Ithaca Energy Inc. : Option Award

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

Ithaca Energy Inc.

Grant of Share Options

16 January 2014

Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) ("Ithaca" or the "Company") announces that in accordance with the Company's Stock Option Plan, the Board of Directors has approved the grant of 7,165,000 share options to Directors, Officers and employees at a price of C$2.71, which was the closing price on the Toronto Stock Exchange on 15 January 2014.  The options shall be granted effective 16 January 2014 and may be exercised for a period of four years from that date.  One third of the options will vest at the end of each of the first, second and third years from the effective date.

Of the recipients, a total of 3,150,000 share options were granted to Directors and Officers as follows:

Les Thomas	Officer and Director	600,000
Graham Forbes	Officer	600,000
Nicholas Muir	Officer	400,000
Mike Travis	Officer	400,000
John Woods	Officer	400,000
Jack Lee	Director	150,000
Ron Brenneman	Director	100,000
Brad Hurtubise	Director	100,000
John Summers	Director	100,000
Frank Wormsbecker	Director	100,000
Jay Zammit	Director	100,000
Jannik Lindbaek	Director	100,000

The total number of shares under option is now 21,758,567 Common Shares, representing approximately 6.3% of total shares outstanding and under option.

Fully diluted, the Company now has 345,392,187 Common Shares on issue.

- ENDS -

Enquiries:

Ithaca Energy

Graham Forbes                      [e-mail] [phone]

Richard Smith                        [e-mail]                        [phone]

FTI Consulting

Edward Westropp                  [e-mail]       [phone]

Georgia Mann                         [e-mail]             [phone]

Cenkos Securities

Neil McDonald                        [e-mail]                         [phone]

Beth McKiernan                      [e-mail] [phone]

RBC Capital Markets

Tim Chapman                        [e-mail]                       [phone]

Matthew Coakes                     [e-mail]                 [phone]

About Ithaca Energy

Ithaca Energy Inc. (TSX: IAE, LSE AIM: 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

This information is provided by RNS

The company news service from the London Stock Exchange

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