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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 that its U.K. subsidiary, Iona Energy Company (UK) Limited has closed the acquisition of an operated 58.73% interest in U.K. Block 13/21a containing the West Wick Oil Field ("West Wick") from Centrica Venture Production Company ("Centrica VPC"). The U.K. government's Department of Energy and Climate Change ("DECC") has also completed the license assignment. Under the terms of the sale and purchase agreement, Iona has completed a USD$5.1 million payment to Centrica. Iona engaged Gaffney, Cline & Associates Ltd. ("GCA") to prepare an independent reserves report of the West Wick oil field, based on the draft Field Development Plan ("FDP") for West Wick prepared by Centrica VPC (the "GCA Report"). The GCA Report was prepared in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities and has an effective date of December 31st, 2011. GCA has estimated net proved oil reserves ("1P") of 5.1 MMbbls, net proved plus probable oil reserves ("2P") of 9.71 MMbbls and net proved plus probable plus possible oil reserves ("3P") of 12.18 MMbbls. The closing of the West Wick acquisition brings Iona's net 1P oil and gas reserves to 16.0 MMboe and net 2P oil and gas reserves to 31.7 MMboe and pre-tax net present values discounted at 10% of USD$431 million and USD$1.19 billion respectively, as evaluated by GCA (see note below). Iona's currently evaluated reserves are comprised of approximately 79% oil and 21% gas. The West Wick oil discovery is located within UK Block 13/21a approximately 3.75 km west of the producing Captain oil field. Oil was discovered within the Cretaceous Upper and Lower Captain sandstone reservoirs and correlates to the same reservoirs of the Captain field that have produced since 1997. The West Wick field has remained undeveloped since discovered by Amoco in 1990. Since that time four delineation wells have been drilled appraising the accumulation with the last wells (13/21a-5 and 13/21a-6) drilled by Enterprise Oil in 2001. The West Wick field is a three-way dip closed structure approximately 3 km long by 2 km wide with an observed oil column of 228 ft (true vertical thickness) with oil proven though wire-line sampling that gives an API range of 13 - 21 degrees, with an estimated 100cp viscosity crude in the reservoir. Iona considers West Wick fully appraised and development-ready, as confirmed by GCA's 2P reserves evaluation. Iona intends to finalize the preferred development concept within the next few months and integrate the West Wick project schedule into its plans for the ongoing development work at Iona's Orlando and Kells oil fields, both of which are owned 100% by the Company. Iona will upgrade the draft FDP engineered and designed in 2007 by VPC with the final development concept and will move swiftly to place engineering contracts and identify critical long-lead items for procurement. Block 13/21a is covered by 3D seismic and Iona believes the deeper Jurassic stratigraphy offers further exploration potential underlying the block and an evaluation of this potential is planned to commence immediately. Iona's Chief Executive Officer, Neill Carson said: "We are very excited to add the Iona Operated West Wick field to our rapidly growing portfolio of high-quality development assets, and its planned development fits nicely with our goal of a new development every 12-18 months. This is clearly an area in which we can grow and compliments our development portfolio nicely. At 31.7 MMboe of 2P reserves, we believe we have reached critical mass allowing us to take the company to the next level." Additional information relating to the Company is available on SEDAR at www.sedar.com. Note: The aggregate reserves and net present value information of Iona disclosed in this press release are based on: (i) reserves and net present value information attributed to Iona's interests in the Orlando and Trent & Tyne fields by GCA, using forecast prices and costs effective as of December 31, 2011 (as disclosed in Iona's Form 51-101F1 for the year ended December 31, 2011.), combined with (ii) reserves and net present value information attributed to Iona's interests in the Kells field by GCA, using forecast prices and costs effective as of March 31, 2012 (as disclosed in Iona's press release dated June 7, 2012), and with (iii) reserves and net present value information attributed to Iona's interests in the West Wick field by GCA, using forecast prices and costs as of December 31, 2012 (as described further in this press release). 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 Iona's plans for development of the West Wick property, estimates of the quantities of proved reserves, probable reserves, and possible reserves, as well as estimates of the net present value of future net revenue of proved reserves, probable reserves, and possible reserves. 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 reserves, production, first oil, 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 and are subject to risks and uncertainties that could cause actual outcome to differ materially from those suggested by any such statements. 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. It should not be assumed that the present worth of estimated future net revenue represents the fair market value of the reserves disclosed in this press release. The reserve and related revenue estimates set forth in this press release are estimates only and the actual reserves and realized revenue may be greater or less than those calculated. The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation. As used in this press release, "possible reserves" are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves. Additionally, this press release uses certain abbreviations as follows: Oil and Natural Gas Liquids bbls barrels MMbbls millions of barrels boe barrels of oil equivalent MMboe millions of barrels of oil equivalent
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