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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 FIRST QUARTER 2007 RESULTS
LONDON, U.K. - CALGARY, ALBERTA, May 16, 2007 -- Ithaca Energy Inc. (LSE-AIM: IAE, TSX-V: IAE), a Canadian independent oil and gas company with exploration and development assets in the UK North Sea, announces its results for the first quarter ended March 31, 2007.
Highlights
Operations:
- Preparation of drilling plans for a second appraisal well to be drilled on the 70% owned Athena oil discovery.
- Conducting pipeline survey and host modification study preparatory to application for field development at Athena.
- Participation in a joint pre-unitization study at Barbara.
- Interpretation of a newly shot 300 km2 3-D seismic program over 90% owned licenses in the Outer Moray Firth area.
- Interpretation of a 360 km2 3-D seismic program over the Morpheus prospect in the Southern Gas Basin.
- Farming out an interest at Morpheus in return for reimbursement of seismic costs and a future well
- Preparation to drill the 90% owned Basil oil prospect in the Inner Moray Firth.
Financial:
- Strong working capital position of US$66.1 million
- 82.9 million common shares outstanding (87.3 million fully diluted)
Commenting on the results, Lawrie Payne, Chief Executive Officer, said "Having significantly strengthened the Company’s working capital position in December, 2006, Ithaca proceeded in the first quarter of 2007 to accelerate its development program by making arrangements for further drilling at Athena, preparing to drill Basil and participating in a pre-unitization agreement at Barbara. The Company is well positioned to execute its development and exploration program."
Not for Distribution to U.S. Newswire Services or for Dissemination in the United States
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Forward-looking statements
Some of the statements in this announcement are forward-looking. Forward-looking statements include statements regarding the intent, belief and current expectations of Ithaca Energy Inc. or its officers with respect to various matters. When used in this announcement, the words "expects", "believes", "anticipates", "plans", "may", "will", "should" and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcome to differ materially from those suggested by any such statements. These forward-looking statements speak only as of the date of this announcement. Ithaca Energy Inc. expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based.
In accordance with AIM Guidelines, Lawrie Payne, MA Marine Geology (Alberta & Columbia) and CEO of Ithaca Energy is the qualified person that has reviewed the technical information contained in this press release.
Enquiries:
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Ithaca Energy Inc:
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Office: |
Mobile |
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Lawrie Payne |
In London:
+44(0) 20 7590 3027 |
+44(0)7841 678668 |
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Brad Gunn |
In London:
+44(0) 20 7590 3026 |
+44(0)7920 019355 |
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In Calgary:
+1 (403) 668 9599 |
+1 (403) 389 4107 |
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Nabarro Wells & Co. Limited |
Office: |
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Marc Cramsie |
+44(0) 20 7710 7400 |
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| John Wilkes
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+44(0) 20 7710 7400 |
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Pelham Public Relations |
Office: |
Mobile |
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Charles Vivian |
+44(0) 20 7743 6673 |
+44(0)7977297903 |
| Philip Dennis
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+44(0) 20 7743 6363 |
+44(0)7947868206 |
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