Iona Energy Announces Huntington Operational Update

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 an operational update related to its Huntington Oil Field located in
the UK North Sea.


Iona's Q1 2014 average production at Huntington increased 34% over Q4 2013, from
2,974 boepd to 3,959 boepd, as operational and weather-related downtime at the
field continued to improve.


Throughout the month of March, the reservoir and FPSO continued to support
strong production levels with peak rates above 34,300 boepd, and the Huntington
joint venture continued to optimize the lifting schedule at the field, resulting
in a record of 4 cargos offloaded during the last three weeks of the month
bringing the total number of liftings to date to 23. During March, Huntington
produced on average 26,327 boepd (4,620 boepd net to Iona), 6% lower than
February 2014 average production of 28,000 boepd (4,914 boepd net to Iona), due
to a planned maintenance shutdown at the Central Area Transmission System
earlier in the month.


The field has now produced over 5.1 million barrels of oil equivalent, with
Iona's net share of production totaling 0.9 million barrels of oil equivalent.
During the quarter the Huntington joint venture realized prices centered on the
Brent average of USD108.10/bbl, while average UK gas prices remained above
USD10.00/mcf. 


The working interests in the Huntington field are E.ON E&P UK Ltd (25%
Operator), Premier Oil plc (40%), Noreco Oil (UK) Limited (20%), and Iona (15%).
In addition to the working interest, Iona holds a gross overriding royalty of
2.55% of the 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.


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                 
---------------------------                   -----------

boepd    barrels of oil equivalent per day    mcf      thousand cubic feet



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
[phone]


Iona Energy Inc.
Graham A. Heath
Interim Chief Financial Officer
[phone]


Iona Energy Inc.
David Ricciardi
Manager, Investor Relations
[phone]