Ithaca Energy Inc. (TSX: IAE, LSE: IAE, FRA: I6T, OTC: IACAF)

Court of Queens Bench of Alberta, Court File No: 1501-05830

This securities class action relates to the Defendants publishing core documents and making other statements containing misrepresentations about Ithaca’s offshore oil and gas business and operations concerning: (1) material modifications to its “FPF-1” Floating Production Facility; and (2) corresponding 2015 pro forma production and revenue projections for the Greater Stella Area. The representative plaintiff, on behalf of the class of shareholders, served his motion record in support of leave to proceed on December 1, 2015.

On December 8, 2018, the parties appeared at court to make submissions in support for the Plaintiff’s motion for leave to proceed with the statutory claim.  At the time of submissions the judge requested that a new judge be appointed.  The parties are now waiting for a new judge to be appointed.

Claim or Motion for Authorization issued: May 26, 2015

Class Period: August 12, 2014 to and including February 25, 2015

Leave to Proceed Record Served: On December 8, 2015, the Judge adjourned the hearing date until a new judge is appointed.

Shareholders’ Canadian Counsel: Andrew Morganti, Morganti & Co.; and Robert Hawkes, Q.C. and Gavin Price, Jensen Shawa Solomon Duguid Hawkes LLP

Shareholders’ Canadian Expert(s): EPEUS LLC and Compass Lexecon

Defendants’ Canadian Counsel: Perry Mack, Q.C., Peacock Linder Halt & Mack LLP