Company's website:
www.ithacaenergy.com.


The 2011 Annual & Special Meeting of Shareholders will be held at the Petroleum
Club, Viking Room, 319 - 5 Avenue S.W., Calgary, Alberta, Canada, at 3.30 p.m.
on Thursday, May 19, 2011.


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.


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