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UNITED STATES


Ithaca Energy Inc. (TSX VENTURE:IAE)(AIM:IAE) announces that 15,000 share
options have been exercised by staff members.


Following this exercise, the Company has applied for a total of 15,000 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. 


It is expected that dealings in the New Common Shares will commence on 19 July 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.


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