1. June 2009 Investor Presentation Rob Solinger, VP Finance & CFO Bill Manley, VP Engineering & Operations

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

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$20 million Net debt – April 30, 2009$11 million

4. 4 Production 1,200 boe/d current production <$26,000 per boe/d enterprise value

5. 5 Management and Senior Technical Team NameTitleRelevant Experience Larry ParksPresident & CEO33 years Rob SolingerVP Finance & CFO25 years Bill ManleyVP Engineering & Operations30 years Al WilliamsVP Exploration30 years Cam WestonVP Land35 years Jim WilsonVP & Corporate Secretary30 years Jack GreenManager Production35 years Wayne BeattyManager, Reserves & Special Projects30 years Glenn ParrottSenior Geologist25 years Ian BakerSenior Geophysicist35 years

6. 6 Ironhorse’s Strategy Low risk shallow gas development drilling, Shackleton, Saskatchewan High-impact oil exploration, Pembina, Alberta Growth

7. 7 4,230 2,513 1,257 79 Management estimates Pembina oil discovery may increase reserves up to 25% and NPV before tax discounted @ 10% by > $20 million Gross Reserves (mboe) Net Present Value before tax @ 10% ($ million) Reserves and Asset Value Growth Per GLJ Petroleum Consultants Probable Proved

8. 8 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

9. 9 Q1 2009 Drilling Highlights Prolific Nisku oil discovery CAPEX Q1/09 $6 million Drilled two (0.4 net) Nisku oil wells in the Pembina area, estimated to increase reserves by up to 1 million boe 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 31, 2009 F&D including future capital in Q1 2009 estimated at $10 per boe

10. 10 Sustained Production Growth Currently producing 1,200 boe per day, Pembina may increase production by 600 to 800 boe per day 2P reserve life index of 10 years Gross wells on production - ShackletonIOG working interest production - boe/d

11. 11 Operating costs for 2009 forecast at less than $2.75 per boe Assumes average production of 1,150 boe/d, gas price of $5 per mcf and oil price of $60Cdn per bbl Cash Flow ($ Millions) Cash Flow ($ per Share) Cash Flow

12. 12 Solid Asset Base with Significant Upside $2.06 NAV per share at December 31, 2008 discounted at 10% before tax using GLJ reserve report is $2.06 $1.00 Pembina could add up to $1.00 to NAV per share

13. 13 Three Focus Areas Resource gas play High impact prolific oil Multizone potential

14. 14 Shackleton, Saskatchewan 25 Sections in the heart of the Milk River gas play 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

15. 15 Shackleton, Saskatchewan Evaluating 100 potential infill locations Ironhorse Leased Land Husky Land Enerplus Land 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 wells to maximize utilization of existing facilities

16. 16 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 ($2.5 net) mm Initial restricted flow rates from two wells 800 - 1,000 (net 180) boe/d Unrestricted flow rates 3,000 – 5,000 (800 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

17. 17 Northeast British Columbia Multizone gas potential 50% working interest in four sections of land 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

18. 18 Shaunavon, Saskatchewan Horizontal oil 50 % working interest in two sections Close proximity to three new discoveries Estimated initial production rates from horizontal wells 100 bopd Recoverable reserves of 200,000 bbls per well Up to 4 wells per section

19. 19 Low Cost Structure Creates Superior Recycle Ratio Field Netback for Q1 2009 Oil equivalent ($ per boe) Natural gas ($ per mcf) Sales price$31.14$5.19 Royalties8.381.40 Operating costs 2.820.47 Field Netback$19.94$3.32 2P - F&D cost$10.00$1.67 Recycle Ratio 2 times

20. 20 Taking Advantage of the Down Cycle $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 April 30/09 leaving $3.5 million for flexible growth options

21. 21 Full Cycle Exploration & Development Experience and track record to increase shareholder value Significant seismic database to exploit Actively generating prospects and evaluating acquisitions

22. 22 Three Reasons balanced growth mix low cost producer clean and simple structure

23. 23 Rob Solinger, VP Finance & CFO Bill Manley, VP Engineering & Operations (403) 355-3620 ir@ihorse.ca www.ihorse.ca Further Information

24. 24 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