Ithaca Ramps Production by 17% in 2Q

Ithaca announced increasing production throughout Q2 2010 and that the Company remains on target to achieve forecast 2010 production levels.

Production in the second quarter averaged 10,217 barrels of oil per day ("bopd") gross (4,914 bopd net to Ithaca) with a June average of 10,678 bopd (5124 bopd net to Ithaca). This represents a 17% improvement over first quarter production of 4,193 bopd net to Ithaca.

Production in the second quarter has increased compared to the first quarter as a result of the Beatrice Field coming strongly back on line after an outage during the first quarter as well as the Jacky field performing above expectation. Preparatory work for the workover program (consisting of coiled tubing well clean up) on Beatrice Alpha has been successfully completed and, as a consequence, a small enhancement to existing daily production has been observed.

A Hydraulic Workover Unit ("HWU") will be installed on the Beatrice Alpha platform for the main workover operation in mid July. The HWU will be utilized to replace downhole pumps on four production wells and replace tubing in one water injection well. In addition, certain well interventions will involve perforating across a previously untapped section of the Beatrice reservoir ("B Sands") to access incremental reserves. A similar intervention was very successfully executed in the Bravo area of the field in Q1 2010. The combined impact of all well interventions is anticipated to increase gross production rates by 1550 bopd, 775 bopd net to Ithaca, for the remainder of 2010.

Partners in the Jacky field are Ithaca (47.5%), Dyas UK (42.5%) and North Sea Energy (UK) (10%).

Joint Venture Partners in the Beatrice Field, including Beatrice Bravo are Ithaca (50%) and Dyas UK (50%).


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