Ithaca Grants 2.59 Million Share Options to Directors and Employees

In accordance with Ithaca Energy's Stock Option Plan, the Board of Directors approved the granting of 2,590,000 share options to Directors and Employees at a price of Cdn. $3.65 per share which was the price of the Company's last share issue on November 6, 2007. The options shall be granted effective February 15, 2008 and are exercisable for a period of four years from that date, one-third of the options vesting at the end of each of the first, second and third years from the effective date.