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) is pleased to
announce today that the 44/18-T6 ("T6") well has been drilled from the Tyne Gas
Field Platform and has successfully encountered a gas filled Carboniferous
reservoir section. Completion operations to prepare the well for production are
commencing and are expected to be brief. Upon completion, the Company will
provide an update regarding initial flow rates. Iona owns a 20 per cent interest
in both the Trent & Tyne gas fields with an option to increase interest in both
fields to 37.5 per cent.


The well T6 was drilled as a side-track from dormant production well T5 to a
location higher up structure and to the north of T5 within the same production
compartment. Well T5 had previously produced gas at rates of up to 25MMscf/d
from a 50 foot gas column close to the gas water contact ("GWC") and had been
shut in due to water encroachment. As planned the T6 side-track encountered top
reservoir 57 feet higher than T5 and 107 feet above the regional GWC. T6 was
drilled at a high angle through the reservoir and encountered 92ft of gas pay.
Pressure testing of the reservoir has confirmed that T6 lies within a different
reservoir compartment from production well T3 and will recover new reserves.
Gaffney Cline & Associates ("GCA") have estimated the incremental proven plus
probable reserves net to Iona to be 4.8 Bcf from T6 at an initial gross flow
rate of 20 MMscf/d, with a net upside case of 6.4 Bcf of proven plus probable
plus possible reserves (reserves estimates effective as of December 31, 2011).
Further drilling opportunities have been identified in the Tyne South, North
West, and East compartments.


Iona on acquisition of the 20 percent interest in the Trent & Tyne field
committed to the funding of the drilling and completion of the T6 well at a
capped net cost exposure to Iona of GBP 21.2 million (approximately USD $32.9
million). 


Iona's Chief Executive Officer, Neill Carson, commented: "The delivery of a
successful new gas well, drilled from the platform in a short time fits with our
plan to monetize new developments at low risk. We recently have realized spot
gas prices greater than USD$11/Mcf and feel encouraged to continue to grow by
looking for more drilling opportunities of this type on our gas assets."


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


About Iona Energy:

Iona 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.


Forward-looking statements

Some of the statements in this announcement are forward-looking, including
statements regarding Iona's plans with respect to increasing its working
interest in Trent & Tyne, as well as estimates of the quantities of proved
reserves, probable reserves, and possible reserves. Forward-looking statements
include statements regarding the intent, belief and current expectations of Iona
Energy Inc. or its officers with respect to various matters, including Trent &
Tyne reserves, production, drilling activity or otherwise. When used in this
announcement, the words "expects," "believes," "anticipate," "plans," "may,"
"will," "should", "scheduled", "targeted", "estimated" and similar expressions,
and the negatives thereof, are intended to identify forward-looking statements.
Such statements are not promises or guarantees, are based on various assumptions
by Iona's management and are subject to risks and uncertainties that could cause
actual outcome to differ materially from those suggested by any such statements.
These forward-looking statements speak only as of the date of this announcement.
Iona Energy Inc. expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statement contained
herein to reflect any change in its expectations with regard thereto or any
change in events, conditions or circumstances on which any forward-looking
statement is based except as required by applicable securities laws. 


Notes Regarding Oil and Gas Disclosure

The production rates and related revenue estimates set forth in this press
release are estimates only and the actual production rates and realized revenue
may be greater or less than those calculated.


Additionally, this press release uses certain abbreviations as follows:



Natural Gas                                                                 
----------------------------------------------------------------------------
Mcf           thousand cubic feet                                           
MMscf         million standard cubic feet                                   
Bcf           billion cubic feet                                            



FOR FURTHER INFORMATION PLEASE CONTACT: 
Iona Energy Inc.
Neill A. Carson
Chief Executive Officer
+011 (44) 1224 228400


Iona Energy Inc.
Brad G. Gunn
Chief Financial Officer
(403) 775-7442

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