Canada: Ithaca Receives Takeover Bid

Ithaca Energy Inc., a North Sea oil and gas exploration, development and production company with offices in Calgary, Canada and Aberdeen, Scotland notes the recent movement in the Company’s share price on the Toronto Stock Exchange and confirms that it has received a confidential, non-binding proposal to acquire all of the outstanding shares of the Company.

The proposal is conditional upon, among other things, due diligence, negotiation of all definitive documentation, receipt of all necessary approvals by the interested party and approval of the Board of the Company. The Board of the Company, which is being advised by CIBC World Markets Inc., said that discussions are at a preliminary stage and there can be no certainty that the approach will lead to an offer being made for the Company.

Shareholders of the Company are not presently required or advised to take any action.

“The Company does not intend commenting further on the approach unless a definitive agreement is reached or unless otherwise required by law or applicable regulation.” said Ithaca in a press release.

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Offshore Energy Today Staff, January 23, 2012