1. IOG – TSX.V COPIC April 2009 Investor Presentation Rob Solinger, VP Finance & CFO

2. 2 Ironhorse’s Advantages balanced growth mix clean and simple structure low cost producer

3. 3 Corporate Overview ListingTSX-Venture: IOG Shares outstanding 22 million basic 24 million fully diluted Management ownership 25% basic 30% fully diluted Market capitalization$22 million Net debt - March 31, 2009$11 million Current production1,350 boe/d Enterprise value per flowing boe< $25,000 per boe/d

4. 4 Management and Senior Technical Team NameTitleRelevant Experience Larry ParksPresident & CEO30 years Rob SolingerVP Finance & CFO25 years Bill Manley VP Engineering & Operations 30 years Al WilliamsVP Exploration30 years Cam WestonVP Land35 years Jim WilsonVP & Corporate Secretary30 years Jack GreenManager Production35 years Wayne Beatty Manager, Reserves & Special Projects 30 years Glenn ParrottSenior Geologist25 years Ian BakerSenior Geophysicist35 years

5. 5 Ironhorse’s Strategy Create shareholder value through combination of low-risk development drilling and high-impact exploration. Growth to date fuelled by shallow gas development drilling in Shackleton, Saskatchewan and prolific oil discovery at Pembina, Alberta. Technical team developing high-impact drilling prospects in central Alberta, southern Saskatchewan and NE British Columbia Evaluating corporate and asset acquisitions which would increase asset base and provide new exploration and focus areas

6. 6 4,230 2,513 1,257 79 Added 2,109 mboe of reserves (1,700 mboe increase net of production) in 2008 Management estimates Pembina oil discovery may increase reserves 25% Total proved NPV @10% at Dec 31, 2008 - $34.7 million Management estimates Pembina oil discovery may increase NPV @10% by $22 million Gross Reserves (mboe) Net Present Value before tax @ 10% ($ million) Reserves and Asset Value Growth Per GLJ Petroleum Consultants Probable Proved

7. 7 2008 Highlights 100% drilling success 31 (15 net) new gas wells on production in Shackleton area 61% increase in average production to 1,079 boe/d (93% natural gas weighted) Reserves additions of 2,109 mboe from infill drilling and upward technical revisions, net of production 68% increase in total proved plus probable reserves, net of production, for 2008 Finding and development costs, including changes in future capital, of $11.75 per boe proved plus probable

8. 8 Q1 2009 Drilling Highlights CAPEX Q1/09 $6 million Drilled 32 (16 net) natural gas wells in Shackleton, which converted 0.8 million boes from Proved Undeveloped to Proved Producing reserves status as at March 31st, 2009. Drilled two (0.4 net) Nisku oil discoveries in the Pembina, Alberta area, which management estimates will add up to 1.0 million boes to our reserves as at March 31, 2009 F&D including future capital, Q1 2009 below $10 per boe

9. 9 Sustained Production Growth Q1/09 drilled and placed on production 32 (16 net) gas wells Evaluating 100 potential infill drilling locations Shackleton winter drilling has increased production to over 1,300 boe/d Pembina will increase production by 600 to 800 boe/d in Q4/09 Gross wells on production - ShackletonIOG production - boe/d

10. 10 Assumes average production of 1,150 boe/d, gas price of $5 per mcf and oil price of $60Cdn per bbl P/CF ratio < 3.5 times Cash Flow ($ Millions) Cash Flow ($ per Share) Cash Flow Low cost structure provides superior field netbacks – 2008 $25.74 Operating costs for 2009 < $3.00 per boe

11. 11 Solid Asset Base with Significant Upside Increasing oil and gas reserves have continually improved the value of our Company NAV per share at December 31, 2008 discounted at 10% before tax using GLJ reserve report is $2.05 Pembina could add up to $1.00 to NAV per share Steady cash flow and low cost operations enable Ironhorse to continue exploration and development programs Under-leveraged balance sheet creates opportunity for asset or corporate acquisitions for Ironhorse

