NSE New Stratus Energy Inc

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UNITED STATES


Ithaca Energy Inc. (TSX:IAE)(AIM:IAE) announces that the Commercial Court of the
High Court of Justice ("Court") has handed down judgment in favour of Ithaca in
respect of the Jacky J03 well proceedings raised against North Sea Energy (UK)
Limited ("NSE"). 


The Court has confirmed Ithaca's position in concluding that the Jacky J03 well
was drilled as a "Joint Operation" under the joint operating agreement.
Accordingly, NSE remains obliged to contribute to the Jacky J03 well costs in
accordance with its field equity (10%). 


NSE has not requested leave to appeal the judgment and has been ordered to pay
Ithaca's legal costs of the proceedings.


About Ithaca Energy: 

Ithaca Energy Inc. and its wholly owned subsidiary Ithaca Energy (UK) Limited
("Ithaca" or "the Company"), is an oil and gas exploration, development and
production company active in the United Kingdom's Continental Shelf ("UKCS").
The goal of Ithaca, in the near term, is to maximize production and achieve
early production from the development of existing discoveries on properties held
by Ithaca, to originate and participate in exploration and appraisal on
properties held by Ithaca when capital permits, and to consider other
opportunities for growth as they are identified from time to time by Ithaca.


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

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