Iona Energy Agrees to Extend Orlando Sales and Purchase Agreement

Wed Jan 30, 2013 10:24am EST

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Marketwire

Iona Energy Inc.

January 30, 2013 - 10:24:29 AM

Iona Energy Agrees to Extend Orlando Sales and Purchase Agreement

CALGARY, ALBERTA--(Marketwire - Jan. 30, 2013) - 

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN
UNITED STATES

Iona Energy Inc. (TSX VENTURE:INA) announces an agreement was reached between
Iona, MPX North Sea Limited and Sorgenia (E & P) UK Limited, subject to
documentation, to reschedule the deferred consideration to a date no later
than the closing of the financing transactions announced in Iona's press
release dated December 28, 2012.

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.

Forward-looking statements

Some of the statements in this announcement are forward-looking, including
statements regarding the anticipated closing dates of two debt financing
transactions and statements regarding the dispute with MPX and Sorgenia.
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, including without
limitation, the risk that closing of the debt financing transactions is
delayed or does not proceed as planned, and the risk that potential litigation
is determined adversely to Iona. 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. 

FOR FURTHER INFORMATION PLEASE CONTACT: 
Iona Energy Inc.
Neill A. Carson
Chief Executive Officer
+011 (44)(0)1224 228400


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




        

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.
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