Substantial Increase for Iona Energy in Orlando Oil Reserves

- November 7th, 2012

Iona Energy Inc. (TSXV:INA) is pleased to announce that its reserves evaluator, Gaffney Cline & Associates Ltd. (“GCA”), has completed an independent reserves report (the “GCA Report”) prepared in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities evaluating Iona’s 100% owned Orlando development project effective as of September 30, 2012 using GCA’s forecast costs and prices.

Iona Energy Inc. (TSXV:INA) is pleased to announce that its reserves evaluator, Gaffney Cline & Associates Ltd. (“GCA”), has completed an independent reserves report (the “GCA Report”) prepared in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities evaluating Iona’s 100% owned Orlando development project effective as of September 30, 2012 using GCA’s forecast costs and prices.

Neil Carson: CEO of Iona Energy, as quoted in press release:

This reserve and value increase in Orlando, akin to the increase previously announced on Kells is a good example of the lower risk nature of our assets, where we can add significant value into the Company through partner acquisitions, low risk drilling, and improved plans for our operated field developments. We are also looking forward to the completion of our re-mapping engineering and work with our independent reserve evaluators on our recently announced 100% award of the two oil discoveries, Ronan and Oran, such that these reserves can also be reported as significant additions to our portfolio.

Click here to read full Marketwire press release.

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