12. 12 Three Focus Areas Shackleton, Saskatchewan Resource gas play West Pembina, Alberta High-impact prolific oil Northeast, British Columbia Multi zone gas potential

13. 13 Shackleton, Saskatchewan 25 Sections in the heart of the Milk River gas play We have a 50% working interest in 25 sections 100 (50 net) producing gas wells producing 16 (8 net) mmcf per day Own and operate all infrastructure keeps operating costs below $0.45 per mcf T21 R20R19 W3 T22 Gas Plant Capacity: 20 Mmcf/d Company Leased Lands Wells Drilled Completed Pipeline

14. 14 Shackleton, Saskatchewan Evaluating 100 potential infill locations Ironhorse Leased Land Husky Land Enerplus Land Currently have one gas well per quarter section Offsetting lands have been down spaced to two or more wells per quarter section Can drill infill wells to maximize utilization of existing facilities

15. 15 Pembina, Alberta Prolific Nisku oil wells Ironhorse Nisku oil discoveries at 9-5 and 14-5-50-6W5 analogous to 13-2-50-6 W6 West Energy Nisku Oil Well 13-2-50-6 W6 20 m. pay >2,800 boe/d (Jan/09) > 1 million bbls of oil to date 6” gas line 6” oil line 4” oil line Inner Bank Margin 18.75% working interest Cost to tie-in and implement water flood $12 ($2.3 net) mm Initial restricted flow rates from two wells 800 - 1,000 (net 170) boe/d Unrestricted flow rates 3,000 – 5,000 (750 net) boe/d Oil in place estimated by management at 11 million bbls, recoverable oil with water flood 5 – 6 (1 net) million bbls Unrisked NPV @ 10% assuming WTI $50/bbl is $115 ($22 net) mm Company Leased Lands

16. 16 Northeast, British Columbia multizone potential 50% working interest Identified drilling locations with multizone potential on a regional structure including potential resource play Targeting initial production rates of 1.5 mmcf/day and reserves of 1.5 to 2.0 bcf/well for multizone wells Expect to drill first well late 2009 Gross cost to drill and complete estimated at $1.5 MM Upside potential for resource plays could add significant additional reserves to Ironhorse Baldonnel and Halfway Charlie Lake Trend Structural Trend Bluesky, Gething, Baldonnel, Charlie Lake, Halfway & Montney Baldonnel and Halfway Trend Company Leased Lands

17. 17 Low Cost Structure Creates Superior Recycle Ratio Field Netback for 2008 Oil equivalent ($ per boe) Natural gas ($ per mcf) Sales price$45.45$7.58 Royalties17.422.90 Operating costs 2.290.38 Field Netback$25.74$4.30 2P - F&D cost$11.75$1.96 Recycle Ratio 2.2 times

18. 18 Taking Advantage of the Down Cycle Sufficient financial resources in 2009 to undertake a $10 million capital program Shackleton and Pembina drilling program in Q1 2009 has been completed under budget $14.5 million existing credit facility –Will be positively impacted by recent drilling successes –$11 million net debt at March 31, 2009 leaving $3.5 million for flexible growth options

19. 19 Full Cycle Exploration & Development Technical and management team have the experience and track record to increase shareholder value Enhance shareholder value through exploration, acquisitions and timely dispositions 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 and evaluating acquisitions

20. 20 Summary Ironhorse is solid value with significant upside Continued production and reserve growth with ongoing development of Shackleton and Pembina High impact prospects Management and technical team with a proven track record Financial strength to drill and acquire balanced growth mix clean and simple structure low cost producer

21. 21 Rob Solinger, VP Finance & CFO Bill Manley, VP Engineering & Operations (403) 355-3620 ir@ihorse.ca www.ihorse.ca Further Information

22. 22 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 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 51-101, 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