Iona Energy Announces Production Increase

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 February 2014, Iona produced on average 5,150 boepd as long periods of
inclement weather previously experienced in the region subsided. Net to Iona,
February's production levels represent an increase of 54% over the 2013 fourth
quarter average and 84% over January 2014 volumes.


The month saw gross Huntington production peak at 34,420 boepd (6,041 boepd net
to Iona) with a monthly average of 28,000 boepd (4,914 boepd net to Iona)
resulting from minor delays to offloading due to weather. The Voyageur FPSO
continues to perform well, having passed its Performance & Reliability Test on
March 1st. To date, Huntington has offloaded 19 cargos and produced over 4
million barrels of oil equivalent with Iona's net share of production being
above 0.7 million barrels of oil equivalent. The Huntington partnership
continues to realize Brent prices above the year to date average of
USD108.42/bbl, and gas prices in the UK remain robust above 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 other 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]