Terms of Use

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Please be advised that the following terms and conditions (the "Terms of Use") govern the relationship between you, Ithaca Energy Inc. and its affiliates and subsidiaries (direct and indirect) in all jurisdictions ("Ithaca") in connection with the use of the ithacaenergy.com website located at http://www.ithacaenergy.com (the "Website"). 
Please read the Terms of Use carefully before you start to use the Website. If these Terms of Use are not acceptable to you, please do not use the Website. By using the Website, you agree to comply with and be legally bound by the terms and conditions as set out in these Terms of Use.

Please note that Ithaca may update these Terms of Use from time to time and you are responsible for periodically reviewing the most current version on the Website. Your continued use of the Website will be deemed your conclusive acceptance and agreement to comply with the updated Terms of Use.

Rights Granted and Restrictions on Use

The name "Ithaca" and all other trade names, trademarks and logos identifying the Website, Ithaca and its business are proprietary marks of Ithaca.

The copyright in the Website and the Content (as defined below) is owned and/or licensed by Ithaca (except where otherwise stated).  Ithaca grants to you a limited non-exclusive, non-transferable license to view and print the Content for your non-commercial or personal use only. Nothing in these Terms of Use shall be construed as granting you any licence to the Content (or any element thereof) or any intellectual property right of Ithaca or any third party in excess of the aforementioned licence. 

All printouts and copies that you make must retain all copyright, trademark and other notices that are on the Website. You may not use (other than as specifically provided above), distribute, sell, modify, transmit, revise, reverse engineer, republish, post or create derivative works (where applicable) of the trademarks, trade names, logos, design, layout, information, data, software, applications, interactive features, tools, services or other material or content on or made available through the Website (referred to collectively, as the "Content") without Ithaca's prior written permission. 

Please note you are responsible for complying with any additional disclaimers, terms and restrictions of use displayed on individual pages of the Website which your use of these pages is subject to.

Authority to Use the Website & Conduct

By using the Website, you hereby represent to Ithaca: 

(i)     that you have the power and authority to accept the Terms of Use and to enter into this agreement with Ithaca; and
(ii)    that you are capable of assuming, and do assume, any risks related to the use of the Website and the Content, and that you understand and accept the terms, conditions and risks relating to their use; 

If you are dissatisfied with the Website or the Content, your sole and exclusive remedy is to stop using them.

You warrant that in using the Website you shall:

(a) use the Website only for lawful purposes and in a manner which does not infringe the rights of, or restrict or inhibit the use of the Website by any third party;

(b) not engage in any conduct which is unlawful, or which may harass or cause distress or inconvenience to any person;

(c) not upload, post, transmit or distribute any material or information where you do not own or have the right to use the intellectual property rights, or any material which is unlawful or which is potentially harmful, threatening, abusive, libelous, defamatory, pornographic or otherwise obscene, racially or ethnically or otherwise objectionable or damaging to the reputation of Ithaca;

(d) not access, interfere with, damage or disrupt any part of the Website, any equipment, systems or network used to operate the Website; and

(e) not transmit any data, send or upload any material that contains viruses, Trojan horses, worms, time-bombs, keystroke loggers, spyware, adware or any other harmful programs or similar computer code designed to adversely affect the operation of any computer or hardware.

You acknowledge that by breaching provisions (d) and (e) above, you may commit a criminal offence including, without limitation, under the Computer Misuse Act 1990 (as amended from time to time). Ithaca may report any such breach to the relevant law enforcement authorities and co-operate with those authorities and disclose your identity, if known by Ithaca.

Information Contained on the Website

The Website (including the Content) has been prepared by or on behalf of Ithaca. The Website does not constitute a prospectus under the prospectus rules made for the purposes of Part VI of the Financial Services and Markets Act 2000 ("FSMA"), as amended from time to time, nor does it constitute or form any part of any offer or invitation to purchase, sell or subscribe for, or any solicitation of any such offer to purchase, sell or subscribe for, any securities in Ithaca, nor shall the Website, the Content or any part of it, form the basis of, or be relied on in connection with, any contract therefor. 

