INA

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN
UNITED STATES


Iona Energy Inc. ("Iona" or the "Company") (TSX VENTURE:INA) announced today
that it has closed its previously announced public offering (the "Offering") of
common shares for gross proceeds of CAD$92 million. A total of 184,000,000
common shares were sold, which includes shares issued on the exercise in full of
a 15% over-allotment option granted to the agents retained by the Company for
purposes of the Offering. The sale price of each share sold in connection with
the Offering was $0.50.


The Offering was led by Casimir Capital Ltd., and included a syndicate of agents
consisting of Clarus Securities Inc., Mackie Research Capital Corporation,
AltaCorp Capital Inc. and National Bank Financial Inc.


The Company intends to use the net proceeds of the Offering (i) to fund the
Company's development of its Kells oil assets; (ii) to acquire the West Wick oil
assets; (iii) for development engineering of the Orlando oil field; (iv) for
general and administrative expenses; and (v) for working capital and general
corporate purposes.


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking information (collectively
referred to herein as "forward-looking statements") within the meaning of
applicable Canadian securities laws. Forward-looking statements are often, but
not always, identified by the use of words such as "anticipate", "intend",
"expect", "may", "will", or similar words suggesting future outcomes. In
particular, this news release contains forward-looking statements relating to
the proposed use of proceeds of the Offering.


Forward-looking statements are based upon the opinions and expectations of
management of the Company as at the effective date of such statements. Although
the Company believes that the expectations reflected in such forward-looking
statements are based upon reasonable assumptions, it can give no assurance that
those expectations will prove to have been correct. Forward-looking statements
are subject to certain risks and uncertainties that could cause actual events or
outcomes to differ materially from those anticipated or implied by such
forward-looking statements. These factors include, but are not limited to, such
things as changes in general economic conditions in Canada, the United States,
the United Kingdom and elsewhere, changes in the financial markets in Canada,
the United States, the United Kingdom and elsewhere, the volatility of prices
for oil and gas and other commodities, commodity supply and demand, fluctuations
in currency and interest rates, the ability to obtain credit approval for the
syndicated credit facility and all other required regulatory approvals on a
timely basis and on satisfactory terms, and new laws and regulations (domestic
and foreign). Accordingly, readers should not place undue reliance upon the
forward-looking statements contained in this news release and such
forward-looking statements should not be interpreted or regarded as guarantees
of future outcomes.


The forward-looking statements contained in this news release are made as of the
date hereof and the Company does not undertake any obligation to publicly update
or to revise any of those forward-looking statements, except as required by
applicable Canadian securities laws. The forward-looking statements contained
herein are expressly qualified by this cautionary statement. 


The securities offered have not been and will not be registered under the United
States Securities Act of 1933, as amended, and may not be offered or sold in the
United States absent registration or applicable exemption from the registration
requirement. This news release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the securities
in any jurisdiction in which such offer, solicitation or sale would be unlawful.


About Iona Energy:

Iona Energy Inc. is an oil and gas exploration, development and production
company focused on oil and gas development and exploration in the United
Kingdom's North Sea.


Additional information relating to the Company is available on SEDAR at
www.sedar.com.

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