An anonymous director reports

ITHACA ENERGY INC. -- COMPULSORY SHARES ACQUISITION & DELISTING UPDATE

Following the take-up and payment by Delek Group Ltd., through its affiliate DKL Investments Ltd., of 318,833,909 common shares of Ithaca Energy Inc. pursuant to the previously announced takeover offer, the offeror has mailed a notice of compulsory acquisition to all remaining holders of Ithaca common shares in accordance with the compulsory acquisition provisions in the Business Corporations Act (Alberta) (ABCA).

Under the terms of the compulsory acquisition and subject to the terms of the ABCA, the holders of all the remaining common shares not currently owned by the offeror will be entitled to receive the same consideration per share as paid under the offer, being $1.95 in cash per share. Further details are provided in the notice of compulsory acquisition, which will be available on SEDAR.

In order to receive payment for their shares, registered holders of the remaining shares must submit (or cause to be submitted) the letter of transmittal and election form circulated with the notice of compulsory acquisition along with all certificates representing their shares to Computershare Trust Company of Canada. Remaining shareholders who hold their shares through an intermediary or hold their shares in the form of Alternative Investment Market depository interests should contact their financial intermediary or the depository for depository interests (being Computershare Investor Services PLC), as applicable, for further information and payment instructions.