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Media/Investor Relations
News Release
NOT FOR RELEASE IN THE UNITED STATES OR DISTRIBUTION TO US NEWS SERVICES
This announcement does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares or other securities of Ithaca Energy Inc., nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of Ithaca Energy Inc.
The securities of Ithaca have not been registered under the US Securities Act 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.
ITHACA ENERGY DIRECTOR DEALINGS
LONDON, U.K. - CALGARY, ALBERTA, July 19, 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 that on 18 July 2007, certain of its directors exercised options and disposed of a minority of their shareholdings. The options were exercised at a price of US$0.90 per share. The shares were sold at a price of CAD$3.30, or approximately GBP£1.55 per share.
| Director |
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No. of Options Exercised |
No. of Shares Post Exercise |
| John Summers |
Chairman |
100,000 |
225,000 |
| Lawrence Payne |
CEO |
400,000 |
2,857,334 |
| Neill Carson |
COO |
400,000 |
2,505,556 |
| Brad Gunn |
CFO and Director |
300,000 |
987,500 |
| Frank Wormsbecker |
Non-executive |
100,000 |
250,000 |
| Jay Zammit |
Director |
100,000 |
500,000 |
Certain Directors also declare their intention to sell shares. Following these disposals and acquisitions, their respective holdings are as follows:
| Director |
No. of Shares Sold |
No. of Shares held post disposal & acquistion |
% of total issued share capital post disposal & acquisition |
| John Summers |
50,000 |
175,000 |
0.2% |
| Lawrence Payne |
400,000 |
2,457,334 |
2.9% |
| Neill Carson |
150,000 |
2,355,556 |
2.8% |
| Brad Gunn |
300,000 |
687,500 |
1.0% |
| Frank Wormsbecker |
100,000 |
150,000 |
0.2% |
| Jay Zammit |
100,000 |
400,000 |
0.1% |
| Michael Nobbs |
0 |
100,000 |
0.1% |
Pursuant to a lock-in agreement ("Lock-In Agreement") entered into at the time of the Initial Public Offering ("IPO"), the Directors, officers and certain employees of the Corporation had agreed not to dispose of any securities of the Corporation for 12 months following the IPO, and to obtain certain permissions for any disposals in the ensuing 9 months. The Corporation confirms that the above directors have complied with such agreement.
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: |
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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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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