1 COPIC Junior Oil & Gas Investor Showcase September, 2008 Rob Solinger, VP Finance CFO Bill Manley, VP Engineering & OPS IOG – TSX.V

2  Ironhorse Oil & Gas Inc. (IOG – TSXV) has consistently created shareholder value through a combination of low risk development drilling and high impact exploration. Focused Exploration & Production  Our growth is fuelled by low risk shallow gas development drilling in the Shackleton area, of SW Saskatchewan. Where to date, we have drilled and placed on-production 68 wells with plans to drill an additional 32 wells this winter. Net production for the year is estimated to average 1,050 boe per day versus current production of 1,100 boe per day.  Our technical team is developing a complete inventory of drilling prospects including our high impact oil and gas prospects in the Pembina and NE British Columbia areas.

3 Larry Parks, President & CEO Rob Solinger, VP Finance & CFO Bill Manley, VP Engineering & OPS Al Williams, VP Exploration Cam Weston, VP Land Jim Wilson, VP & Corporate Secretary Jack Green, Manager Production Wayne Beatty, Manager Reserves Glenn Parrott, Senior Geologist Neil Warner, Senior Geologist Ian Baker, Senior Geophysicist Management and Senior Technical Team

4 Corporate Overview  Currently have 20 (22fd) million common shares outstanding  Market capitalization of $34 million based on recent share price of $1.70  Net debt at June 30, 2008 was $10 million  Enterprise Value of $44 million  Current production 1,100 boe per day  Value per flowing boe < $40,000

5  Increasing reserves have dramatically increased the value of our Shackleton shallow gas project  NAV at March 31, 2008 per share is $ $2.70  Increasing cash flow and low cost operations allow IOG to accelerate conventional exploration and development programs  An under-leveraged balance sheet creates opportunity for asset or corporate acquisitions for IOG Solid Asset Base with Significant Upside

6 Low Cost Structure Creates Superior Recycle Ratio  Field Netback six months ended June $ per boe  Sales price $48.92  Royalties  Operating Expense 1.45  Operating Netback  F&D P+P to date< $10.00/boe  Recycle Ratio> 2.5 times

7 Three Focus Areas  Shackleton, Saskatchewan Resource gas play  West Pembina, Alberta High impact Nisku oil  NE, British Columbia Multi zone gas potential

8  We have a 50% working interest in 25 sections  To date, drilled 68 gas wells, winter only access  Drill 32 wells this winter, evaluating 100 infill locations Shackleton 25 sections in the heart of the Milk River Gas Play

9 Shackleton - Lands

10 Shackleton - sustained growth Gross Wells on Production Shackleton  Winter 2008/9 drill 32 gas wells  Multiple zone completions in each well bore including selective tests on the Colorado shale formation  Evaluating infill drilling program Net Production Boe per day  Currently producing 1,100 boepd  Winter drilling will add > 500 boe per day  Pembina and NE British Columbia have potential to further increase production profile

11 Cash Flow Cash Flow $Millions  Cash flow $4.7 million 1 st half 2008  Estimating cash flow for 2 nd half 2008 of $3.8 million assuming average gas price of $7.50 mcf Cash Flow $Per share  CFPS of $0.23 for 1 st half 2008  Increasing per share values

12 Reserve Update March 2008 Net Present Value Before 10% $Millions 3,925 2,513 1, Reserves MBOE  Added 1.4 Mmboe in Q1/08  Total reserves 3.9 Mmboe  Potential for significant increase in reserves as we complete additional zones and infill drill  Over 80% of our reserves are proven  PV 8% $60 million  Higher gas prices will increase values

13 Pembina  Plan to drill 1 – 2 wells in the fall/ winter 2008/2009  18.75% working interest  Cost to drill and complete $3.5 mm per well  Initial flow rates of wells in the area are >2,000 boepd  Targeting reserves of mm BOE

14  Acquired a 50% working interest in four sections of land  Identified drilling location with 2D seismic and geological mapping of bypassed pay  Targeting initial production rates of 1,500 mcf per day and reserves of 1.5 – 2.0 Bcf  Expect to drill first well early this winter  Gross cost to drill and complete the first well is estimated at $2 million  Future drilling, seismic and land acquisition contingent on first well NE British Columbia

15  Technical and management team have the experience and track record to increase shareholder value  Will grow the Company through exploration and acquisitions  Significant seismic data base to exploit  Our technical team has experience and success in W5 central Alberta, Saskatchewan and NE British Columbia  We are actively generating prospects in these areas Full Cycle Exploration & Development

16 Summary  Oil and gas valuations metrics suggest IOG is solid value with significant upside  Continued production and reserve growth with ongoing development of Shackleton Property  High impact prospects at Pembina and NE British Columbia  Full cycle exploration and development program underway  Management and technical team with a proven track record  Financial strength to drill and acquire

17 Certain information regarding Ironhorse Oil & Gas Inc. included in this presentation including management’s assessment of production rates, timing of capital expenditures and on-stream dates, and anticipated revenues and costs relating to the operations of Ironhorse Oil & Gas Inc. constitutes forward-looking information. This information is subject to risks, uncertainties and assumptions that may be difficult to predict. Actual results may differ and the difference may be material. Readers are cautioned that any such forward-looking information are not guarantees of future performance and that the factors mentioned and other factors not mentioned may materially affect the performance of Ironhorse Oil & Gas Inc.’s future operations. Furthermore, information presented herein is dated at the time prepared and Ironhorse Oil & Gas Inc. does not undertake any obligation to updated publicly or to revise any of the forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable legislation. Barrels of oil equivalent (Boe) may be misleading, particularly if used in isolation. In accordance with NI , a Boe conversion ratio for natural gas of 6 Mcf: 1 Boe has been used which is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalence at the wellhead. Forward Looking Statements

18 For Further Information contact: Rob Solinger, VP Finance & CFO Bill Manley VP Engineering & OPS Suite – 8 th Avenue SW Calgary, AB T2P 2Z2 Phone:(403) Fax:(403) Website: