Ithaca Energy Inc (fka TSX:IAE)

[futrcash]

July9,2012 Hurricane Appraisal Well Commences
FOR: ITHACA ENERGY INC.

TSX, AIM SYMBOL: IAE

July 9, 2012

Ithaca Energy Inc.: Hurricane Appraisal Well Commences

LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - July 9, 2012) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Ithaca Energy Inc. (TSX:IAE)(LSE:IAE) announces that it has commenced drilling of the Hurricane appraisal well
in Block 29/10b (Ithaca operated), which lies within the Company's Greater Stella Area in the UK sector of the
Central North Sea.

The well is being drilled using the WilHunter semi-submersible rig. The Company has contracted the services of
Applied Drilling Technologies International ("ADTI") to manage drilling operations under "turnkey" contract
arrangements. The well programme is anticipated to take between 75 to 85 days to complete, including the
performance of a drill stem test.

The Hurricane discovery well, 29/10-4z, was drilled by Shell in 1995. The well encountered 41 degrees API light
oil in Eocene Rogaland sands in the western lobe of the structure.

The appraisal well will be drilled to the base of the Tertiary section in the eastern lobe of the mapped
structure and is designed to satisfy three primary objectives:


=- Confirm the nature and volume of recoverable hydrocarbons

=- Calibrate the hydrocarbon contact with seismic amplitude

=- Verify the distribution, quality and connectivity of the reservoir


Upon successful completion of the appraisal well objectives, the wellbore will be suspended for future re-entry
and completion as a production well.

The Hurricane discovery lies within 10 kilometres of the "FPF-1" floating production unit that will be
installed as part of the Company's development of the Stella and Harrier fields. The anticipated development of
Hurricane would involve the tie-back of wells and subsea infrastructure to the FPF-1, providing a valuable
incremental add-on to the ongoing development of the Greater Stella Area.

The Company's independent reserves evaluator, Sproule International Limited, assigned net Proved and Probable
reserves to Hurricane of 2.7 million barrels of oil equivalent ("mmboe"), based on the well in the western lobe
of the discovery, in its report dated December 31st, 2011.

The Joint Venture partners in the Ithaca operated Block 29/10b (Hurricane) are Ithaca Energy (UK) Ltd (54.66%),
Dyas UK Ltd (25.34%) and Petrofac Energy Developments UK Limited (20%).

Notes to oil and gas disclosure:

In accordance with AIM Guidelines, Hugh Morel, BSc Physics and Geology (Durham), PhD Hydrogeology (London) and
senior petroleum engineer at Ithaca is the qualified person that has reviewed the technical information
contained in this press release. Dr Morel has 30 years' operating experience in the upstream oil industry.

The Company's petroleum and natural gas reserves (the "reserves") have been independently evaluated by Sproule
(www.sproule.com) in accordance with the Canadian Oil and Gas Evaluation Handbook ("COGEH") reserves
definitions and evaluation practices and procedures which abide by the standards set by the Canadian Institute
of Mining, Metallurgy and Petroleum ("CIM"), as specified by National Instrument 51-101 ("NI 51-101"). The
evaluation uses Sproule's forecast prices and costs at December 31, 2011.

The term "boe" may be misleading, particularly if used in isolation. A boe conversion of 6 Mcf: 1 bbl is based
on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a
value equivalency at the wellhead.

The estimates of reserves and future net revenues for individual properties may not reflect the same confidence
level as estimates of reserves and future net revenues for all properties, due to the effects of aggregation.

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

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 including drilling plans and potential field reserves. When used in this announcement, the
words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "plan", "should", "believe",
"could", "target" and similar expressions, and the negatives thereof, whether used in connection with future
development plans associated with the Hurricane field are intended to identify forward-looking statements. Such
statements are not promises or guarantees, and are subject to known and unknown risks and uncertainties and
other factors that may cause actual results or events to differ materially from those anticipated in such
forward-looking statements or information. In the view of the Company's management, this information reflects
the best currently available estimates and judgements, and presents, to the best of management's knowledge and
belief, the expected course of action. 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. Readers are cautioned that the
forward-looking statements contained in this press release should not be used for purposes other than for which
it is disclosed herein. These statements may not be appropriate for other purposes.


FOR FURTHER INFORMATION PLEASE CONTACT:

Ithaca Energy:
Nick Muir
CTO
[phone]
[e-mail]

OR

Ithaca Energy:
John Woods
CDO
[phone]
[e-mail]

OR

Pelham Bell Pottinger Public Relations:
Philip Dennis
[phone]
[e-mail]

OR

Pelham Bell Pottinger Public Relations:
Rollo Crichton-Stuart
[phone]
[e-mail]

OR

Cenkos Securities plc:
Jon Fitzpatrick
[phone]
[e-mail]

OR

Cenkos Securities plc:
Beth McKiernan
[phone]
[e-mail]

OR

RBC Capital Markets:
Tim Chapman
[phone]
[e-mail]

OR

RBC Capital Markets:
Matthew Coakes
[phone]
[e-mail]




Ithaca Energy Inc





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