Iona Energy Provides Orlando Drilling Results and Updates Status of Equity Offering Closing

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Iona Energy Inc. ("Iona" or the "Company") (TSX VENTURE:INA) is pleased to
announce its Orlando appraisal well 3/3b-13 has reached its total depth target
within the planned trajectory for the development well. The top of the reservoir
was encountered at approximately 13,286 ft Measured Depth (-11,428 ft True
Vertical Depth Sub Sea) and logs show the expected Upper Tarbert reservoir is
present and is fully oil bearing and more of the underlying Upper Ness reservoir
sands oil bearing than in the original discovery well (Well 3/3-11). The oil
bearing interval within the Upper Ness exceeds management's expectations.


The well has been drilled to a Measured Depth ("MD") of 14,300 feet, and Total
Vertical Depth Sub Sea ("TVDSS") of -12,104 feet in Middle Jurassic (Brent
reservoir group) sands and shales. Based on a preliminary evaluation of the
logs, the Tarbert and Ness Reservoirs correlate strongly with those same units
encountered in the original discovery well 3/3-11. Logging shows the Tarbert
contains 76 ft of True Vertical Thickness ("TVT") gross sandstone (60 ft Net)
and the Ness contains gross 166 ft of TVT gross sandstone (46 ft Net). An
estimated oil column on the Orlando Field of approximately 270 ft above the
11,670 ft TVDSS oil water contact, inferred by the 3/3-11 well, has been
confirmed by the 3/3b-13 well. 


To date, Iona has met all of its cash commitments to the project. Iona believes
the completion of this well meets its license commitment on the block and looks
forward to developing the Orlando field with its joint venture partners.


Neill Carson, Iona's CEO, commented, "We have a better than expected well result
which keeps us on track for filing our Field Development Plan with expected
approval this summer."


Iona Energy also wishes to update the status of its previously announced public
offering of a minimum of CAD$60 million of common shares of the Company and a
maximum of CAD$80 million of common shares (the "Offering"). The closing of the
Offering is conditional on receipt by the Company of final credit approval from
the lenders for its credit facility as further described in the Company's news
release dated February 28, 2012 and other customary regulatory approvals, which
have been obtained.


Iona has received first stage credit and capital committee approvals from all
lenders and the Company expects to receive final credit committee approvals from
the lenders on or about April 4, 2012 with the equity Offering to close shortly
thereafter.


"Subject to definitive agreements, final terms of the facility have been agreed
and the last of our lenders are completing the final steps in their rigorous
credit processes, for which we expect to receive a positive result on shortly."
commented Brad Gunn, Iona Energy's CFO.


Mr. Gunn also stated "This is a relatively large credit facility with more than
one lender and each has their own processes and stages of approvals. As soon as
we receive final credit approval we will move swiftly to close on the Offering.
On closing, we expect to be fully funded for our planned development
activities." 


About Iona Energy:

Iona Energy Inc. 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.


Additional information relating to the Company is available on SEDAR at
www.sedar.com.


Forward-looking statements

Some of the statements in this announcement are forward-looking. 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, whether used in
connection with the estimated development of the Orlando well and future
activity or otherwise, are intended to identify forward-looking statements. Such
statements are not promises or guarantees, 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.