1. PEMBINA FINANCING AND DEVELOPMENT June 2005

2. Page 1 The following information contains forward-looking statements and graph detail. The information is compiled using estimates and assumptions based on expectations of management. Readers are cautioned that any such forward-looking information are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that may be difficult to predict. Actual results may differ and the difference may be material. FORWARD-LOOKING INFORMATION

3. Page 2 Ironhorse Oil & Gas Inc. Incorporated in 1972 as a private junior mining company Publicly listed on the Vancouver Stock Exchange in 1984 as K.W. Resources Ltd Continued for operations in Alberta in 2002 Acquired first oil and gas properties in June 2003 Recently acquired Pembina Nisku opportunity Capitalization 8.9MM shares outstanding (pre-financing) 14.9MM shares outstanding (post-financing) Debt-free CORPORATE PROFILE

4. Page 3 Boundary Lake & Lochend were acquired in June 2003 9% of 5,280 acres 23 boe/d Pembina was recently acquired 25% of 3,680 acres Currently undeveloped AREAS OF OPERATIONS Boundary Lake Lochend Pembina

5. Page 4 PEMBINA DEVELOPMENT CAPITAL EXPENDITURES (000s)

6. Page 5 EQUITY OFFERING Financing of $6.4 Million Issuance of 2 Million Units for $3.20 per Unit 2 Common Shares + 1 Flow-Through Share per Unit Fully-Paid Subscriptions Required by June 28 th, 2005 4 Month Hold on Trading Following Closing Number of UnitsNumber of SharesFlow-Through ($)* Aggregate Subscription Price ($) 6251,8757502,000 1,0003,0001,2003,200 3,1259,3753,75010,000 6,00018,0007,20019,200 15,00045,00018,00048,000 Sample Subscriptions *100% Deductible in the 2005 tax year.

7. Page 6 FORECAST QUARTER-END CASH (DEBT) (000s)

8. Page 7 Development Program Up to 8 locations in two areas in Pembina 25% working interest throughout Initial productivity range of 600 to 1,000 boe/d per well Drilling/Completion costs of $2.3MM per well (Net $0.6MM) Tie-in costs of $0.7MM to $1.0MM per well (Net $0.2 to $0.3MM) Facilities of $4.8MM and $17.0MM (Net $1.2MM and $4.3MM) Cash flow from first area will contribute to second area Use of Proceeds Total capital required$14.9MM Financing$ 6.4MM Debt/Cash flow$ 8.5MM PEMBINA ASSET PROFILE

9. Page 8 DirectorsManagement Larry J. ParksLarry J. Parks, President & CEO James K. WilsonAlan G. Withey, VP Finance & CFO Blaine C. FavelD. Craig Boland, VP Exploration Jeff LawsonWilliam G. Manley, VP Engineering Gerry C. QuinnJames K. Wilson, Corp. Secretary DIRECTORS AND OFFICERS

10. Page 9 Ironhorse Oil & Gas Inc. Alan Withey, VP Finance & CFO 1000, 324 – 8 th Avenue SW Calgary, Alberta T2P 2Z2 Telephone:(403) 355-3620 E-Mail:ir@ihorse.ca CONTACT INFORMATION