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Third Quarter 2012 Financial Results

ABERDEEN, SCOTLAND -- (Marketwire) -- 11/12/12 --

TSX-V:IAE


Not for Distribution to U.S. Newswire Services or for Dissemination in
                          the United States

                          Ithaca Energy Inc.

                 Third Quarter 2012 Financial Results

Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) announces its quarterly
financial results for the three months ended September 30, 2012.

HIGHLIGHTS

Financial

* Q3 profit before tax and unrealised gains/losses on financial
  instruments of $14.9 million (Q3 2011: $15.6 million) representing an
  increase of $10.5 million on Q2 2012 (Q2 2012: $4.4 million)

* Q3 net earnings of $4.9 million including $12.9 million
  unrealised loss from financial instruments (Q3 2011: $16.0 million)
  resulting in earnings per share of $0.02 (Q3 2011: $0.06)

* Q3 cashflow from operations of $30.1 million (Q3 2011: $18.1
  million). Q3 cashflow per share of $0.12 (Q3 2011: $0.07)

* Q3 average realised oil price of $110.26 / bbl (Q3 2011: $111.24
  / bbl) plus an additional realized hedging gain of $2.56 / bbl in the
  quarter

* Cash of $77.4 million, inclusive of $20.6 million restricted
  cash, with senior debt facility remaining undrawn

* UK tax allowances pool of $387 million representing an increase
  of $39 million on Q2 2012 (Q2 2012: $348 million)


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