Iona Energy Announces Operational Update and Updated Corporate Presentation

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 on its Trent & Tyne assets in the UK North Sea
and that an updated corporate presentation is now available on the Company's
website at www.ionaenergy.com. 


Iona has signed Transition Services Agreements with Wood Group PSN Ltd. ("Wood
Group") and Senergy Wells Ltd. ("Senergy") in support of the Company's
previously announced agreement to acquire Perenco's remaining 80% operated
working interests in the producing Trent & Tyne Gas Field licences in the
Southern North Sea. 


These agreements cover work required to receive consent from the Department of
Energy & Climate Change ("DECC") for the transfer of operatorship, assignment of
the interests, and other regulatory approvals to enable Iona to operate the two
fields and the associated EAGLES pipelines which transport production to the
Bacton terminal. 


The Trent and Tyne transition plan includes working with the Wood Group,
Senergy, and Perenco to identify and implement well work to increase production
from the existing well stock and to mature opportunities for drilling fresh gas
accumulations located within reach of the infrastructure. 


Wood Group is regarded as one of the world's foremost production and services
companies and provides scalable, integrated resources for supporting offshore
oil and gas production facilities. 


Senergy is a global integrated energy services company with one of its
specialist areas being to apply expertise and technology to assist the
development and management of oil and gas fields. 


Neill Carson, CEO, commented "We are delighted to have concluded agreements with
the Wood Group and Senergy and look forward to working with these leading
companies as we transition to becoming the operator of the Trent and Tyne
fields."


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 the transition plan for Trent & Tyne. Forward-looking
statements include statements regarding the intent, belief and current
expectations of Iona Energy Inc. or its officers with respect to various
matters. 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 that Iona will complete the acquisition of the remaining interest in
Trent & Tyne on the terms previously announced, 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 transition plan changes or that the Trent & Tyne acquisition is delayed or
not completed for any reason. 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                         
                                                                            
boepd           barrels of oil          MMscf           Millions of standard
                equivalent per day                      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]