Energy SpA — Capital/Financing Update 2015

Aug 6, 2015

CALGARY, ALBERTA--(Marketwired – August 6, 2015)

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE 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 bondholders have approved the proposed restructuring of Iona (the "Restructuring") as further detailed in its press release of July 29, 2015.

On July 30, 2015 the Company published a summons to a bondholder meeting (the "Summons") to approve the Restructuring. Today at a meeting of bondholders motions have been passed to approve the Restructuring and to allow Nordic Trustee ASA (acting as trustee to holders of the bonds) to negotiate final documentation to implement the Restructuring. Completion of the Restructuring is expected by September 30, 2015.

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", "may", "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 forwardlooking statement is based except as required by applicable securities laws.

In the event that the Restructuring is not implemented by September 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.