Voya Asia Pacific High Dividend Equity Income Fund T.IAE

First Quarter 2010 Financial Results

[SIRCOOP]

Ithaca Energy Inc.

First Quarter 2010 Financial Results

Net profit for the quarter $5.4 million

Cash flow from operations $19.6 million

SUMMARY OF KEY EVENTS

Financial

· Net profit for thequarter of $5.4 million (2009 full yearprofits of $7.9 million)

· Weighted average realisedprice for Q1 of $79.95/barrel beforehedging. This compares to a weighted average realised price of $47.27/barrelbefore hedging for first quarter 2009

· Positive cash flow fromoperations of $19.6 million

· Debt-free and net currentassets as at 31st March of $62.3million

· Restricted cash at thequarter end was reduced by $5.2 million to
.3million

· Total fixed assetsincreased $3.6 million to $209.1 million($205.5 million as at December 31, 2009), comprising $14.6 million of capitalexpenditure offset by $11.0 million of depletion and depreciation for thequarter

Operational

· Combined Q1 productionfrom Jacky and Beatrice averaged 8,776 barrels of oil per day ("bopd") gross(4,193 bopd net to Ithaca) as measured at the Nigg storage facility. Peakproduction rates from Jacky have exceeded 11,750 bopd gross (5,581 bopd net toIthaca) as metered at the platform

· Production potential fromthe Beatrice Bravo facility was increased by approximately 1,500 barrels of oilper day ("bopd") (750 bopd net to Ithaca), as a result of a well interventionprogram. This was significantly above Management's target of 500 bopd (250 bopdnet to Ithaca)

· The Joint VenturePartners have committed to moving ahead with the Athena project with thepurchase of long lead equipment and commissioning of a full project team toplan, development and finalise submission of the Environmental Statement andField Development Plan for approval

· A letter of Intent hasbeen signed with BW Offshore for the use of the Floating Production, Storage andOffloading ("FPSO") vessel 'BW Carmen' (to be renamed 'BW Athena') for theproduction of oil from the Athena Field

HIGHLIGHTS SUBSEQUENTTO QUARTER END:

· The Stella fieldappraisal well (30/6a-8) proved the presence of significant additional volumesof hydrocarbon and excellent quality reservoir. A successful Drill Stem Testwas performed providing critical information for development planning to nowcommence. The total measured hydrocarbon column height was shown to be in excessof 820 feet and the well confirmed hydrocarbons more than 500 feet lower than inany previous wells

· As planned, a sidetrack(30/6a-8Z) was subsequently drilled and confirmed a fully hydrocarbon-saturatedreservoir interval in the Andrew sandstone. Successful sampling and pressuretests have also provided essential fluid composition information toappropriately size and plan the development of the Stella field. All objectiveswere fully met by the drilling programme. Following this, an independentevaluation of the Company's petroleum and natural gas reserves associated iscurrently underway by Sproule (www.sproule.com)

· On April 22 2010, theCompany mandated Bank of Scotland as Lead Arranger for a $140 Million SeniorSecured Borrowing Base Facility and subsequently has agreed a Term Sheet for thefacilities

· Coiled tubing work hascommenced on the Beatrice Alpha platform to undertake preparatory 'clean up'work on five production wells prior to mobilization of a Hydraulic Workover Unit("HWU") to the platform in early July 2010. The HWU will undertake thereplacement of Electric Submersible Pumps in four production wells and replacetubulars in one water injection well as part of the Beatrice Complex productionenhancement programme

· The Company currently hasunrestricted cash resources of $41 million on deposit

Iain McKendrick, CEO, commented,

"The strong Q1 results and successful appraisal wellat Stella provide further testament to the solid progress made by the Company in2010. The development of the Stella area is now sharply in focus as a maingrowth area for Ithaca. Through carefully deploying its resources, the Companyis now poised to deliver an ambitious plan with the comfort of a Senior Debtfacility agreed and strong cash flow from Beatrice and Jacky."

Further details on the above are provided in theConsolidated Financial Statements and Management's Discussion and Analysis forthe first quarter ended March 31, 2010, which have been filed with securitiesregulatory authorities in Canada. These documents are available on the Systemfor Electronic Document Analysis and Retrieval at www.sedar.com andon the Company's website:

https://www.ithacaenergy.com/uploads/IthacaPressRelease100525-full.pdf

Enquiries:

Ithaca Energy:

Iain McKendrick, CEO [e-mail][phone]

Graham Forbes, CFO [e-mail][phone]

Nick Muir,CXO [e-mail][phone]

Pelham Bell Pottinger:

Philip [e-mail][phone]

Elena [e-mail][phone]

Cenkos Securities plc:

Jon [e-mail][phone]

Ken [e-mail][phone]

In accordance with AIM Guidelines, Lawrie Payne, MAMarine Geology (Alberta & Columbia) and Chairman of Ithaca Energy is thequalified person that has reviewed the technical information contained in thispress release.

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

Forward-looking statements

Some of the statements in this announcement areforward-looking. Forward-looking statements include statements regarding theintent, belief and current expectations of Ithaca Energy Inc. or its officerswith respect to various matters. When used in this announcement, the words"expects," "believes," "anticipate," "plans," "may," "will," "should","scheduled", "targeted", "estimated" and similar expressions, and the negativesthereof, whether used in connection with the estimated production levels,anticipated time of first oil, oil in place, hydrocarbon composition orotherwise, are intended to identify forward-looking statements. Such statementsare not promises or guarantees, and are subject to risks and uncertainties thatcould cause actual outcome to differ materially from those suggested by any suchstatements. These forward-looking statements speak only as of the date of thisannouncement. Ithaca Energy Inc. expressly disclaims any obligation orundertaking to release publicly any updates or revisions to any forward-lookingstatement contained herein to reflect any change in its expectations with regardthereto or any change in events, conditions or circumstances on which anyforward-looking statement is based except as required by applicable securitieslaws.

Neither TSX Venture nor its Regulation ServicesProvider (as that term is defined in the policies of the TSX Venture Exchange)accepts responsibility for the adequacy or accuracy of this release.

-ENDS-

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