Iona Energy Engages Investor Relations Firm

Thu Jan 10, 2013 12:34pm EST

* Reuters is not responsible for the content in this press release.

CALGARY, ALBERTA, Jan 10 (MARKET WIRE) --
Iona Energy Inc. (the "Corporation") (TSX VENTURE:INA) is pleased to
announce that it has retained Ricciardi & Associates Inc. ("R&A"), a
Calgary based investor relations firm, to provide the Corporation with
introductions to market participants, including brokers, analysts and
investment groups, to assist the Corporation with the preparation of
investor documents and to assist the Corporation with shareholder
communications.

    Pursuant to the terms of an investor relations agreement (the
"Agreement") dated effective January 10, 2013 between the Corporation and
R&A, R&A will be paid a fee of $7,500 per month by the Corporation for
six months and will be granted 175,000 stock options to purchase common
shares of the Corporation ("Options") at an exercise price of $0.59 per
share, to be granted in accordance with the terms of the Agreement and
the Corporation's stock option plan. The Agreement is for a 6 month term,
effective from January 10, 2012 with an option to renew the Agreement for
an additional 6 months. The Agreement may be terminated by either party
upon thirty (30) days' notice in writing prior to the expiry of the term
of the Agreement. 

    R&A is a Calgary-based investor relations firm led by David Ricciardi,
CFA. Prior to forming R&A, Mr. Ricciardi worked at Clarus Securities Inc.
and Jennings Capital Inc. as a research analyst specializing in the oil
and gas industry. Mr. Ricciardi holds a Bachelor of Commerce from the
University of Calgary and also has his Chartered Financial Analyst
designation. 

    The Agreement and the related stock option grant are subject to TSX
Venture Exchange approval. 

    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.

    This news release contains forward-looking statements that involve risks
and uncertainties. Forward-looking statements or information are based on
current expectations, estimates and projections that involve a number of
risks and uncertainties which could cause actual results to differ
materially from those anticipated by the Corporation. The forward-looking
statements or information contained in this news release are made as of
the date hereof and the Corporation does not undertake any obligation to
update publicly or revise any forward-looking statements or information,
whether as a result of new information, future events or otherwise,
unless so required by applicable securities laws. 

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy of accuracy of this release.

Contacts:
Iona Energy Inc.
Neill A. Carson
Chief Executive Officer
+011 (44) 7919 057989

Iona Energy Inc.
Brad G. Gunn
Chief Financial Officer
(403) 775-7442

Ricciardi & Associates Inc.
David Ricciardi
President & Chief Executive Officer
(403) 978-4894

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