Iona Energy Announces Huntington Oil Field Production Commenced
CALGARY, ALBERTA--(Marketwired - April 15, 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 the Company has been informed by the Operator that production of the Huntington Field commenced late on Friday April 12th, 2013.
The working interests in the Huntington field are E.ON Ruhrgas UK E&P (25% Operator), Premier Oil plc (40%), Norwegian Energy Company ASA (20%), and Iona (15%). Iona also owns Royalties equivalent to 2.55% of total gross oil and gas production from the Huntington Joint Venture Partners.
The Huntington Oil Field, Paleocene reservoir oil, which is located in Block 22/14b in the UK part of the Central North Sea, has been developed through four production and two water-injection wells and is tied back to Teekay's Floating Production Storage and Offloading ("FPSO") vessel, the Voyageur Spirit, with production capacity of 30,000 barrels of oil per day and 27 million standard cubic feet of gas per day.
Additional information relating to the Company is available on SEDAR at www.sedar.com.
About Iona Energy:
Iona Energy Inc. and its wholly owned subsidiary Iona Energy Company (UK) Limited (collectively, "Iona" or the "Company"), 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 estimates of the quantities of proved reserves, probable reserves, and possible reserves, as well as estimates of the net present value of future net revenue of proved reserves, probable reserves, and possible reserves. 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 Huntington production, reserves 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. 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.
