CALGARY, AB--(Marketwired - Jan 16, 2014) - Ithaca Energy Inc. (TSX: IAE) (LSE: IAE) ("Ithaca" or the "Company") announces that in accordance with the Company's Stock Option Plan, the Board of Directors has approved the grant of 7,165,000 share options to Directors, Officers and employees at a price of C$2.71, which was the closing price on the Toronto Stock Exchange on 15 January 2014. The options shall be granted effective 16 January 2014 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 3,150,000 share options were granted to Directors and Officers as follows:

Les Thomas   Officer and Director   600,000
Graham Forbes   Officer   600,000
Nicholas Muir   Officer   400,000
Mike Travis   Officer   400,000
John Woods   Officer   400,000
Jack Lee   Director   150,000
Ron Brenneman   Director   100,000
Brad Hurtubise   Director   100,000
John Summers   Director   100,000
Frank Wormsbecker   Director   100,000
Jay Zammit   Director   100,000
Jannik Lindbaek   Director   100,000

The total number of shares under option is now 21,758,567 Common Shares, representing approximately 6.3% of total shares outstanding and under option.

Fully diluted, the Company now has 345,392,187 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

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Contact Information:


Ithaca Energy

Graham Forbes
+44 (0)1224 652 151
Richard Smith
+44 (0)1224 652 172

FTI Consulting

Edward Westropp
+44 (0)207 269 7230
Georgia Mann
+44 (0)207 269 7212

Cenkos Securities

Neil McDonald
+44 (0)131 220 6939
Beth McKiernan
+44 (0)131 220 9778

RBC Capital Markets

Tim Chapman
+44 (0)207 653 4641
Matthew Coakes
+44 (0)207 653 4871