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Ithaca Energy Inc.: Ithaca Energy Announces Lupus Well Result

ABERDEEN, SCOTLAND--(Marketwired - July 21, 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.

Lupus Well Result

21 July 2014

Ithaca Energy Inc. (TSX: IAE, LSE: IAE) ("Ithaca" or the "Company") announces that the Tullow Oil Norge AS ("Tullow") operated exploration well 31/10-1 on the "Lupus" prospect in licence PL507 in the Norwegian North Sea did not encounter hydrocarbons.

Tullow is currently finishing drilling of exploration well 31/10-1. The well is located approximately 35 kilometres southeast of the Oseberg Sør Field in the North Sea.

The primary objective of the well was to prove up hydrocarbons in the Paleocene Hermod Formation in a stratigraphic trap. A secondary target was to test for reservoir quality sandstones in the Paleocene Ty Formation of the Rogaland Group.

The well identified good quality reservoir sandstone in the Hermod Formation, but no sandstone was observed in the Ty Formation. No hydrocarbons were encountered by the well and it is now being plugged and abandoned.

The well was drilled to a total depth of 2,357 metres by the semi-submersible Borgland Dolphin rig in a water depth of 121 metres.

The partners in licence PL507 are Tullow (60%, Operator), Explora Petroleum (20%), Ithaca Energy (10%) and North Energy (10%).

- ENDS -

Enquiries:

Ithaca Energy                                                               
Les Thomas          [email protected]            +44 (0)1224 650 261 
Nick Muir           [email protected]              +44 (0)1224 650 267 
                                                                            
FTI Consulting                                                              
Edward Westropp     [email protected]   +44 (0)203 727 1521 
Shannon Brushe      [email protected]    +44 (0)203 727 1077 
                                                                            
Cenkos Securities                                                           
Neil McDonald       [email protected]                +44 (0)131 220 6939 
Beth McKiernan      [email protected]               +44 (0)131 220 9778 
                                                                            
RBC Capital Markets                                                         
Tim Chapman         [email protected]               +44 (0)207 653 4641 
Matthew Coakes      [email protected]            +44 (0)207 653 4871 

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.

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