ABERDEEN, SCOTLAND--(Marketwired - Dec 8, 2014) - Ithaca Energy Inc (TSX: IAE) (LSE: IAE)

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

Ithaca Energy Inc.

Directors Shareholdings

8 December 2014

Ithaca Energy Inc. (TSX: IAE; LSE: IAE) ("Ithaca" or the "Company") announces that it was notified on 5 December 2014 that Les Thomas, Chief Executive Officer and Director, and Jack C. Lee, Non-Executive Chairman, increased their beneficial shareholdings in the Company through the purchase of Common Shares.

Les Thomas purchased 200,000 Common Shares at £0.61 per share on that date, increasing his beneficial holding to 204,014 Common Shares, representing 0.06 per cent. of the issued share capital of the Company.

Jack C. Lee purchased 200,000 Common Shares at C$1.05 per share on that date, increasing his beneficial holding to 1,400,000 Common Shares, representing 0.42 per cent. of the issued share capital of the Company.

About Ithaca Energy

Ithaca Energy Inc. (TSX: IAE; LSE: IAE) is a North Sea oil and gas operator focused on the delivery of lower risk growth through the appraisal and development of UK undeveloped discoveries, the exploitation of its existing UK producing asset portfolio and a Norwegian exploration and appraisal business targeting the generation of discoveries capable of monetisation prior to development. Ithaca's strategy is centred on generating sustainable long term shareholder value by building a highly profitable 25kboe/d North Sea oil and gas company. For further information please consult the Company's website www.ithacaenergy.com.

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