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News Release

NOT FOR RELEASE IN THE UNITED STATES OR DISTRIBUTION TO US NEWS SERVICES

ITHACA ENERGY ANNOUNCES THIRD QUARTER 2006 RESULTS



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:

Ithaca Energy Inc: Office: Mobile
Lawrie Payne In London:
+44(0) 20 7590 3027
+44(0)7841 678668
Brad Gunn In London:
+44(0) 20 7590 3026
+44(0)7920 019355
  In Calgary:
+1 (403) 668 9599
+1 (403) 389 4107
     
Pelham Public Relations Office: Mobile
Charles Vivian +44(0) 20 7743 6673 +44(0)7977297903
Philip Dennis +44(0) 20 7743 6363 +44(0)7947868206
     

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