Iona Energy to Acquire Interests in Orlando Oil Field

Iona Energy Inc. (TSXV:INA) has entered into a binding agreement to acquire 30% interest in MPX Resources and 35% interest in Sorgenia in the Orlando Oil field.

As quoted in the press release:

Under a transition agreement, Iona will become the effective Operator immediately. Iona expects final Field Development Plan approval for the field in Q3 2012 with a first oil target date of Q3 2013.

Click here to read the Iona Energy Inc. (TSXV:INA) press release.