SHIFTING OUR FOCUS TO OIL May 2010

Achievements & Milestones Oil discoveries at Pembina, Dawson and Leon Lake Brought 300 bbl/d of light oil on production in March boe/d light oil behind pipe at Pembina 2010 exit rate in excess of 1,500 boe/d 2010 Capex projected at $20 million

Management and Senior Technical Team NameTitleRelevant Experience Larry ParksPresident & CEO33 years Rob SolingerVP Finance & CFO25 years Al WilliamsVP Exploration30 years Cam WestonVP Land35 years Jim WilsonVP & Corporate Secretary30 years Jack GreenManager Production35 years Glenn ParrottSenior Geologist25 years Ian BakerSenior Geophysicist35 years

Corporate Overview Listing - TSX VentureIOG Shares outstanding 28 million Management ownership 20% Net debt – April, 2010$12 million Credit Facility$20 million Net Debt as a % of available debt60% Enterprise Value - $ per flowing boe/d <$36,000 NAV per share * * Dec 31,2009 reserves value discounted at 10% before tax $2.40

Significant Oil Discoveries Pembina ▫ Drilled 2 (0.4 net) Nisku oil wells capable of producing 4,000 (800 net) boe/d ▫ Expected to be on production December 2010 Dawson ▫ Drilled 2 (1.1 net) Slave Point oil wells capable of 700 (385 net) bbl/d, on production March 2010 ▫ GPP application approved May 2010 Leon Lake ▫ Drilled 1 (0.8 net) Hz Shaunavon oil well; on production March 2010; capable of 80 (65 net) bbl/d ▫ Shot and interpreted 3D seismic which has defined follow up locations

Production (boe/d)

Core Properties Dawson – Slave Point oil Leon Lake – Shaunavon oil Jedney– Halfway, Doig and Montney gas Lochend – Cardium oil Shackleton – Milk River gas West Pembina – Nisku oil

Dawson, Alberta Slave Point oil Capable of 700 (385 net) bbl/d Light oil with high net backs Good production practice (“GPP”) application approved May 2010

Leon Lake, Saskatchewan Shaunavon Hz oil Drilled first horizontal oil well in Jan % working interest in four sections Targeting Initial production rates from horizontal wells of >75 bbl/d Oil reserves of >100,000 bbls per well 3D seismic has identified follow up locations

Jedney, N.E. British Columbia Multi zone gas Drilled discovery gas well in Jan % working interest Halfway, Doig and Montney on production Fall 2010 Upside potential for Montney resource play could add significant additional reserves

Lochend, Alberta Cardium light oil 10% working interest 18 potential Hz Cardium oil wells Targeting ▫ Initial production of 150 bbl/d per well ▫ Recoverable reserves of 150,000 bbls

Shackleton, Saskatchewan 25 Sections in the heart of the Milk River gas play 50% working interest in 25 sections with all associated infrastructure Producing 9 (4.5 net) Mmcf/d Net recoverable gas reserves of 18 Bcf Low operating and finding and development costs

Shackleton, Saskatchewan Evaluating 100 potential infill locations 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 gas wells to maximize reserves recovery and utilization of existing facilities Negotiating lower royalties and fall access in order to reduce drilling costs

Pembina, Alberta Prolific Nisku oil wells Drilled two (0.4 net) oil wells to be placed on production in 2010 These existing oil wells are capable of producing at a combined rate of up to 4,000 (800 net) boe/d Net recoverable reserves of 1.3 MMboe Additional seismic anomalies to be drilled after pipeline is installed

$20 million Capex 2010 Drill follow up oil wells at Leon Lake Place Pembina oil wells on production Construct Dawson flow line Place Jedney gas well on production Fulfill flow-through obligations of $5.2 million with respect to April 2010 financing “Creating repeatable oil opportunities”

Reserves and Asset Value Growth Per Independent Reserves Consultants Gross Reserves MMboe NPV before 10% $ million NPV before 10% $ million

Funds from Operations $ Millions $ per share 2010 estimate assumes, Pembina oil wells placed on production by Dec 1 st and commodity prices of Cdn $80/bbl, AECO $4.15/mcf

Why own Ironhorse 750+ boe/d behind pipe Oil resources ready for exploitation Trading at a 50% discount to NAV 4 Mmboe 2P of reserves in place 10 year Reserves Life Index Strong balance sheet Significant oil exploration and development locations

Contact Information OfficeSuite 1000, th Ave SW Calgary, AB T2P 2Z2 ContactRob Solinger, VP Finance & CFO (403) BankerATB Financial ReservesGLJ Petroleum Consultants Sproule Associates Ltd LegalOlser, Hoskin & Harcourt LLP AuditorKenway Mack Slusarchuk Stewart LLP

Forward-Looking Statement 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 , 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.