Ithaca Energy Inc. Announces Share Options

ABERDEEN, SCOTLAND--(Marketwired - Dec 8, 2014) - Ithaca Energy Inc. (TSX: IAE) (LSE: IAE)

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

Ithaca Energy Inc.

Grant of Share Options

8 December 2014

Ithaca Energy Inc. (TSX: IAE; LSE: IAE) (the "Company") announces that, in accordance with the Company's Stock Option Plan, the Board of Directors approved the grant of 8,645,000 share options to Officers and employees at an exercise price of C$1.06, which was the closing price on the Toronto Stock Exchange on 5 December 2014. The options shall be granted effective 8 December 2014 (the "Effective Date") and may be exercised for a period of four years from that date. One third of the options will vest at the end of each of the first, second and third years from the Effective Date.

Of the recipients, a total of 3,100,000 share options were granted to Officers as follows:

Les Thomas		Chief Executive Officer and Director		1,000,000
Graham Forbes		Officer		1,200,000
Nicholas Muir		Officer		450,000
Mike Travis		Officer		450,000

The Company currently has 329,518,620 Common Shares in issue with one voting right per Common Share. There are no Common Shares held in treasury. The total number of voting shares in the Company is therefore 329,518,620.

The total number of shares under option is now 24,232,428 Common Shares, representing approximately 6.9% of total shares outstanding and under option.

Fully diluted, the Company now has 353,751,048 Common Shares on issue.

About Ithaca Energy

Ithaca Energy Inc. (TSX: IAE; LSE: IAE) is a North Sea oil and gas operator focused on the delivery of lower risk growth through the appraisal and development of UK undeveloped discoveries, the exploitation of its existing UK producing asset portfolio and a Norwegian exploration and appraisal business targeting the generation of discoveries capable of monetisation prior to development. Ithaca's strategy is centred on generating sustainable long term shareholder value by building a highly profitable 25kboe/d North Sea oil and gas company. For further information please consult the Company's website www.ithacaenergy.com.

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