The contents of the Website have not been examined or approved by the Canadian Securities Administrators, the Financial Services Authority, the London Stock Exchange or the Toronto Stock Exchange, nor is it intended that the Website will be so examined or approved. 

No reliance may be placed, for any purposes whatsoever, on the information and Content contained on the Website. The Website provides general information on Ithaca only. Reasonable care was taken to ensure that the information provided, other than that accessed by hyperlinks to other sites, was accurate when it was first made available on the Website. Ithaca makes no commitment to update the information which may be out of date and/or inaccurate. The Content made available through the Website is for informational purposes only and is not intended to provide legal, accounting, tax, investment, financial or other advice and such Content should not be relied upon for such advice.
In the event any information posted on the Website, derived from documents which Ithaca has filed with the Toronto Stock Exchange, the Canadian Securities Regulators, the Financial Securities Authority or the London Stock Exchange or other original document relating to Ithaca, differs to any extent from the original, the original document should be regarded as the definitive version and should be consulted for the accurate information.

Other Countries

The Website can be accessed from countries around the world other than Canada and the United Kingdom and Ithaca makes no representation that the Content is appropriate or available for use in other locations, and accessing the Website from territories where its Content is illegal is prohibited. Those who choose to access the Website from other locations do so on their own initiative and at their own risk and are responsible for compliance with local laws.

Forward-Looking Statements and Information on the Website

This Website contains certain forward-looking information and forward-looking statements (collectively, the "forward-looking statements") which are based on Ithaca’s internal expectations, estimates, projections assumptions and beliefs as at the date of such statements or information including (but not limited to) management’s assessment of  Ithaca’s future production, reserves, financial performance, plans, drilling programs, future capital expenditures, potential acquisitions and operations concerning, among other things, future operating results from targeted production and development plans and various components thereof or Ithaca’s future economic performance. The projections, estimates and beliefs contained in such forward-looking statements involve known and unknown risks, assumptions, uncertainties and other factors which may cause Ithaca’s actual performance and financial results in future periods to differ materially from any estimates or projections contained herein. When used on the Website, the words "expects", "believes", "anticipate", "plans", "may", "will", "should", "scheduled", "targeted", "estimated" and similar expressions, and the negatives thereof, whether used in connection with estimates, forecasts, expectations or otherwise, 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 outcomes to differ materially from those suggested by any such statements and the risk that the future benefits and anticipated production by Ithaca may be adversely impacted. In the view of Ithaca’s management, the Website was prepared by management on a reasonable basis, reflects the best currently available estimates and judgements, and presents, to the best of management’s knowledge and belief, the expected course of action and the expected future performance and results of Ithaca. 
Such forward-looking statements are not fact and should not be relied upon as being indicative of future results and users of the Website are cautioned not to place undue reliance on such information. Ithaca expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained on the Website 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.

Non-International Financial Reporting Standards Terms 

This Website and certain Content contains non-International Financial Reporting Standards ("IFRS") industry benchmarks and terms, such as "netbacks" and "cashflow from operations". Netbacks are calculated on a per unit basis as oil, gas and natural gas liquids revenues less royalties and transportation and operating costs. Cashflow from operations includes the impact of executed hedges and does not include non-cash items such as depreciation, depletion and amortisation, revaluation of financial instruments, impairments of fixed assets and movements in goodwill, which may have a significant impact on Ithaca’s results. The non-IFRS financial measures do not have any standardized meaning and therefore are unlikely to be comparable to similar measures presented by other companies. Ithaca uses the foregoing measures to help evaluate its performance. As an indicator of Ithaca's performance, cashflow from operations should not be considered as an alternative to, or more meaningful than, net cash from operating activities as determined in accordance with IFRS. However, Ithaca considers cashflow from operations to be a key measure as it demonstrates Ithaca's underlying ability to generate the cash necessary to fund operations and support activities related to its major assets.
Further details on the above are provided in the consolidated audited financial statements (the "Financial Statements") and management's discussion and analysis (the "MD&A") of Ithaca for the year ended December 31, 2012, which have been filed with the securities regulatory authorities in Canada. These financial statements are available on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com and from the Investor Relations section of this Website.  

