Northern Lights and Iona Energy Announce Closing of $69.9 Million Private Placement

ABERDEEN, SCOTLAND, and CALGARY, ALBERTA--(Marketwire - March 15, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Iona Energy Company Limited (the "Company" or "Iona Energy") and Northern Lights Acquisition Corp. ("Northern Lights") (TSX VENTURE:NLC.P) today announce that Iona Energy has closed a private placement of Subscription Receipts totaling CAD$69.9 million through a syndicate of agents led by Wellington West Capital Markets Inc. and including Mackie Research Capital Corporation and National Bank Financial Inc. Under the terms of the Subscription Receipts every one (1) Subscription Receipt converts to one (1) Common share and 0.2 Liquidity Rights of Iona Energy Company Limited. The previously announced offering of CAD$60 million was increased to accommodate an increased level of interest.

Through its wholly-owned UK subsidiary, Iona Energy Company (UK) Limited, Iona Energy plans to use the net proceeds of this offering to complete two acquisitions in the UK North Sea and fund it's 2011 and 2012 capital expenditure budget.

Iona Energy today also announces the completion of its previously announced Orlando oil discovery acquisition. Along with license partners MPX Resources and Sorgenia E & P, the Company plans to work toward a Field Development Plan and fast-track development of the discovery.

It is anticipated the acquisition of the Trent and Tyne producing gas fields and associated pipeline infrastructure located on Blocks 44/18 and 43/24 respectively, previously announced on January 6^th, 2011, will complete on or about April 29^th, 2011

"With the first major financing for the Company now complete, we expect to immediately begin executing our business plan to rapidly grow our company." said Iona Energy's CEO, Mr. Neill A. Carson.

As previously disclosed in our January 6^th, 2011 press release, Iona Energy and Northern Lights intend on completing an amalgamation (the "Transaction") to form Iona Energy Inc. Upon completion of the Transaction, expected in the second quarter of 2011, Iona Energy Inc. will be a company focused on acquisition and development of existing undeveloped oil and natural gas offshore properties in the UK North Sea. Further details regarding the Transaction will be released as they become available.

This news release contains certain forward-looking statements, which are based on certain assumptions including (i) completion of the Trent and Tyne acquisition; (ii) completion of certain conditions regarding the Private Placement and release of funds; (iii) timing of expected work programs; (iv) availability of equipment, qualified personnel and other key inputs required to carry out operations in the manner and in accordance with the timelines currently contemplated; and (vi) availability of adequate funding for future operations. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. All such forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond Iona's control. Such risks and uncertainties include, without limitation, risks associated with oil and natural gas exploration, development, exploitation, production, marketing and transportation, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. Iona's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits, including the amount of proceeds, Iona will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to Iona or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Iona does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.