Iona Energy Inc.
TSX VENTURE : INA

December 21, 2011 12:55 ET

Iona Energy Orlando Well Drilling Operations Update

CALGARY, ALBERTA--(Marketwire - Dec. 21, 2011) -

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 provide an update on operations on the Orlando well 3/3b-13 in United Kingdom's North Sea Block 3/3b. As previously announced, this well was expected to take up to 45 days. The well spudded on November 2nd, 2011, however, over 30 operating days were lost due to the recent severe weather conditions in the North Sea. Operations have now resumed and the well is currently drilling below 11,170 feet Measured Depth toward the anticipated target depth to top Brent reservoir of 13,129 feet measured depth.

Further information will be released once it becomes available.

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 regarding the anticipated timing to drill a well on Iona's Orlando property. Forward-looking statements include statements regarding the intent, belief and current expectations of Iona Energy Inc. or its officers with respect to various matters. 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.

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.

Contact Information

  • Iona Energy Inc.
    Neill A. Carson
    Chief Executive Officer
    +011 (44) 7919 057989

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