INA

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN
UNITED STATES


Iona Energy Inc. (TSX VENTURE:INA) ("Iona" or the "Company") is pleased to
provide an update related to its Huntington Oil Field located in the UK North
Sea, as well as a total production update for the Company.


Huntington and Corporate Production

Current production from the Huntington Oil Field is approximately 24,500 boepd
gross (21,700 bopd of oil and 16.9 MMscf/d of natural gas). Net to Iona,
production is approximately 4,300 boepd, which includes the Company's royalty
interests. Iona owns a 15% working interest and a 2.55% royalty interest at the
Huntington Oil Field. As a result of the increased production at Huntington,
Iona has reached a new production record of approximately 5,600 boepd, a 62%
increase over its last publicized production rate of 3,464 boepd announced on
June 10th, 2013. Iona's net production is expected to increase to over 7,500
boepd as Huntington reaches production capacity.


With the majority of the gas compression issues having been resolved, production
is expected to continue to increase towards the Floating Production Storage and
Offloading ("FPSO") unit capacity of 30,000 bopd and 27 MMscf/d within the next
few weeks. Iona has been advised by the operator of the FPSO that the B-train
gas compression system has been stabilized, allowing for Huntington production
to surpass the 20,000 bopd milestone. Upon stabilization of the A-train,
production is expected to steadily increase towards full capacity.


There have been three successful liftings of crude oil from Huntington totalling
more than 500,000 barrels with a fourth lifting of over 200,000 bbls due on July
21st, 2013. Huntington produces 43 degrees API light oil, and to date the oil
has sold between par and a slight discount to Brent (USD 2/bbl). The realized
price is expected to increase once the refineries see continued and regular
shipments, and in the future Iona believes that Huntington production will yield
a premium to Brent. Huntington gas production has realized USD 8.52/mcf.


The working interests in the Huntington field are E.ON Ruhrgas UK E&P (25%
Operator), Premier Oil plc (40%), Norwegian Energy Company ASA (20%), and Iona
(15%). In addition to the working interest, Iona holds a gross overriding
royalty of 2.55% of total Huntington production, payable from the Huntington
Joint Venture Partners.


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 estimates of the quantities of reserves, associated net
present values of future revenue therefrom, and contingent resources in the
Huntington field. 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 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, including the
assumption with respect to the timing and effects of commissioning gas
compression systems for Huntington which are beyond Iona's control, 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 of unanticipated delays impacting production rates at
Huntington. 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

As used in this press release, "boe" means barrel of oil equivalent on the basis
of 6 mcf of natural gas to 1 bbl of oil. Boes may be misleading, particularly if
used in isolation. A boe conversion ratio of 6 mcf: 1 bbl is based on an energy
equivalency conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead.


Additionally, this press release uses certain abbreviations as follows:



Oil and Natural Gas Liquids               Natural Gas                       
                                                                            
bbls    barrels                           mcf    thousand cubic feet        
                                                                            
MMbbls  millions of barrels               MMscf  million standard cubic feet
                                                                            
MMboe   million barrels of oil equivalent Bcf    billion cubic feet         
                                                                            
boepd   barrels of oil equivalent per day                                   
                                                                            
bopd    barrels of oil per day                                              



Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.


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


Iona Energy Inc.
Graham A. Heath
Interim Chief Financial Officer
+44 7508 936982


Iona Energy Inc.
David Ricciardi
Investor Relations
403 978 4894

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