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To: LoneClone who wrote (37188)	7/5/2012 9:59:42 PM
From: LoneClone	Read Replies (1) of 37387

Ithaca Energy Inc.: Jacky J03 Legal Judgement Wed, 4 Jul, 2012 2:00 AM EDT ca.finance.yahoo.com LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - July 4, 2012) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Ithaca Energy Inc. (TSX: IAE.TO - News)(AIM: IAE.L - News) announces that the Commercial Court of the High Court of Justice ("Court") has handed down judgment in favour of Ithaca in respect of the Jacky J03 well proceedings raised against North Sea Energy (UK) Limited ("NSE"). The Court has confirmed Ithaca's position in concluding that the Jacky J03 well was drilled as a "Joint Operation" under the joint operating agreement. Accordingly, NSE remains obliged to contribute to the Jacky J03 well costs in accordance with its field equity (10%). NSE has not requested leave to appeal the judgment and has been ordered to pay Ithaca's legal costs of the proceedings. 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 Contacts Iain McKendrick Ithaca Energy: CEO +44 (0) 1224 650 261 imckendrick@ithacaenergy.com John Woods Ithaca Energy: CDO +44 (0) 1224 650 273 jwoods@ithacaenergy.com Philip Dennis Pelham Bell Pottinger Public Relations: +44 (0) 207 861 3919 pdennis@pelhambellpottinger.co.uk Rollo Crichton-Stuart Pelham Bell Pottinger Public Relations: +44 (0) 207 861 3918 rcrichton-stuart@pelhambellpottinger.co.uk Jon Fitzpatrick Cenkos Securities plc: +44 (0) 207 397 8900 jfitzpatrick@cenkos.com Beth McKiernan Cenkos Securities plc: +44 (0) 131 220 6939 bmckiernan@cenkos.com Tim Chapman RBC Capital Markets: +44 (0) 207 653 4641 tim.chapman@rbccm.com Matthew Coakes RBC Capital Markets: +44 (0) 207 653 4871 matthew.coakes@rbccm.com

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