Iona Energy Inc. reported unaudited consolidated earnings and operating results for the first quarter ended March 31, 2015. For the quarter, the company reported Crude oil and natural gas revenues of $8,089,000 compared to $35,648,000 a year ago. Gross loss was $5,528,000 compared to gross profit of $10,212,000 a year ago. Loss before income tax was $3,058,000 compared to profit before income tax of $717,000 a year ago. Loss after tax was $13,549,000 compared to $338,000 a year ago. Basic and diluted loss per share was $0.04. Funds flow was $2,163,000 compared to $27,088,000 a year ago. Basic and diluted funds flow per share was $0.01 compared to $0.07 a year ago. Adjusted LBITDA was $1,747,000 compared to Adjusted EBITDA of $27,776,000 a year ago. Cash flow generated from operating activities was negative at $11,330,000 compared to cash flow generated from operating activities of $27,977,000 a year ago. Expenditures on property and equipment were $10,358,000 compared to $777,000 a year ago. Expenditures on exploration and evaluation were $199,000 compared to $2,404,000 a year ago. First quarter loss includes $10.5 million non-cash income tax charge directly linked to the reduction in the prevailing tax rate from 62% to 50%.

For the quarter, the company reported crude oil and natural gas production of 1,707 (boepd) compared to 3,583 (boepd) a year ago. The decrease in crude oil production to 1,341 bopd during the three months ending March 31, 2015 compared to 2,970 bopd during the three months ending March 31, 2014 was a result of the reduced availability of the CATS gas export infrastructure which was constrained by repairs to the CATS riser platform. Production was significantly impacted by access to CATS, with production constrained for all of first quarter of 2015. Production was constrained by virtually no access to the Central Area Transmission System gas export system for Huntington.