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Thursday, 03/01/2012 7:59:53 AM

Thursday, March 01, 2012 7:59:53 AM

Post# of 17741
IAE.to/IACAF.pk: Announcement Concerning Interest in the Company
FOR: ITHACA ENERGY INC.

March 1, 2012

Ithaca Energy Inc.: Announcement Concerning Interest in the Company

LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - March 1, 2012) -

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

Ithaca Energy Inc. ("Ithaca" or "the Company") (TSX:IAE)(AIM:IAE) announced on January 23, 2012, that it had received a
confidential, non-binding proposal to acquire all of the outstanding shares of the Company (the "Proposal"). Ithaca also
stated that discussions were at a preliminary stage and that there was no certainty that the approach would lead to an
offer being made for the Company. Discussions continue regarding the Proposal.

The Company has also received unsolicited interest from a number of third parties. The Board of Ithaca believes that it
is in shareholders best interests that the Company enters into discussions with all bona fide interested parties with a
view to maximising shareholder value.

The Board is being advised by CIBC World Markets Inc ("CIBC") in this respect.

The Board wishes to stress that discussions with all parties are at a preliminary stage and there can be no certainty of
an offer being made for the Company.

The Company does not intend to provide further updates unless an offer is made for the Company.

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