U.S. Markets open in 2 hrs 1 mins

Iona Energy Engages Investor Relations Firm

CALGARY, ALBERTA--(Marketwire - Jan 10, 2013) - 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.