Ithaca Energy Inc. (the "Company")

Director Shareholding

London, UK - Calgary, Canada, 30th December, 2009 - Ithaca Energy Inc. (TSX Venture: IAE, LSE AIM: IAE) has been notified that on 30th December 2009 Iain McKendrick, Chief Executive Officer of the Company, acquired 35,490 ordinary shares in the Company ('Ordinary Shares') at a price of 84 pence per share.

Following this acquisition, Iain McKendrick is interested in 75,490 Ordinary Shares, representing approximately 0.04 per cent of the issued share capital of the Company.

Enquiries:

Ithaca Energy:

Norman Wood, CFO nwood@ithacaenergy.com +44 (0) 1224 652 151
Iain McKendrick, CEO nmuir@ithacaenergy.com +44 (0) 1224 650 267