Mr. Les Thomas reports

ITHACA ENERGY INC.: COMPULSORY SHARES ACQUISITION UPDATE; DELEK TAKEOVER; UPDATE ON COMPULSORY ACQUISITION & CANCELLATION FROM TRADING ON AIM AND TSX

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 and the announcement on May 12, 2017, of Delek's intention to carry out a compulsory acquisition of all remaining issued and outstanding common shares of the company that are not currently owned by the offeror, the offeror expects to mail 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) this week.

Under the terms of the compulsory acquisition, and subject to the terms of the Business Corporations Act (Alberta), all holders of 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.

Following completion of the compulsory acquisition, the company will be a wholly owned subsidiary of the offeror. Ithaca therefore considers that, following completion, it will no longer be appropriate for the securities of the company to be admitted to trading on the Alternative Investment Market of the London Stock Exchange.

As announced on May 12, 2017, Ithaca is seeking voluntary cancellation of the trading of the company's securities on the AIM. It is anticipated that the cancellation shall take effect on or around June 7, 2017. Cancellation will not require the passing of a resolution of Ithaca's shareholders pursuant to Rule 41 of the AIM rules for companies. Once cancellation has taken place, it will no longer be possible to effect transactions in Ithaca securities on AIM.

Ithaca further announces that it intends to apply to the Toronto Stock Exchange to voluntarily delist its common shares from the TSX. In addition, Ithaca intends to make an application to the applicable Canadian securities regulatory authorities as soon as is practicable to cease to be a reporting issuer in each province in which it is currently a reporting issuer.

A further announcement will be made in due course to confirm the mailing of the notice and the AIM cancellation date.

About Ithaca Energy Inc.

Ithaca Energy is a North Sea oil and gas operator focused on the delivery of lower-risk growth through the appraisal and development of United Kingdom undeveloped discoveries, and the exploitation of its existing U.K. producing asset portfolio. Ithaca's strategy is centred on generating sustainable long-term shareholder value by building a highly profitable 25,000-barrel-of-oil-equivalent-per-day North Sea oil and gas company.

We seek Safe Harbor.