Ithaca Energy to Issue 50MM Common Shares

Ithaca Energy Inc. has priced its previously reported equity financing. The Company will issue 50 million common shares at a price of $1.50 per common share for gross proceeds of US$75,000,000. The offering is expected to close on or about August 11, 2008.

The Shares are being offered in all of the provinces of Canada (excluding Quebec) by way of short form prospectus and in the United Kingdom and the United States on a private placement basis.

The Company intends to use the net proceeds of the Offering to fund ongoing Jacky and Athena project development, the completion of the Beatrice and Stella acquisitions and for general working capital purposes.
It is anticipated that this financing, combined with the recently announced $240m bank financing, will be sufficient to fund the company through to first production from its Jacky project at the end of this year as well as from its Athena project at the end of 2009.

Closing of the Offering is subject to certain conditions, including, but not limited to, receipt of all necessary securities regulatory approvals (including the approval of the TSX Venture Exchange Inc.).



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