Energy SpA — Management Reports 2015

Apr 29, 2015

FORM 51-101F3 REPORT OF MANAGEMENT AND DIRECTORS ON OIL AND GAS DISCLOSURE

Management of Iona Energy Inc. (the "Corporation") are responsible for the preparation and disclosure of information with respect to the Corporation's oil and gas activities in accordance with securities regulatory requirements. This information includes reserves data, which are estimates of proved reserves and probable reserves and related future net revenue as at December 31, 2014, estimated using forecast prices and costs.

An independent qualified reserves evaluator has evaluated the Corporation's reserves data. The report of the independent qualified reserves evaluator will be filed with securities regulatory authorities concurrently with this report.

The Reserves Committee of the Board of Directors of the Corporation has:

• (a) reviewed the Corporation's procedures for providing information to the independent qualified reserves evaluator;
• (b) met with the independent qualified reserves evaluator to determine whether any restrictions affected the ability of the independent qualified reserves evaluator to report without reservation; and
• (c) reviewed the reserves data with management and the independent qualified reserves evaluator.

The Reserves Committee of the Board of Directors has reviewed the Corporation's procedures for assembling and reporting other information associated with oil and gas activities and has reviewed that information with management. The Board of Directors has, on the recommendation of the Reserves Committee, approved:

• (a) the content and filing with securities regulatory authorities of Form 51-101F1 containing reserves data and other oil and gas information;
• (b) the filing of Form 51-101F2 which is the report of the independent qualified reserves evaluator on the reserves data; and
• (c) the content and filing of this report.

Because the reserves data are based on judgments regarding future events, actual results will vary and the variations may be material. However, any variations should be consistent with the fact that reserves are categorized according to the probability of their recovery.

DATED as of the 28th day of April, 2015

"Tom Reynolds" "Robert Gair"

"Iain McKendrick" "Rod Maxwell"

Iain McKendrick, Director Rod Maxwell, Director

Tom Reynolds, Chief Executive Officer Robert Gair, Chief Financial Officer