Notes Regarding Oil and Gas Disclosure

This Website and the Content may contain estimates of future net revenue from the production of oil and gas reserves of Ithaca. These estimates do not represent fair market values of the reserves. The estimates of reserves and future net revenues for individual properties may not reflect the same confidence level as estimates of reserves and future net revenues for all properties, due to the effects of aggregation. 

Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is an equal probability that the quantities actually recovered will be greater or less than the sum of the proved plus probable reserves. There is a 10% probability that at least the sum of the estimated proved reserves plus probable reserves plus possible reserves will be recovered. 

References herein to "boe" mean barrel of oil equivalent which is derived by converting gas to oil in the ratio of six thousand cubic feet ("Mcf") of gas to one barrel ("bbl") of oil. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 bbl is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Statements relating to reserves are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described can be profitably produced in the future. The reserve estimates set forth on the Website are estimates only and the actual reserves and realized revenue may be greater or less than those calculated. The estimates of reserves for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation. If a discovery is made, there is no certainty that it will be developed, or if it is developed, there is no certainty as to the timing of such development or the benefits (if any) which may flow to Ithaca.

With respect to the Ithaca’s reserves, the figures are derived from a report prepared by Sproule International Limited ("Sproule"), an independent qualified reserves evaluator, evaluating the reserves of Ithaca as of December 31, 2012 and forming the basis for the Statement of Reserves Data and Other Oil and Gas Information of Ithaca dated March 19, 2013 (the "Statement"). The reserves for the South West Heather Field included in the Statement are those estimated by Ithaca and reviewed by Sproule. With respect to Ithaca Petroleum Limited (formerly Valiant Petroleum plc) ("Valiant") reserves acquired by Ithaca, the figures are derived from an Audit of Certain Reserves as at December 31, 2012 prepared by RPS Energy Consultants Limited, an independent qualified reserves evaluator, dated January 24, 2013. The reserves estimates of Ithaca are based on the Canadian Oil and Gas Evaluation Handbook ("COGEH") pursuant to National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities. The reserves estimates of Valiant are based on the 2007 SPE/AAPG/WPC/SPEE Petroleum Resource Management System which is not materially different from COGEH. The Valiant reserves have been adjusted to reflect the increased Fionn field interest being transferred to Valiant by Antrim Resources (N.I.) Limited.

Certain well test results disclosed on the Website represent short-term results, which may not necessarily be indicative of long-term well performance or ultimate hydrocarbon recovery therefrom.

Users of the Website are specifically referred to the risk factors described in Ithaca’s Financial Statements, MD&A, Ithaca’s annual information form for the year ended December 31, 2012 (the "AIF") and other documents Ithaca files from time to time with securities regulatory authorities. Copies of the MD&A, the AIF and other documents are available on SEDAR at www.sedar.com and from the Investor Relations section of this Website.

Hyperlinks and third party websites

Ithaca makes no representation about any other website which you may access through the Website or any information provided on the Website which is linked to or sourced from third party sources. Any such link does not indicate any association between Ithaca and those other websites/sources or their owners/operators, nor does it indicate that Ithaca has approved that website/source. Ithaca accepts no liability whatsoever for the information or opinions stated on any other website or for enabling the reader to link to or from any other website and accepts no responsibility whatsoever for them or for any loss or damage that may arise from use of such websites.

Access and Availability 

Ithaca will make reasonable efforts to ensure the Website can be accessed uninterrupted and error-free, however Ithaca makes no warranty or representation that this will always be the case. Ithaca reserves the right to withdraw or amend the Website and any information contained therein without notice and will not be liable if for any reason the Website is unavailable at any time or for any period.  Persons accessing the Website do so at their own risk.

Communication 

With regard to electronic communication, there is no guarantee that any e-mail you send will be received by Ithaca. E-mail is not a secure form of communication and can be intercepted by third parties so e-mails sent to Ithaca are not confidential. Any information sent by e-mail is done so at your own risk and you should carefully consider its sensitivity before transmitting it. If in doubt, you may wish to write to or telephone Ithaca instead.

