CALGARY, ALBERTA--(Marketwired - July 29, 2013) -
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 due to the rapid growth in the company's operated and non-operated portfolio John Baillie has joined the organization as VP Developments. This organizational change will enable Dave Sherrard, Iona's former VP Developments to continue his association with the company as Reserve Advisor.
John is a 28 years upstream technical manager. He graduated from the University of Aberdeen with a BSc. and later earned an M.Eng. in Petroleum Engineering from Heriot Watt University in Edinburgh. His Independent company experience was gained in Europe and North and West Africa with Enterprise Oil and Dana Petroleum and Major company experience with Marathon Oil, Total, ENI and Kerr-McGee, in Europe.
As a key member of the senior management team, John was instrumental in growing Dana Petroleum from 30 to over 500 employees. During this time, he was responsible for all reservoir engineering aspects of the business and was UK Operated Assets Manager.
John joined Iona in May 2013.
Iona also announces that it has granted Mr. Baillie options to purchase an aggregate of 700,000 common shares at an exercise price of $0.59 per share, in accordance with the terms of Iona's stock option plan. The options will have a term of five years and time vesting provisions with 25% vesting immediately and a further 25% vesting on the first, second and third anniversaries of the date of grant.
About Iona Energy
Iona Energy is an oil and gas exploration, development and production company focused on oil and gas development in the United Kingdom's North Sea.
Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Neill A. Carson
Chief Executive Officer
+011 (44) 1224 228400
Iona Energy Inc.
Interim Chief Financial Officer
+011 (44) 1224 228400