Ithaca Announces Net Profit for 2009

Ithaca Energy Inc. (TSX VENTURE:IAE)(AIM:IAE) and its wholly owned subsidiary Ithaca Energy (UK) Limited, an independent oil & gas company with exploration, development and production assets in the UK sector of the North Sea, announces its financial results for the twelve months ended December 31, 2009.

The press release is quoted as saying:

Revenues of US$110.8 million, Strong Earnings before Interest, Depreciation & Tax of US$61.6 million.Full Year Net Profit of US$7.9 million. Cash and Equivalents of US$29.9 million at year end – fourth consecutive quarter of positive cash flow from operations. Zero Debt. Surplus of Current Assets over Current Liabilities of US$59.3 million with minimal long term liabilities. Cost and expenses of US$102.8 million reflected a full year of Beatrice operations and Jacky start-up.

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