FOR:  ITHACA ENERGY INC.

TSX VENTURE, AIM SYMBOL:  IAE

April 6, 2010

Ithaca Energy Inc.: First Quarter 2010 Production and 2010 Production Guidance

LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - April 6, 2010) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Ithaca Energy Inc. (TSX VENTURE:IAE)(AIM:IAE) and its wholly owned subsidiary Ithaca Energy (UK)
Limited ("Ithaca" or the "Company"), an independent oil & gas company with exploration, development
and production assets in the UK sector of the North Sea, announces that combined production from the
Jacky and Beatrice averaged 8,776 barrels of oil per day ("bopd") gross (4,193 bopd net to Ithaca)
over the three month period from January to March 2010 ("the period") as measured at the Nigg storage
facility.

The Beatrice Complex average daily sales volumes for the period as measured at the Nigg storage
facility are summarised as follows:

                   Gross (bopd)   Net to Ithaca (bopd)

January                  7,073                  3,375
February                 9,351                  4,464
March                    9,904                  4,739
Average Q1 2010          8,776                  4,193

The average realised price for production in January was 72.133 $/bbl and in February was 77.392 $/bbl
(before hedging and additional price uplift at the point of sale to a third party). Deliveries for
March are currently being priced.

Overall Q1 2010 average production rates for the Beatrice Complex reflect the outage at Beatrice
Alpha. Production from Jacky and Beatrice Bravo facilities continued without significant interruption
since it was restored on January 11, 2010. Daily production rates from Jacky have at times exceeded
11,750 bopd gross (5,581 bopd net to Ithaca) as metered at the platform.

The previously reported outage caused by damage to the Beatrice Alpha facility produced water
treatment plant has now been fully repaired and improvements made. Production from the Beatrice Alpha
wells was restored in March, reinstating strong overall production rates which are now stabilising.
Recent rates from Jacky and Beatrice exceed 13,000 bopd gross (6250 bopd net to Ithaca) as metered at
the platform.

The previously reported Beatrice Bravo well intervention programme has been extremely successful with
production from this part of the field in March exceeding 2,250 bopd (1,125 bopd net to Ithaca) as
metered at the platform. Production from Beatrice Bravo has now stabilised at rates of approximately
1,800 bopd gross (900 net to Ithaca). Four wells are now available with three in use due to capacity
constraints of the in-field connecting pipeline. In addition, during the well intervention phase, work
was completed to reinstate the two Bravo platform water injection wells which provide pressure support
to the northern area of the Beatrice field; this has provided a further boost to production from Bravo
wells.

Operations will commence in May 2010 on a series of planned interventions on four Beatrice Alpha
production wells and one water injection well. Works will include the renewal of Electrical
Submersible Pumps and the replacement of downhole tubulars. Intervention on a water injection well
will restore tubing integrity.

Iain McKendrick, CEO, commented, "It is excellent news to have the Beatrice Complex back to full
strength and testament to the capability of our operational team. The constant vigilance and
dedication of the team has allowed us to maintain Jacky and Beatrice Bravo production levels
throughout this first quarter. Management retains a target for 2010 average production of 5,100 bopd
net to Ithaca despite the deferral of production from Beatrice Alpha in Q1. Sustaining this level of
production will be subject to a successful well intervention campaign on Alpha and takes into account
the management's view of anticipated production decline at Jacky."

Partners in the Jacky field are Ithaca (47.5%), Dyas UK Ltd (42.5%) and North Sea Energy (UK) Ltd
(10%).

Joint Venture Partners in the Beatrice Field, including Beatrice Bravo are Ithaca (50%) and Dyas UK
Ltd (50%).

In accordance with AIM Guidelines, Lawrie Payne, MA Marine Geology (Alberta & Columbia) and Chairman
of Ithaca Energy is the qualified person that has reviewed the technical information contained in this
press release.

Not for Distribution to U.S. Newswire Services or for Dissemination in the United States

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 including production targets. When used in this announcement, the
words "targets", "expects," "believes," "anticipates," "plans," "may," "will," "should", "would",
"could" 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 known and unknown risks
and uncertainties and other factors that could cause actual results or events 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 except as required by applicable
securities laws.

The term "boe" may be misleading, particularly if used in isolation. A boe conversion of 6 Mcf: 1 bbl
is based on an energy equivalency conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead.

FOR FURTHER INFORMATION PLEASE CONTACT:

Ithaca Energy:
Iain McKendrick
CEO
+44 (0) 1224 650 261
imckendrick@ithacaenergy.com

OR

Ithaca Energy:
John Woods
CDO
+44 (0) 1224 650 273
jwoods@ithacaenergy.com

OR

Ithaca Energy:
Nick Muir
CXO
+44 (0) 1224 650 267
nmuir@ithacaenergy.com

OR

Pelham Bell Pottinger:
Philip Dennis
+44 (0) 207 337 1516
pdennis@pelhambellpottinger.co.uk

OR

Pelham Bell Pottinger:
Elena Dobson
+44 (0) 207 337 1517
edobson@pelhambellpottinger.co.uk

OR

Cenkos Securities plc:
Jon Fitzpatrick
+44 (0) 207 397 8900
jfitzpatrick@cenkos.com

OR

Cenkos Securities plc:
Ken Fleming
+44 (0) 131 220 6939
kfleming@cenkos.com

Neither TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Ithaca Energy Inc.