Iona Energy Announces 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. 


During Q4 2013, Iona produced on average 3,280 boepd as Huntington ramp-up
continued to increase following the previously announced curtailment of
production by the operator of the Central Area Transmission System from
mid-September to late November 2013. Following a period of inclement weather in
December, Huntington returned to plateau production levels and was producing in
excess of 34,500 boepd (6,100 boepd net to Iona) at year end. The Huntington
reservoir and FPSO continued to perform well, with Q4 2013 system availability
of 94%. January has seen peak production above 35,450 boepd (6,220 boepd net to
Iona) with average production net to Iona of approximately 4,100 boepd to
January 15th, 2014. Production was restricted from January 15th due to the FPSO
storage tanks being full and extreme weather preventing the shuttle tanker
connecting for offloading. The 16th cargo from Huntington has now been
off-loaded and as of January 28th production has resumed.


Huntington has now passed the milestone of producing 3 million barrels of oil
with Iona's net share of production being more than 0.5 million barrels of oil
and 0.3 bcf of gas. Average realized oil prices remain at a premium to Brent and
recent realized gas prices have averaged USD10.50/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  
                                                 bcf   billion 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]