SHIFTING OUR FOCUS TO OIL August 2010

Achievements & Milestones Oil discoveries at Pembina, Dawson and Leon Lake Brought 300 bbl/d of light oil on production in March 2010 Developing low risk repeatable oil play in SW Sask boe/d light oil behind pipe at Pembina 2010 Capex projected at $15 million

Management and Senior Technical Team NameTitleRelevant Experience Larry ParksPresident & CEO33 years Rob SolingerVP Finance & CFO25 years Al WilliamsVP Exploration30 years Cam WestonVP Land35 years Jack GreenManager Production35 years Glenn ParrottSenior Geologist25 years Ian BakerSenior Geophysicist35 years

Corporate Overview Listing - TSX VentureIOG Shares outstanding 28 million Management ownership 15% Net debt – June, 2010$15 million Credit Facility$17 million Net Debt as a % of available debt88% Enterprise Value - $ per flowing boe/d <$36,200

Significant Oil Discoveries Pembina ▫ Drilled 2 (0.4 net) Nisku oil wells capable of producing 3,500 (700 net) boe/d ▫ Expected to be on production mid 2011 Dawson ▫ Drilled 2 (1.1 net) Slave Point oil wells producing 430 (235 net) bbl/d as at August 2010 ▫ Flow line constructed July 2010 Leon Lake ▫ Drilled 1 (0.8 net) Hz Shaunavon oil well; producing 45 (35 net) bbl/d as at August 2010 ▫ Shot and interpreted 3D seismic to define follow up locations ▫ Drilling two (1.8 net) vertical evaluation wells in 3 rd Quarter 2010

Production (boe/d)

Core Properties Dawson – Slave Point oil Leon Lake – Shaunavon oil West Pembina – Nisku oil Lochend– Cardium oil Jedney– Halfway, Doig and Montney gas Shackleton– Milk River gas

Dawson, Alberta Slave Point oil Producing 430 (235 net) bbl/d Light oil with high net backs GPP approved in May 2010 Flow line constructed and operational July 2010

Leon Lake, Saskatchewan Shaunavon Hz oil Drilled first horizontal oil well in Jan % working interest in 12 sections Targeting Upper & Lower Shaunavon Initial production rates from horizontal wells of >75 bbl/d Oil reserves of >100,000 bbls per well 3D seismic has identified follow up locations

Pembina, Alberta Prolific Nisku oil wells Drilled two (0.4 net) oil wells to be placed on production mid 2011 These existing oil wells are capable of producing at a combined rate of over 3,500 (700 net) boe/d Net recoverable reserves of 1.3 MMboe Additional seismic anomalies to be drilled after pipeline is installed

Lochend, Alberta Cardium light oil 10% working interest 18 potential Hz Cardium oil wells Targeting ▫ Initial production of 250 bbl/d per well ▫ Recoverable reserves of 150,000 bbls

Jedney, N.E. British Columbia Multi zone gas Drilled discovery gas well in Jan % working interest Halfway, Doig and Montney on production in 2011 Upside potential for Montney resource play could add significant additional reserves

Shackleton, Saskatchewan 25 Sections in the heart of the Milk River gas play 50% working interest in 25 sections with all associated infrastructure Producing 9 (4.5 net) MMcf/d Net recoverable gas reserves of 18 Bcf Low operating and finding and development costs

Shackleton, Saskatchewan Evaluating 100 potential infill locations Currently one gas well per quarter section Offsetting lands down spaced to two or more wells per quarter section Can drill up to 100 infill gas wells to maximize reserves recovery and utilization of existing facilities Negotiating lower royalties and fall access in order to reduce drilling costs

$15 million Capex 2010 Drilled two vertical oil wells, one hz oil well and one gas well Acquired Lands at Leon Lake and Jedney Drilling additional wells at Leon Lake Working towards placing Pembina oil wells on production “Creating repeatable oil opportunities”

Reserves and Asset Value Growth Per Independent Reserves Consultants Gross Reserves MMboe NPV before 10% $ million NPV before 10% $ million

Funds from Operations $ Millions $ per share

Why own Ironhorse Oil resources ready for exploitation Trading at significant discount to NAV 4 MMboe 2P of reserves in place 700+ boe/d behind pipe 10 year Reserves Life Index Strong balance sheet Significant oil exploration and development locations

Contact Information OfficeSuite 1000, th Ave SW Calgary, AB T2P 2Z2 ContactRob Solinger, VP Finance & CFO (403) BankerATB Financial ReservesGLJ Petroleum Consultants Sproule Associates Ltd LegalOlser, Hoskin & Harcourt LLP AuditorKenway Mack Slusarchuk Stewart LLP

Forward-Looking Statements Certain information regarding Ironhorse Oil & Gas Inc. (“Ironhorse”) 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 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’s future operations. Furthermore, information presented herein is dated at the time prepared and Ironhorse does not undertake any obligation to update 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.