Ithaca Finds Jackup for Two North Sea Wells

Ithaca Energy's subsidiary, Ithaca Energy (UK) Limited, has entered into a contract with Applied Drilling Technology International ("ADTI"), a division of GlobalSantaFe Drilling U.K. Limited for the provision of drilling services and for the employment of the jackup rig GSF Magellan to drill two wells on its North Sea Licenses during 2007.

Ithaca plans to drill a well on a 100 percent-owned License it holds in Beatrice area of the Inner Moray Firth area on the United Kingdom's Continental Shelf in the North Sea. The well will be carried to a depth of approximately 2,225 meters at a location representing a potential extension to the Beatrice oilfield. The well is expected to commence in the first quarter of 2007, to take approximately 30 days to drill and test, and, if successful, will be cased and completed for future production.

The Beatrice oilfield has produced approximately 163 million barrels to date. Ithaca's location is approximately 1000 meters from B-13, the closest Beatrice producing well, which has produced approximately 2.4 million barrels of oil since commencing production on December 24, 2001.

The second rig slot will be utilized to drill one of Ithaca's other prospects in the Beatrice area or in the Southern North Sea gas basin. The specific locations are subject to normal permitting procedures.

Neill Carson, COO of Ithaca said, "Together with the previously announced contract to drill our Athena prospect this summer, today's announcement represents an important milestone in the execution of our 2006/2007 North Sea Drilling Program. We are very pleased to secure slots for the drilling of these wells in an otherwise difficult rig market. We will continue to take advantage of opportunities as they arise."

Ithaca Energy Inc. is a Canadian company with offices in Calgary, Canada, London, England and Aberdeen, Scotland, which is focused on the exploration and development of oil and gas reserves in the North Sea on the United Kingdom's Continental Shelf.

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