Ithaca Energy Inc.-Compulsory Shares Acquisition & Delisting Update

FOR: ITHACA ENERGY INC
TSX SYMBOL: IAE
LSE SYMBOL: IAE

Date issue: June 02, 2017
Time in: 12:47 PM e

Attention:

ABERDEEN, SCOTLAND--(Marketwired - June 02, 2017) - Ithaca Energy Inc. (TSX: IAE) (LSE: IAE)

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS IN THAT JURISDICTION.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU NO. 596/2014).

Ithaca Energy Inc.

Compulsory Acquisition by Delek and Cancellation from trading on AIM and TSX

2 June 2017

Ithaca Energy Inc. (TSX: IAE; LSE: IAE) ("Ithaca" or the "Company") announces that, following the take-up and payment by Delek Group Ltd ("Delek"), through its affiliate DKL Investments Limited (the "Offeror"), of 318,833,909 common shares of Ithaca pursuant to the previously announced takeover offer (the "Offer"), the Offeror has today mailed a notice of compulsory acquisition (the "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") (the "Compulsory Acquisition").

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 ("Remaining Shareholders") will be entitled to receive the same consideration per share as paid under the Offer, being C$1.95 in cash per share. Further details are provided in the Notice of Compulsory Acquisition, which will be available on SEDAR at www.sedar.com.

In order to receive payment for their shares, registered Remaining Shareholders 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 who hold their shares in the form of AIM 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.

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- END RELEASE - 02/06/2017

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COMPANY:
FOR: ITHACA ENERGY INC
TSX SYMBOL: IAE
LSE SYMBOL: IAE

INDUSTRY: Energy and Utilities - Oil and Gas
RELEASE ID: 20170602CC0031

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