Ithaca Energy Inc.: Completion of Acquisition of Interests in Three UK Producing Oil Fields

Ithaca Energy Inc.: Completion of Acquisition of Interests in Three UK  Producing Oil Fields  CALGARY, AB -- (Marketwired) -- 08/01/14 --  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.  Completion of Acquisition of Interests in three UK Producing Oil Fields  1 August 2014  Ithaca Energy Inc. (TSX: IAE) (LSE: IAE) ("Ithaca" or the "Company") is pleased to report that, further to the announcement made on 23 June 2014, it has now completed the acquisition of the three UK producing oil field interests from Sumitomo Corporation ("Sumitomo").  Ithaca has acquired Summit Petroleum Limited ("SPL"), a subsidiary company of Sumitomo, which holds the Cook (20.00%), Pierce (7.48%) and Wytch Farm (7.43%) field interests that have been acquired. The net consideration paid at completion was $163 million, taking into account working capital and net cashflows since the transaction effective date of 1 January 2014.  - ENDS -      Enquiries:                                                                                                                                                Ithaca Energy                                                                Les Thomas           lthomas@ithacaenergy.com           +44 (0)1224 650 261  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     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  This information is provided by RNS  The company news service from the London Stock Exchange  Contact: RNS Customer Services 0044-207797-4400 rns@londonstockexchange.com http://www.rns.com     
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