Some thing old,Something new. Ithaca Energy* (IAE : TSX : $3.18), Net Change: 0.07, % Change: 2.25%, Volume: 6,290,015
North Sea chatter. FROM CANACCORD MORNING COFFE.The Sunday Times reported that Kuwait's national oil company is in advanced takeover talks with this North
Sea-focused oil and gas explorer. Kuwait Foreign Petroleum Exploration, the international arm of the Middle Eastern state's oil
operation, has been in negotiations with Ithaca for several months, the newspaper reported. Earlier this month, Ithaca confirmed
that it had received a non-binding proposal to acquire all of the outstanding shares of the company and unsolicited interest from
a number of third parties. The company stated that it would enter into discussions with all bona fide interested parties with a
view to maximizing shareholder value but that there was no certainty that an offer would be made for the company. Ithaca also
reported 2011 financial results along with a reserve update. For the year the company’s reserves assessed by Sproule
International increased approximately 9%, from 46.05 mmboe to 50.25 mmboe. The increase in reserves came mainly from the
acquisitions of an interest in the Cook field and Challenger Minerals. For 2011 the company reported record cash flow from
operations to $103.5 million, this was up from $88.9 million in the previous year.