Ithaca Finalizes Carna Stake Transaction

Ithaca Energy Inc. announced completion of the transaction announced March 26 2012 concerning the Company's interest in the Carna discovery, located in the Southern Gas Basin of the UK North Sea.

Completion of the transaction results in Ithaca increasing its position in the Carna discovery to 32 percent (from 16 percent); the Company will become Operator with immediate effect.

Joint Venture partners (and their respective interests) in the Carna discovery are: Ithaca Energy (UK) Limited, operator (32%), Centrica (40%), Dyas UK Limited (24%), EWE Energie AG (4%).