What is the Class Action about?

A lawsuit has been certified as a Class Action against Ithaca Energy Inc. (now Ithaca Energy Limited) (“Ithaca”) and Les Thomas. The Claim alleges that Ithaca published core documents and made other statements containing misrepresentations about Ithaca’s offshore oil and gas business and operations concerning: (1) the progress of material modifications to a floating production facility; and (2) corresponding 2015 pro forma production and revenue projections for the Greater Stella Area of the North Sea, and that Les Thomas as Ithaca’s then CEO certified those statements as not containing any misrepresentations.

The Claim alleges that Class Members acquired Ithaca’s common shares between and including October 7, 2014 and February 24, 2015 without knowledge that the statements were misleading, and held those securities until close of trading on February 24, 2015, and suffered losses as a result of holding those securities until at least February 25, 2015.

The Claim seeks damages for losses suffered by investors, plus other relief including costs and interest.

The Representative Plaintiff is David Stevens. In this lawsuit, the Representative Plaintiff is seeking damages on his own behalf and on behalf of everyone who invested in Ithaca between and including October 7, 2014 and February 24, 2015.

How do I know if I am a member of the Class?

The Class has been defined by the Court as follows:

… all persons, other than Excluded Persons, who acquired Ithaca's common shares during the Class Period and who held some or all of those securities at the close of trading on February 24, 2015;

The "Class Period" has been defined by the Court as being the period from and including October 7, 2014 to and including February 24, 2015.

Excluded Persons has been defined by the Court to mean Ithaca's subsidiaries, affiliates, officers, directors, senior employees, legal representatives, heirs, predecessors, successors and assigns.

If you had shares in Ithaca between October 7, 2014 and the market close on February 24, 2015, and you are not an Excluded Person, then it is likely that you are a member of the Class. If you are not sure whether or not you are a member of the Class, you should speak to Class Counsel, whose address is outlined below.

What if I do not want to participate in this Class Action?

Class Members who wish to participate in the Class Action do not need to do anything at this time. They are automatically included in the Class Action.

Any Class Member who wishes to opt out of the Class Action must do so by sending a written opt out form, signed by the Class Member, stating that he or she opts out of the Class Action. The written opt out form can be obtained from Class Counsel, must be sent by pre-paid mail, courier or by e-mail to the Opt-Out Administrator at the following address:

Deloitte LLP
700, 850 – 2nd Street S.W.
Calgary, AB T2P 0R8
Attn: Naomi McGregor
(403) 503‑1423

The written opt out form must be received by the Opt-Out Administrator no later than February 28, 2020 at 5:00pm MST.

No Class Member will be permitted to opt out of the Class Action after February 28, 2020. If you opt out of the Class Action, you will take full responsibility for initiating your own lawsuit against the Defendants and for taking all legal steps necessary to protect your claim, if you wish to proceed with a claim.

What are the costs to me?

Class Members will not be personally liable to pay any legal fees or disbursements to Class Counsel.

If the Class Action is successful in establishing that the Defendants are liable to pay money to the Class Members, the Court will then proceed to determine which Class Members may be entitled to that money, and how such amounts should be distributed to those Class Members.

If the Class Action is successful, legal costs will be deducted from the amounts recovered on behalf of the Class Members. All legal costs must be approved by the Court.

The Representative Plaintiff has retained Class Counsel to represent him and the Class in this lawsuit. Class Counsel will only be paid legal fees if the lawsuit is successful. If the lawsuit is successful, Class Counsel will request that legal fees be set by the Court.

How do I find out more about this Class Action?

Questions about the matters in this Notice must not be directed to the Court. The Certification Order and other information with respect to the Class Action can be obtained at the following websites: and and

In addition, questions for Class Counsel may be directed by e-mail or telephone to:

Ian Literovich
Morganti & Co., P.C.
21 St. Clair Avenue East, Suite 1102
Toronto, Ontario, M4T 1L9
647‑344‑1900, Ext: 9

Gavin Price
Jensen Shawa Solomon Duguid Hawkes LLP
#800, 304 - 8th Avenue SW
Calgary, Alberta, T2P 1C2
(403) 571‑0747