ABERDEEN, SCOTLAND–(Marketwired – May 27, 2016) – Ithaca Energy Inc. (TSX: IAE) (LSE: IAE)

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Ithaca Energy Inc.

Directors’ Share Purchase

27 May 2016

Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) (“Ithaca” or the “Company”) announces that on 26 May 2016 the Officers of the Company increased their beneficial shareholdings through the purchase of Common Shares pursuant to the Company’s all-employee Share Incentive Plan (“SIP”). Ithaca was also notified on 26 May 2016 that Alec Carstairs, Non-Executive Director, increased his beneficial shareholding in the Company through the purchase of Common Shares.

Share Incentive Plan Purchases
The individuals named below increased their beneficial shareholdings in the Company by a total of 40,944 Common Shares at a price of £0.5275 per Common Share, being the maximum permissible under the SIP.

These purchases were made by MM&K Share Plan Administration, the trustee of the SIP.

Non-Executive Director Share Purchase
On 26 May 2016, Alec Carstairs purchased 60,000 Common Shares at £0.5176 per share, increasing his beneficial holding to 61,130 Common Shares.

About Ithaca Energy
Ithaca Energy Inc. (TSX: IAE, LSE AIM: 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 and the exploitation of its existing UK producing asset portfolio. 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