Ithaca Energy North Sea property interest disposition

2009-07-15 16:28 ET - Property Agreement

Ithaca Energy Inc. wishes to advise that the TSX Venture Exchange approves the sale of an additional 15.15-per-cent portion of the company's interest in certain oil and gas licences in the North Sea on the United Kingdom's continental shelf. The properties include an additional interest in the Athena oil accumulation, an additional 15.15-per-cent interest in the Beatrice oil field, an additional 15.15-per-cent interest in the Jacky oil discovery and an additional 10.10-per-cent interest in the Stella gas/condensate accumulation. These options were originally granted pursuant to the sale and purchase agreement between the company and Dyas U.K. Ltd. dated Oct. 30, 2008. In addition, the company has agreed to sell to the purchaser a further 19.19-per-cent interest in the Athena oil accumulation, an additional 9.6-per-cent interest in the Beatrice oil field, an additional 6.16-per-cent interest in the Jacky oil discovery, an additional 4.77-per-cent interest in the Stella gas/condensate accumulation and an additional 7.84 per cent in the Carna licence.