Killajoules

Carrizo Oil & Gas Announces Sale of Its Interest in the Huntington Field in the UK North Sea for $184 Million
Carrizo Oil & Gas, Inc. (NASDAQ: CRZO) today announced that it has entered into a definitive agreement to sell its wholly owned subsidiary Carrizo UK Huntington Limited, and all of its interest in the Huntington Field in the UK North Sea to a subsidiary of Iona Energy Inc. (TSX VENTURE: INA) for a cash consideration of $184 million. Carrizo expects to net approximately $116 million, after payment of approximately $70 million to retire and close our UK credit facility, working capital adjustments and transaction related costs. This transaction is expected to close on or before the end of January, and is subject to customary closing conditions and purchase price adjustments.

Iona Energy Announces Sale of Interest in the Orlando & Kells Fields
Iona Energy Inc. ("Iona" or the "Company") (TSX VENTURE:INA) is pleased to announce today that its UK subsidiary Iona Energy Company (UK) Limited has entered into a definitive agreement for the sale of a 25% non-operated working interest in each of its 100% owned Orlando and Kells fields. Volantis Exploration Limited, a wholly owned subsidiary of Atlantic Petroleum P/F ("Atlantic") has agreed to pay Iona a USD$3.4 million deposit immediately and a base payment of USD$30.6 million upon closing. Consequent to completion of the transaction, Atlantic has informed Iona that Atlantic will commit to pro-rata funding of the Orlando and Kells developments commensurate with its 25% working interest and will provide the necessary financial assurances to the U.K.'s Department of Energy and Climate Change ("DECC") enabling the Joint Venture partners to obtain final Field Development Plan ("FDP") approvals.