June 2009Investor Presentation

Rob Solinger, VP Finance & CFOBill Manley, VP Engineering & Operations

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Ironhorse’s Advantages

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Corporate Overview

Listing TSX-Venture: IOG

Shares outstanding22 million basic

24 million fully diluted

Management ownership25% basic

30% fully diluted

Market capitalization $20 million

Net debt – April 30, 2009 $11 million

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Production

1,200 boe/d current

production

<$26,000 per boe/d enterprise

value

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Management andSenior Technical Team

Name Title Relevant Experience

Larry Parks President & CEO 33 years

Rob Solinger VP Finance & CFO 25 years

Bill Manley VP Engineering & Operations 30 years

Al Williams VP Exploration 30 years

Cam Weston VP Land 35 years

Jim Wilson VP & Corporate Secretary 30 years

Jack Green Manager Production 35 years

Wayne Beatty Manager, Reserves & Special Projects 30 years

Glenn Parrott Senior Geologist 25 years

Ian Baker Senior Geophysicist 35 years

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Ironhorse’s Strategy

Growth

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1.111.9

48.7

32.1

2005 2006 2007 2008

941

316

608

2,058

2,1721,905

69

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2005 2006 2007 2008

4,230

2,513

1,257

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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

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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

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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

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100

200

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68

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2006 2007 2008 2009 Infill

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 - Shackleton IOG working interest production - boe/d

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1.13.5

6.4

8.0

2006 2007 2008 2009 F

0.06

0.29

0.39

0.18

2006 2007 2008 2009 F

Operating costs for 2009 forecast at less than $2.75 per boeAssumes 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

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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

$1.00Pembina could add up to $1.00 to NAV per share

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Three Focus Areas

Resource gas play

High impact prolific oil

Multizone potential

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Shackleton, Saskatchewan25 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 R20 R19 W3

T22

Gas Plant Capacity: 20 Mmcf/d

Company Leased Lands

Wells Drilled

Completed Pipeline

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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

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Pembina, AlbertaProlific Nisku oil wells

Ironhorse Nisku oil discoveries at9-5 and 14-5-50-6W5

analogous to 13-2-50-6 W6

West Energy Nisku Oil Well13-2-50-6 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

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Northeast British ColumbiaMultizone 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 TrendBluesky, Gething, Baldonnel,

Charlie Lake, Halfway & Montney

Baldonnel and Halfway Trend

Company Leased Lands

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Shaunavon, SaskatchewanHorizontal 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

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Low Cost StructureCreates Superior Recycle Ratio

Field Netback for Q1 2009

Oil equivalent($ per boe)

Natural gas($ per mcf)

Sales price $31.14 $5.19

Royalties 8.38 1.40

Operating costs 2.82 0.47

Field Netback $19.94 $3.32

2P - F&D cost $10.00 $1.67

Recycle Ratio 2 times

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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

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Full Cycle Exploration & Development

• Experience and track record to increase shareholder value

• Significant seismic database to exploit

• Actively generating prospects and evaluating acquisitions

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Three Reasons

balancedgrowth mix

low costproducer

clean and simple

structure

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Rob Solinger, VP Finance & CFOBill Manley, VP Engineering & Operations

(403) 355-3620ir@ihorse.ca www.ihorse.ca

Further Information

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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