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 firstname.lastname@example.org +44 (0)1224 650 261 Richard Smith email@example.com +44 (0)1224 652 172 FTI Consulting Edward Westropp firstname.lastname@example.org +44 (0)203 727 1521 Shannon Brushe email@example.com +44 (0)203 727 1077 Cenkos Securities Neil McDonald firstname.lastname@example.org +44 (0)131 220 6939 Beth McKiernan email@example.com +44 (0)131 220 9778 RBC Capital Markets Tim Chapman firstname.lastname@example.org +44 (0)207 653 4641 Matthew Coakes email@example.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 firstname.lastname@example.org http://www.rns.com
Ithaca Energy Inc.: Completion of Acquisition of Interests in Three UK Producing Oil Fields
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