| LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - Aug. 6, 2009) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Ithaca Energy Inc. (TSX VENTURE:IAE)(AIM:IAE) and its wholly owned subsidiary Ithaca Energy (UK) Limited ("Ithaca" or "the Company"), an independent oil & gas company with exploration, development and production assets in the UK sector of the North Sea, is pleased to announce that total production from the Jacky and Beatrice fields has now been optimized at daily rates exceeding 12,000 bopd. Average production for the month of July from the two fields was approximately 11,770 bopd (5,652 bopd net to Ithaca). The Jacky field continues to produce 'dry' oil which provides further encouragement that the likely ultimate total production volume could exceed current management expectations. Plans are on schedule to commence drilling a water injection well in September 2009 that will maintain reservoir pressure and support future production through 2010 and beyond. A further update on Jacky production performance will be announced after the injection well has been commissioned. Partners in the Jacky field are Ithaca (47.5%), Dyas UK Ltd (42.5%) and North Sea Energy (UK) Ltd (10%). Partners in the Beatrice Field are Ithaca (50%) and Dyas UK Ltd (50%). In addition, the Company will be issuing its 2nd Quarter Financial Results shortly; these will reflect initial oil sales revenue from Jacky and Beatrice. In accordance with AIM Guidelines, Lawrie Payne, MA Marine Geology (Alberta & Columbia) and Chairman of Ithaca Energy is the qualified person that has reviewed the technical information contained in this press release. |