IOG – TSX.V

COPIC April 2009Investor Presentation

Rob Solinger, VP Finance & CFO

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Ironhorse’s Advantages

balancedgrowth mix

clean and simple structure

low costproducer

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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 $22 million

Net debt - March 31, 2009 $11 million

Current production 1,350 boe/d

Enterprise value per flowing boe < $25,000 per boe/d

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Management andSenior Technical Team

Name Title Relevant Experience

Larry Parks President & CEO 30 years

Rob Solinger VP Finance & CFO 25 years

Bill ManleyVP 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 BeattyManager, Reserves & Special Projects

30 years

Glenn Parrott Senior Geologist 25 years

Ian Baker Senior Geophysicist 35 years

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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

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1.111.9

48.7

32.1

2005 2006 2007 2008

941

316

608

2,058

2,1721,905

69

10

2005 2006 2007 2008

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

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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

• 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

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100

200

8

68

37

2006 2007 2008 2009 Infill

202

670

1,150-1,250

1,500 - 1,700

1,079

2006 2007 2008 2009 F 2009 exit

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 - Shackleton IOG 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

• 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

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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

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Three Focus Areas

Shackleton, Saskatchewan

Resource gas play

West Pembina, Alberta

High-impact prolific oil

Northeast,British Columbia

Multi zone gas potential

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Shackleton, Saskatchewan25 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 mcfT21 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 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

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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 ($2.3 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

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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 TrendBluesky, Gething, Baldonnel,

Charlie Lake, Halfway & Montney

Baldonnel and Halfway Trend

Company Leased Lands

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Low Cost StructureCreates Superior Recycle Ratio

Field Netback for 2008

Oil equivalent($ per boe)

Natural gas($ per mcf)

Sales price $45.45 $7.58

Royalties 17.42 2.90

Operating costs 2.29 0.38

Field Netback $25.74 $4.30

2P - F&D cost $11.75 $1.96

Recycle Ratio 2.2 times

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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, 2009leaving $3.5 million for flexible growth options

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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

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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

balancedgrowth mix

clean and simple structure

low costproducer

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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