Disclaimer

NONE OF ITHACA, ITS DIRECTORS, OFFICERS, EMPLOYEES NOR THEIR AGENTS, UNDER ANY CIRCUMSTANCE, GUARANTEE OR WARRANT THAT THE CONTENT IS ACCURATE, COMPLETE OR CURRENT AT ANY TIME. ITHACA EXCLUDES, TO THE FULLEST EXTENT PERMITTED BY LAW: (A) ANY AND ALL CONDITIONS, WARRANTIES AND OTHER TERMS WHICH MIGHT OTHERWISE BASED ON CONRACT, BE IMPLIED BY STATUTE, COMMON LAW, THE LAW OF TORT, CONTRACT OR DELICT OR OTHERWISE; AND (B) ANY AND ALL LIABILITY INCLUDING, BUT NOT LIMITED TO, ANY DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL OR SPECIAL LOSS OR DAMAGE, OF ANY KIND, INCURRED BY ANY USER IN CONNECTION WITH THE WEBSITE OR IN CONNECTION WITH THE USE, INABILITY TO USE, OR RESULTS OF THE USE OF THE WEBSITE, ANY WEBSITES OR OTHER SOURCES LINKED TO IT AND ANY MATERIALS CONTAINED OR POSTED ON THE SAME, INCLUDING WITHOUT LIMITATION, ANY LIABILITY FOR LOSS OF INCOME OR REVENUE, BUSINESS PROFITS OR CONTRACTS, ANTICIPATED SAVINGS, LOSS OF OPPORTUNITY, REPUTATION, OR GOODWILL, WASTED MANAGEMENT OR OFFICE TIME, LOSS OF INFORMATION AND LOSS OF, OR CORRUPTION TO, DATA AND FOR ANY FURTHER LOSS OR DAMAGE OF ANY KIND INCLUDING, WITHOUT LIMITATION, THOSE ARISING FROM ANY DECISION MADE OR ACTION TAKEN BY YOU IN RELIANCE UPON THE CONTENT HOWSOEVER ARISING AND WHETHER CAUSED BY NEGLIGENCE, BREACH OF CONTRACT OR OTHERWISE, EVEN IF FORSEEABLE.

WITHOUT LIMITATION, NO UNDERTAKING, REPRESENTATION, WARRANTY OR GUARANTEE IS MADE THAT THE WEBSITE OR ITS CONTENT, INCLUDING ANY LINKED WEBSITE AND ANY DOCUMENTS, FILES AND INFORMATION HOSTED OR DOWNLOADED FROM THE SAME WILL BE FREE FROM ANY VIRUSES, TROJAN HORSES, WORMS, TIME BOMBS, KEYSTROKE LOGGERS, SPYWARE, ADWARE AND/OR OTHER HARMFUL PROGRAMS OR COMPUTER CODE DESIGNED TO ADVERSELY AFFECT THE OPERATION OF ANY COMPUTER SOFTWARE OR HARDWARE. ITHACA SHALL HAVE NO LIABILITY FOR LOSS OF INCOME OR REVENUE, BUSINESS PROFITS OR CONTRACTS, ANTICIPATED SAVINGS, LOSS OF OPPORTUNITY, REPUTATION, OR GOODWILL, WASTED MANAGEMENT OR OFFICE TIME, LOSS OF INFORMATION AND LOSS OF, OR CORRUPTION TO, DATA OR FOR ANY FURTHER LOSS OR DAMAGE OF ANY KIND ARISING FROM ANY SUCH HARMFUL PROGRAMS OR COMPUTER CODE. 

THE ABOVE LIMITATIONS AND EXCLUSIONS SHALL APPLY TO YOU TO THE FULLEST EXTENT THAT APPLICABLE LAW PERMITS, IN ALL ACTIONS OF ANY KIND, WHETHER BASED ON CONTRACT, DELICT OR TORT (INCLUDING, WITHOUT LIMITATION, NEGLIGENCE) OR ANY OTHER LEGAL OR EQUITABLE THEORY. ANY CLAUSE OR ANY PART THEREOF DECLARED INVALID SHALL BE DEEMED SEVERABLE AND NOT AFFECT THE VALIDITY OR ENFORCEABILITY OF THE REMAINDER OF THESE TERMS OF USE.