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Media/Investor Relations
News Release
NOT FOR RELEASE IN THE UNITED STATES OR DISTRIBUTION TO US NEWS SERVICES
ITHACA ENERGY ANNOUNCES APPOINTMENT OF TWO NON-EXECUTIVE DIRECTORS AND AWARDING OF SHARE OPTIONS UNDER THE COMPANY’S STOCK OPTION PLAN
LONDON, U.K. - CALGARY, ALBERTA, February 15, 2008 -- Ithaca Energy Inc. (LSE-AIM: IAE, TSX-V: IAE), a Canadian independent oil & gas company with exploration and development assets in the UK North Sea, is pleased to announce the appointment of Mr. Jack C. Lee and Mr. Bradley Hurtubise as Non-executive Directors of the Company, subject to regulatory approval.
Mr. Lee is a long standing member of the Oil & Gas industry in Canada and as such will bring additional and varied oil and gas experience to the Board. Mr. Hurtubise is a prominent member of the Canadian Financial community with extensive related experience in oil and gas.
In accordance with the Company’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.
Of the recipients, a total of 600,000 share options were granted to Directors as follows:
Lawrence Payne (CEO and Director) - 200,000
John Summers (Chairman and Director) - 50,000
Frank Wormsbecker (Director) - 50,000
Michael Nobbs (Director) - 50,000
Jay Zammit (Director) - 50,000
Jack Lee (Director) - 100,000
Brad Hurtubise (Director) - 100,000
The information required under Schedule 2(g) of the AIM Rules for Companies will be notified as soon as practicable.
The Ithaca securities have not been registered under the US Securities Act of 1933, as amended, or any state securities law, and they may not be offered or sold in the United States unless an exemption from registration is available.
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