Ithaca Energy Inc-Stella Drilling Commences

ABERDEEN, SCOTLAND--(Marketwired - June 17, 2013) -

 Ithaca Energy Inc. (TSX VENTURE: IAE)

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

                             Ithaca Energy Inc.

                Stella Field Development Drilling Commences

                                18 June 2013

Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) ("Ithaca" or the "Company")
announces the commencement of development drilling operations on the
Stella field, with the first well on the field having been spudded
using the Ensco 100 heavy duty jack-up rig.

The initial campaign involves the drilling and completion of four
production wells on the Stella field prior to start-up. Three
horizontal wells are to be drilled into the oil rim of the field, along
with one highly deviated gas-condensate well on the crest of the
structure.

As previously announced, Advanced Drilling Technology International
("ADTI"), a subsidiary of the global drilling contractor Transocean,
has been contracted to manage the drilling and completion operations
under "turnkey" contract arrangements.

Each well is anticipated to take approximately 80-90 days to drill and
complete. It is planned for each well to be clean-up tested, within the
capacity limits of the flow test equipment that will be used on the
Ensco 100. Details of the test results will be provided.

The joint venture partners in the Ithaca operated GSA are Ithaca Energy
(UK) Limited (54.66%), a wholly owned subsidiary of the Company, Dyas
UK Limited (25.34%) and Petrofac Energy Developments (20%).

Further information on the development is available on the Company's
website www.ithacaenergy.com, including a new film that provides an
insight in to the on-going operations on the development of the GSA.


Enquiries:

Ithaca Energy:
Iain McKendrick, CEO  imckendrick@ithacaenergy.com  +44(0) 1224 650 261
Graham Forbes, CFO    gforbes@ithacaenergy.com      +44(0) 1224 652 151

FTI Consulting:
Billy Clegg        billy.clegg@fticonsulting.com    +44 (0) 207 269 7157
Edward Westropp    edward.westropp@fticonsulting.com
                                                    +44 (0) 207 269 7230
Georgia Mann       georgia.mann@fticonsulting.com   +44 (0) 207 269 7212

Cenkos Securities plc:
Jon Fitzpatrick    jfitzpatrick@cenkos.com          +44 (0) 207 397 8900
Neil McDonald      nmcdonald@cenkos.com             +44 (0) 131 220 6939

RBC Capital Markets:
Tim Chapman        tim.chapman@rbccm.com            +44 (0) 207 653 4641
Matthew Coakes     matthew.coakes@rbccm.com         +44 (0) 207 653 4871


About Ithaca Energy:
Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) is an oil and gas operator
focused on North Sea production, appraisal and development activities.
The Company's strategy is centred on building a highly profitable North
Sea oil and gas company by maximising production and cashflow from its
existing assets, the appraisal and development of existing discoveries
on properties held by the Company and the delivery of additional growth
via acquisitions and licence round participation.


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


Forward-looking statements
Some of the statements and information in this press release are
forward-looking. Forward-looking statements and forward-looking
information (collectively, "forward-looking statements") are based on
the Company's internal expectations, estimates, projections,
assumptions and beliefs as at the date of such statements or
information, including, among other things, assumptions with respect to
production, drilling, well completion times, future capital
expenditures, future acquisitions and cash flow. The reader is
cautioned that assumptions used in the preparation of such information
may prove to be incorrect. When used in this press release, 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
operational activities, production forecasts, budgetary figures
contained in the corporate presentation, potential developments or
otherwise, are intended to identify forward-looking statements. Such
statements are not promises or guarantees, and are subject to known and
unknown risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in such
forward-looking statements. The Company believes that the expectations
reflected in those forward-looking statements and are reasonable but no
assurance can be given that these expectations, or the assumptions
underlying these expectations, will prove to be correct and such
forward-looking statements and included in this press release should
not be unduly relied upon. 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.

                                -ENDS-



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