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Ithaca Energy Announces Response to Endeavour’s Non-Binding Proposal

LONDON, U.K. - CALGARY, ALBERTA, July 7, 2008 -- Ithaca Energy Inc. (LSE-AIM: IAE, TSX-V: IAE), an independent oil & gas company with exploration and development assets in the UK sector of the North Sea, announces that its Board of Directors has unanimously determined that the unsolicited non-binding proposal (the "Proposal") received from Endeavour International Corporation to acquire all of the issued and outstanding shares of Ithaca is not in the best interests of Ithaca shareholders.
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