Ithaca Energy Inc. Second Quarter 2014 Production Update

Ithaca Energy Inc. Second Quarter 2014 Production Update 
CALGARY, AB -- (Marketwired) -- 07/10/14 --  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. 
Second Quarter 2014 Production Update 
10 July 2014 
Ithaca Energy Inc. (TSX: IAE; LSE: IAE) ("Ithaca" or the "Company")
provides a production update following the end of the second quarter
of the year ("Q2-2014"). 
Average pro-forma production in Q2-2014 was approximately 14,400
barrels of oil equivalent per day ("boepd"), 94% oil, including the
contribution from the assets being acquired from Sumitomo Corporation
(the "Summit Assets"). This performance is in line with the Company's
pro-forma 2014 production guidance range of 13,500 to 15,500 boepd. 


 
--  Production in Q2-2014 excluding the Summit Assets was approximately
    11,900 boepd, in line with the 2014 guidance range of 11,000 to 13,000
    boepd for the Company's existing assets.
    
    
--  Production in Q2-2014 for the Summit Assets was calculated to be
    approximately 2,500 boepd, based on available operator data, in line
    with the forecast 2014 pro-forma production guidance for the acquired
    assets.

  
While the Company derives the economic benefit of production from the
Summit Assets from the acquisition effective date of 1 January 2014,
these assets will not be consolidated into Ithaca's financial
statements until the transaction completion date, which is expected
to occur in the third quarter of 2014 ("Q3-2014").  
As previously guided, 2014 production volumes are forecast to be
weighted towards the second half of the year, notably from the later
part of Q3-2014 post the completion of planned summer maintenance
shutdowns, as a result of the following activities: 


 
--  Start-up of the Don Southwest "TJ" infill well, drilling of which has
    recently been completed, and incremental production resulting from
    chemical treatments on a number of other wells on the field.
    
    
--  Production optimisation and resolution of operational matters in the
    Causeway Area, including the commencement of water injection.
    
    
--  Re-commencement of production from the Pierce field following
    completion of the on-going modification works being performed on the
    field's floating production, storage and offloading vessel to enable
    tie-in of a third party field.
    
    
--  Completion of the planned well workover on the Athena field, for which
    the rig is scheduled to arrive on location at the field in August
    2014.

  
Q2-2014 Financial Results
 The Company is scheduled to release its
Q2-2014 financial results on the 12 August 2014. 
Notes 
 In accordance with AIM Guidelines, John Horsburgh, BSc (Hons)
Geophysics (Edinburgh), MSc Petroleum Geology (Aberdeen) and
Subsurface Manager at Ithaca is the qualified person that has
reviewed the technical information contained in this press release.
Mr Horsburgh has over 15 years operating experience in the upstream
oil and gas industry. 
References herein to barrels of oil equivalent ("boe") are derived by
converting gas to oil in the ratio of six thousand cubic feet ("Mcf")
of gas to one barrel ("bbl") of oil. Boe may be misleading,
particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1
bbl is based on an energy conversion method primarily applicable at
the burner tip and does not represent a value equivalency at the
wellhead. Given the value ratio based on the current price of crude
oil as compared to natural gas is significantly different from the
energy equivalency of 6 Mcf: 1 bbl, utilising a conversion ratio at 6
Mcf: 1 bbl may be misleading as an indication of value. 
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 
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, construction times,
well completion times, risks associated with operations, future
capital expenditures, continued availability of financing for 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, the acquisition of
assets from Sumitomo Corporation and the current and forecast
production from those assets, budgetary figures, 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
press release. 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.  
Additional information on these and other factors that could affect
Ithaca's operations and financial results are included in the
Company's Management's Discussion and Analysis for the year ended
December 31, 2013, and the Company's Annual Information Form for the
year ended December 31, 2013 and in reports which are on file with
the Canadian securities regulatory authorities and may be accessed
through the SEDAR website (www.sedar.com). 
This information is provided by RNS
 The company news service from
the London Stock Exchange 
Enquiries: 
Ithaca Energy 
Graham Forbes 
gforbes@ithacaenergy.com
+44 (0)1224 652 151 
Richard Smith 
rsmith@ithacaenergy.com 
+44 (0)1224 652 172 
FTI Consulting 
Edward Westropp 
edward.westropp@fticonsulting.com 
+44 (0)203 727 1521 
Shannon Brushe 
shannon.brushe@fticonsulting.com 
+44 (0)203 727 1077 
Cenkos Securities 
Neil McDonald 
nmcdonald@cenkos.com 
+44 (0)131 220 6939 
Beth McKiernan 
bmckiernan@cenkos.com 
+44 (0)131 220 9778 
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 
 
 
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