Energy SpA — Capital/Financing Update 2015

Oct 13, 2015

Result of Bondholder Meeting

Result of Bondholder Meeting

CALGARY, ALBERTA--(Marketwired - October 13, 2015)

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SERVICES OR DISSEMINATION IN UNITED STATES

Iona Energy Inc. ("Iona" or the "Company") (TSX

VENTURE:INA)

Result of Bondholder Meeting

Iona Energy Inc. ("Iona" or the "Company") (TSX

VENTURE:INA), a Canadian independent oil & gas company

with assets in the UK North Sea is pleased to announce

that all amendments to the terms of the restructuring

(the "Restructuring") of Iona, proposed to bondholders

at the bondholder meeting earlier today, have been

approved.

On September 27, 2013, Iona, via its UK subsidiary,

Iona Energy Company (UK) plc (the "Issuer"), issued

US$275 million in senior secured bonds. On October 5,

2015, the Issuer published a summons (the "Summons")

to a bondholder meeting proposing to the bondholders

certain amendments to the terms of the Restructuring.

Today at a meeting of bondholders, motions have been

passed to approve all the amendments in accordance

with the proposals made by the Issuer in the Summons.

ENDS

Additional information relating to the Company is

available on SEDAR at www.sedar.com.

For further information please contact:

Tom Reynolds, CEO

Telephone: +44 (0) 1224 228400

Billy Clegg / Georgia Mann, Camarco

Telephone: +44 (0) 20 3757 4980

Camarco is a financial public relations group

assisting the Company with this press release.

About Iona Energy:

Iona is an oil and gas company with assets in the

United Kingdom's North Sea. www.ionaenergy.com.

Forward-Looking Statements

Some of the statements in this announcement are

forward-looking, including statements regarding the

anticipated timing and completion of the

Restructuring. When used in this announcement, the

words "expects," "believes," "anticipate", "plans", "ma

y", "will", "would", "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, including assumptions regarding

future contractual terms and anticipated timing which

may be beyond Iona's control, and are subject to risks

and uncertainties that could cause actual outcomes to

differ materially from those suggested by any such

statements, including without limitation, the risk

that the Restructuring is not implemented for any

reason, the risk that the final terms of the

definitive agreements implementing the Restructuring

(or portions thereof) are different than those

anticipated, and the risk that the Restructuring is

delayed or does not have the anticipated positive

impact upon the Company. 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.

In the event that the Restructuring is not implemented

by November 30, 2015 then the Company will likely

default under the terms of the Bonds. In an event of

default, bondholders could require immediate repayment

of the Bonds.

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.