Stella First Hydrocarbons

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Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) (“Ithaca” or the “Company”) is pleased to announce the successful start-up of production from the Stella field.

Production has been started from the field and oil export to the adjacent shuttle tanker has commenced. The production ramp-up phase will commence when the on-going commissioning of the gas processing and compression facilities is complete.

Further information on the status of Stella field operations will be provided when the Company issues its 2016 Financial Results in late March 2017.

- ENDS -

Enquiries:

Ithaca Energy
Les Thomas
lthomas@ithacaenergy.com
+44 (0)1224 650 261

Graham Forbes
gforbes@ithacaenergy.com
+44 (0)1224 652 151

Richard Smith
rsmith@ithacaenergy.com
+44 (0)1224 652 172

FTI Consulting
Edward Westropp
edward.westropp@fticonsulting.com
+44 (0)203 727 1521

Kim Camilleri
kim.camilleri@fticonsulting.com
+44 (0)203 727 1349

Cenkos Securities
Neil McDonald
nmcdonald@cenkos.com
+44 (0)207 397 8900

Beth McKiernan
bmckiernan@cenkos.com
+44 (0)131 220 9778

Nick Tulloch
ntulloch@cenkos.com
+44 (0)131 220 6939

RBC Capital Markets
Matthew Coakes
matthew.coakes@rbccm.com
+44 (0)207 653 4000

About Ithaca Energy

Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) is a North Sea oil and gas operator focused on the delivery of lower risk growth through the appraisal and development of UK undeveloped
discoveries and the exploitation of its existing UK producing asset portfolio. Ithaca’s strategy is centred on generating sustainable long term shareholder value by building a highly profitable 25kboe/d North Sea oil and gas company. For further information please consult the Company’s website www.ithacaenergy.com.

Forward-looking Statements

Some of the statements and information in this press release are forward-looking. Forwardlooking statements and forward-looking information (collectively, "forward-looking statements") are based on the Company's internal expectations, estimates, projections, assumptions and beliefs as at the date of such statements or information, including, among other things, assumptions with respect to production, drilling, construction and maintenance times, inspection and remediation times, well completion times, development schedules, risks associated with operations, future capital expenditures, continued availability of financing for future capital expenditures and future cash flow. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. When used in this press release, the words and phrases like "anticipate", "continue", "estimate", "expect", "may", "will", "project", "plan", "should", "believe", "could", “target”, “forecast” and similar expressions, and the negatives thereof, whether used in connection with operational activities, the initial production of hydrocarbons from the Stella field and the timing thereof, the completion of gas processing and compression facilities commissioning and the timing thereof, the ramp-up in Stella field production and timing thereof, production forecasts, duration and timing of planned maintenance shutdowns, anticipated capital expenditures and activities associated therewith, anticipated operating expenditures, estimated development costs, or otherwise, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes that the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations, or the assumptions underlying these expectations, will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These forward-looking statements speak only as of the date of this press release. Ithaca expressly disclaims any intention or 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 except as required by applicable securities laws. Any "financial outlook" contained in this press release, as such
term is defined by applicable securities laws, is provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes.

Additional information on assumptions used to develop forward-looking information and on risk factors that could affect Ithaca’s operations and financial results and / or cause actual results to differ materially from forward-looking information are included in the Company’s Management Discussion and Analysis for the quarter ended 30 September 2016 and the Company's Annual Information Form for the year ended 31 December 2015 and in reports which are on file with the Canadian securities regulatory authorities and may be accessed through the Company’s SEDAR profile on the SEDAR website (www.sedar.com).

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