UK: Ithaca Energy Inc. Completes Second Well Workover on Beatrice Alpha

Ithaca Energy Inc.  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 that stable production from the second workover well (A23) on Beatrice Alpha has increased by ~115% to approximately 560 barrels of oil per day (“bopd”) gross (280 bopd net to Ithaca), exceeding management expectations.

Activities will commence in early January 2011 on the third workover well of the campaign (Beatrice Alpha well A28).

Joint Venture Partners in the Beatrice Field are Ithaca (50%) and Dyas UK Ltd (50%).

Ithaca Energy is a Canadian oil and gas exploration, development and production company, focused on the North Sea. It’s portfolio consists of oil assets in the Inner and Outer Moray Firth, gas and condensate assets in the Central North Sea, and gas assets in the Southern North Sea. Ithaca’s strategy is to deliver shareholder value by drawing on it’s expertise in subsurface, development engineering and commercial dealings to bring these assets safely into production, whilst throughout maintaining a responsible and prudent fiscal discipline.

Source:  Ithaca Energy, December 29, 2010;

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