Equipment Leasing Reports Ithaca Energy Inc. (TSXV:IAE) pays US$74.5 million, swaps assets to buy two North Sea oil plays

Equipment Leasing Reports Ithaca Energy Inc. (TSXV:IAE) pays US$74.5 million, swaps assets to buy two North Sea oil plays

Vancouver, B.C., Canada (April 4, 2011) – Reports Ithaca Energy Inc. (TSXV:IAE) will pay US$74.5 million and swap assets with Hess Ltd. to acquire minority interests in two North Sea oil fields.

The Calgary-based company says it has an agreement to acquire a 28.46 per cent interest in the Cook oil field and a 7.41 per cent interest in the Maclure oil field from Hess.

In return, Hess will get the cash and 10 per cent interests in each of three exploration blocks in the southern North Sea.

The Cook oil field, operated by Shell, produced the equivalent of 7,940 barrels of oil per day in 2010, of which 2,260 oil-equivalent barrels per day went to Hess.

The Maclure oilfield, operated by BP, produced 5,857 oil-equivalent barrels per day in 2010, of which 434 boepd was Hess’s share. The acquisition is subject to pre-emptive rights held by third parties.

Ithaca said it will fund the acquisition from existing cash. The company also expects to increase its debt facilities to US$185 million from US$140 million.

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