Iona Energy Agrees to Extend Orlando Sales and Purchase Agreement

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

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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.

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

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