Mr. Les Thomas reports

ITHACA ENERGY INC. ANNOUNCES STELLA SCHEDULE UPDATE

Ithaca Energy Inc. is providing an update on the status of the continuing Stella field commissioning program and the expected schedule for start-up of production.

Activities on the offshore commissioning program for the FPF-1 floating production facility are well advanced, and preparation for start-up of the Stella field is continuing. During routine inspections, faults on a number of electrical junction boxes on the vessel's processing facilities have been identified and a program of necessary repairs is under way. All other preparations are on plan. Start-up is now anticipated in early January, 2017, upon completion of this additional work.

Les Thomas, chief executive officer, commented:

"The safety and integrity of the facility is paramount and we must ensure that everything is done meticulously in advance of the introduction of hydrocarbons into the facility. Although any delay to start-up at this stage is frustrating, the value of a thorough inspection program has been proven, and we look forward to completion of this work and the imminent start-up of production."

About Ithaca Energy

Ithaca Energy is a North Sea oil and gas operator focused on the delivery of lower-risk growth through the appraisal and development of United Kingdom undeveloped discoveries and the exploitation of its existing U.K. producing asset portfolio. Ithaca's strategy is centred on generating sustainable long-term shareholder value by building a highly profitable 25,000-barrel-of-oil-equivalent-per-day North Sea oil and gas company.

We seek Safe Harbor.