Company Information for Ithaca Energy Inc

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Company Statement

Ithaca Energy is a Canadian oil and gas exploration, development and production company, focused on the North Sea.  It's portfolio consists of oil assets in the Inner and Outer Moray Firth, gas and condensate assets in the Central North Sea, and gas assets in the Southern North Sea.  Ithaca's strategy is to deliver shareholder value by drawing on it's expertise in subsurface, development engineering and commercial dealings to bring these assets safely into production, whilst throughout maintaining a responsible and prudent fiscal discipline.

Our Mission
Create a truly great and profitable energy company from oil and gas development in the North Sea.

Earn and keep the respect and trust of our Shareholders, Employees, Partners and other Stakeholders by the strength of our character, safety and environmental stewardship, community responsibility, and ethical business conduct.

Our Strategy
Ithaca's strategy is to:

• Acquire existing production and discoveries
• Use modern seismic, drilling and production technologies 
• Use its technical knowledge to generate and acquire exploration prospects
• Participate in Licencing Rounds to gain acreage positions around its core assets 
• Use the commercial skills of management to finance the exploitation of its exploration and development prospects through farm-outs, joint ventures and equity issues
• Focus on producing fields or undeveloped discoveries that:
  - May be too small to be economic for larger companies
  - May need investment, modernisation or rehabilitation; or
  - May no longer fit with a company's strategy (e.g. a company decides to sell its oil fields in order to shift its focus to gas)
• To prioritize capital investment to those projects representing early production and cash flow.

Operations and Technology

Exploration and Development Blocks

Ithaca has built a diversified portfolio of exploration, development and producing assets through participation in the last four United Kingdom Seaward licensing rounds and through asset acquisitions. This diversity is evidenced by properties in different geographic areas, encompassing multiple play types (both oil and gas), while maintaining a close proximity to producing fields in proven petroleum systems. Ithaca UK's interests range from 16% to 100% in 27 blocks or partial blocks under 16 licences covering more than 332,000 acres.

Ithaca has screened more than 300 existing discoveries in the UK sector of the North Sea.  The management has evaluated and ranked more than 50 undeveloped discoveries which it believes could be economically developed given the right commercial environment.  Ithaca has successfully acquired three discoveries which are now at different stages of appraisal and development and are set out below:

1. Ithaca currently holds a 22.5% interest in the Athena oil discovery located in the Outer Moray Firth (block 14/18b).  Ithaca has already drilled three appraisal wells on the discovery, in addition to the two pre-existing undeveloped oil wells.  Priority work is now being undertaken towards the development of the field which could lead to FDP approval by the end of H2 2010.
2. Ithaca also holds a 47.5% interest in the Jacky oil discovery in the Inner Moray Firth (block 12/21c).  Following a successful appraisal well drilled by Ithaca in 2007, Jacky has been now developed as a one well subsea tieback to the Beatrice Alpha platform and is currently producing in excess of 10,000 bopd
3. In addition, the Company holds a 35% interest in the Stella gas/condensate discovery in the Central North Sea (block 30/6).  Stella was discovered in 1991 and partially appraised with two further wells, both of which lie at the crest of the structure and were subsequently drill stem tested.  A further appraisal well down flank on the structure has been planned for later in 2009 to confirm the ‘in place’ volumes and the nature of the hydrocarbons.
    

Ithaca has drilled three wildcat exploration wells, two of which have been successful and are set out below:

1. Ithaca holds a 40% interest in the Polly oil discovery made in early 2008 (block 12/26c).  Lying close to the Beatrice infrastructure, Polly is a near term potential tieback and is a valuable addition to the range of projects that are ongoing in and around the Beatrice Complex.
    
2. In addition, the Company now holds a 16% working interest in the Carna dry gas discovery in the Southern Gas Basin of the North Sea (blocks 43/21b & 43/22c).  The discovery, made in Q1 2009 is close to existing infrastructure enabling rapid development.  The dry gas in Carna further diversifies the company's assets away from oil.

Geographical Spread

UK North Sea

Board of Directors and Key Management

Officers:
Mr. Lawrence H. Payne	Non-Executive Director
Mr. Steve Turner	CFO (Chief Financial Officer)
Mr. Iain McKendrick	CEO (Chief Executive Officer)
Mr. Nick Muir	CXO (Chief Exploration Officer)
Mr. John Woods	CDO (Chief Development Officer)
Directors:
Mr. John P. Summers
Mr. Lawrie H. Payne
Mr. Jay M. Zammit
Mr. Frank M. Wormsbecker
Mr. Brad Hurtubise
Mr. Jack Lee
Mr. Iain McKendrick

Company Address 8 Rubislaw Terrace Aberdeen, Alderney, United Kingdom AB10 1XE Telephone: +44 (0) 207 590 3665 Email: awilliams[at]ithacaenergy.com Website: http://www.ithacaenergy.com

Additional Address/Key Contact London Office Ithaca Energy (U.K.) Ltd. 64 Knightsbridge London, SW1X 7JF Ph. +44 (0) 207 590 3026 Fax +44 (0) 207 504 8520 Scotland Office: Ithaca Energy (U.K.) Ltd. 8 Rubislaw Terrace Aberdeen, AB10 1XE Ph. +44 (0) 1224 638 582 Fax +44 (0) 1224 635 795 Calgary, Canada Office: Ithaca Energy Inc Suite 1600 311 - 6th Avenue SW Calgary Alberta T2P 3H2 Ph. (403) 668-7303

Capital No. of Common Shares Outstanding; 162,261,975

Annual General Meeting 18th June 2009, Calgary

Year End 31st December

Nominated Brokers Tristone Capital 77 Grosvenor Street London W1K 3JR Ph. +44 (0)20 7355 5800 And Cenkos Securities Plc 6.7.8 Tokenhouse Yard London EC2R 7AS Tel: +44(0)207 397 8900

Nominated Advisors Cenkos Securities Plc 6.7.8 Tokenhouse Yard London EC2R 7AS Tel: +44(0)207 397 8900

Major Shareholders

Name	Holdings	%
Societe Generale	10 M	6.16%

Related News

05/02/10 - North Sea Old Lady Beatrice Continues To Deliver For Ithaca Energy
21/08/09 - It’s Financing Package Settled, Ithaca Energy Gives Hints About Future production In Its Interim Results statement
30/07/09 - Ithaca Energy Says Jacky Field Performance Continues to Exceed Expectations And The Company Is Debt Free After Completion of Second Dyas Transaction
09/12/08 - Ithaca Energy Pulls Off An Asset Swap To Keep Its Capital Programme Going and Achieve Early Production

Most Recent Statement

19/02/10 - Ithaca Energy Inc.: Stella Appraisal Well Spuds
16/02/10 - Ithaca Energy Inc.: Ithaca HP/HT Farm Out to Maersk Oil in Greater Stella Area
12/02/10 - Galaxy II Mobilises to Drill Stella Appraisal Well
11/02/10 - Ithaca Energy Inc.: Galaxy II Mobilises to Drill Stella Appraisal Well
08/02/10 - Athena Project Moves Ahead
04/02/10 - Bravo Workover Success