Credit: Shutterstock photoIona Energy Inc (INA.V) shares are up 10.53% from its previous close of 38 cents. The shares are now trading at 42 cents.
Iona reported a $600,000 net loss for the third quarter of 2011. However, it announced that its exit Q3 production rate at the company's Trent and Tyne gas fields was 3.3 million standard cubic feet per day net.
With partners MPX Resources and Sorgenia, Iona entered into an agreement with GE Oil & Gas for the construction of two production subsea trees.
Iona continued to assess and pursue accretive acquisition targets. Related efforts of Q3 culminated in the signing of a Sale and Purchase Agreement with Fairfield Cedrus Ltd. for the acquisition of a 100% operated interest in their Staffa Oil Field.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
