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Ithaca Energy Inc. (TSX VENTURE:IAE)(AIM:IAE) and its wholly owned subsidiary
Ithaca Energy (UK) Limited ("Ithaca" or the "Company"), an independent oil & gas
company with exploration, development and production assets in the UK sector of
the North Sea, announces the appointment of Fergus McGhie as Project Delivery
Manager for the development of the Stella, Harrier and Hurricane discoveries,
located in the UK sector of the Central North Sea.


Mr McGhie joins the company from Shell UK Limited where he was Central and
Northern North Sea Project Portfolio Manager with overall responsibility for
delivery of the group's major integrated capital expenditure projects through to
first production.


Formerly, Mr McGhie was Head of Subsea and Pipeline Projects for Shell in Europe
and was responsible for the delivery of projects worth almost US$1.5 billion
including gas fields Caravel/Shamrock, the Starling, Scoter and Merganser
developments via Shearwater infrastructure in the Central North Sea ("CNS"),
major reconstructions on the Anasuria, Curlew, Pierce FPSOs, FLAGS Hot-tap,
various Brownfield tiebacks over the Penguins, Nelson and Gannet (CNS)
infrastructure and several other seabed asset integrity upgrades in the North
Sea.


Mr McGhie is a marine engineer and Fellow of the Society of Underwater
Technology, with over 35 years experience having worked for the British Merchant
Navy, Vetco Offshore, Conoco and Elf before joining Shell in 1997.


Iain McKendrick, Chief Executive Officer commented: 

"The appointment of someone with Fergus' calibre and experience underlines our
strategy of using the best technical, project delivery, operational and
commercial expertise to find and develop hydrocarbons in the UK sector of the
North Sea. The highly successful appraisal of Stella, particularly the
confirmation of a significant oil column and the additional proved and probable
reserves, has provided the Company with a challenging and exciting combined
development of Stella and Harrier for which Fergus' skills are ideally matched.
Our ability to recruit top people, the successes of our discoveries and
development projects to date coupled with recent acquisitions of producing
assets at attractive terms continues to strengthen Ithaca's footing in the North
Sea."


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


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 "expects," "believes,"
"anticipate," "plans," "may," "will," "should", "scheduled", "targeted",
"estimated" and similar expressions, and the negatives thereof, are intended to
identify forward-looking statements. Such statements are not promises or
guarantees, and are subject to risks and uncertainties that could cause actual
outcome to differ materially from those suggested by any such statements. These
forward-looking statements speak only as of the date of this announcement.
Ithaca Energy Inc. 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.

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