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 that it has engaged Casimir Capital Ltd. ("Casimir") to act as lead
underwriter on a financing for the Company to raise $20,000,200 through the
completion of a private placement on a "bought deal" basis (the "Offering"). The
Offering will be in the form of common shares of the Company (the "Shares") at a
price of $0.55 per Share. The Company will also grant the underwriters an option
exercisable at any time prior to closing to increase the size of the Offering by
an additional 15%, which would result in additional gross proceeds to the
Company of $3,000,030. 


The Offering is subject to the approval of the TSX Venture Exchange. Pursuant to
applicable securities laws, all securities issued pursuant to the Offering will
be subject to a hold period of four months following the closing of the
Offering. The Offering is expected to close on or about January 31, 2013 in
conjunction with the anticipated closings of Iona's previously announced
Huntington acquisition, senior secured reserve-based lending facility (the
"RBL"), and second lien secured loan notes ("Second Notes").


Iona had anticipated funding the Huntington acquisition and its existing
property developments through the RBL, Second Notes, and working capital;
however, in the course of finalizing lender credit approvals the lenders
requested a hold back of several months of projected production revenues to
build and maintain a lenders' reserve account to mitigate against perceived
potential production fluctuations associated with start-up of production from
the Huntington field. This required Iona to raise additional capital to offset
the lender's holdback in order to maintain continued liquidity to achieve its
development goals.


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.


The securities of Iona being offered have not been, nor will be, registered
under the United States Securities Act of 1933, as amended, and may not be
offered or sold within the United States or to, or for the account or benefit
of, U.S. persons absent U.S. registration or an applicable exemption from U.S.
registration requirements. This release does not constitute an offer for sale of
securities in the United States.


Forward-looking Statements

Some of the statements in this announcement are forward-looking, including
statements regarding the proposed terms of the Offering and anticipated closing
dates of various transactions of Iona. 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 the Offering.
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, including without limitation, the risk that
the transactions described herein do not close concurrently, are delayed for any
reason, or are not completed. 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.


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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