Ithaca Energy Inc. has entered into an agreement with Shell to farm-out half of the company's 40% non-operated interest in UK license P1792, covering blocks 21/30f and 22/26c in the Central North Sea. The farm-out is in exchange for a partial carry of Ithaca's 20% share of the costs of a well on the Beverley prospect, with the license terms requiring the well to be drilled by early 2015. The license contains the Beverley prospect and the Belinda and Evelyn discoveries. The Beverley prospect lies on the flank of an undrilled salt diapir, analogous with other structures in the area, and is located close to the Shell-operated Gannet fields. The agreement with Shell is subject to normal regulatory consents. Ithaca Energy Inc. confirmed an appraisal well (7225/3-2) on the Norvarg discovery, located in PL535 in the Norwegian sector of the Barents Sea, has commenced. The well, operated by TOTAL E&P Norge, is being drilled to prove up the volume potential in the north-eastern segment of the Norvarg closure. Drilling operations (not including testing) are anticipated to last for at least 70 days.

Ithaca Energy Inc. announced that upon completion of the acquisition, two existing directors of Valiant, Mr. Jannik Lindbaek and Mr. Michael Bonte-Friedheim, were to be appointed to the Board of Ithaca as Non-Executive Directors. The company confirmed that Mr. Jannik Lindbaek will be appointed to the Board as a Non-Executive Director in May 2013. Mr. Lindbaek was previously Chairman of the Norwegian international oil and gas company, Statoil ASA, prior to its merger with Norsk Hydro in 2007.

Ithaca Energy Inc. announced unaudited consolidated earnings results for the three months ended March 31, 2013. For the quarter, the company’s revenue increased by $19.2 million to $59.8 million compared to $40.6 million a year ago. This was mainly driven by an increase in oil sales volumes, partially offset by a reduction in oil price. Cash flow from operations increased over 20% to $34.8 million or $0.13 per share, compared to $28.4 million or $0.11 per share, a year ago. Cash generated from operating activities was $34.8 million primarily due to cash generated from Athena, Beatrice, Jacky, Anglia, Cook and Broom operations, augmented in first quarter of 2013 primarily due to the inclusion of Athena. Profit before tax was $2.3 million compared to $13.8 million a year ago. Profit after tax was $3.5 million or $0.01 per share, compared to $12.9 million or $0.05 per share, a year ago. The company reported production results for the first quarter of 2013. The company’s total net export production in first quarter of 2013 was 6,475 boepd, approximately 90% oil, representing an increase of approximately 51% on first quarter of 2012 production compared to 4,299 boepd a year ago. Production in the period was derived from the operated Athena, Beatrice, Jacky and Anglia fields and the non-operated Cook, Broom and Topaz fields. The total first quarter of 2013 production of 6,475 boepd includes the contribution from the additional 12.885% Cook field interest acquired from Noble. The company provided production guidance for the 2013. The production performance was in the upper range of that anticipated by the corporation as part of the 2013 annual production guidance range of 6,000 boepd to 6,700 boepd.