Iona Energy Inc. ("Iona" or the "Company") (TSX VENTURE:INA) is pleased to announce it has entered into a definitive Sale and Purchase Agreement with Carrizo Oil & Gas, Inc. ("Carrizo") to acquire the entire share capital of its wholly owned subsidiary, Carrizo UK Huntington Limited ("Carrizo UK"), including its interest in License P1114 of UK North Sea Block 22/14b including the near-producing Huntington oil field development ("Huntington"). In addition to customary closing conditions and purchase price adjustments, the transaction is subject only to final approval of the United Kingdom's Department of Energy and Climate Change ("DECC"), and is expected to close prior to the end of January 2013.Included in the Sale and Purchase are:A 15% non-operated working interest in the Huntington oil field; Royalties equivalent to 2.55% of total gross oil and gas production from the Huntington Joint Venture Partners (the "Royalties"); A 100% interest in that part of the yet-to-be licensed 27th License Round award covering Block 22/14d that contains the 3D seismically mapped extension of the Jurassic discovery which underlies Huntington; and Carrizo UK's ring-fenced tax losses totaling USD$111 million as at the transaction effective date of July 1st, 2012.