SHIFTING OUR FOCUS TO OIL

August 2010

Achievements & Milestones

• Oil discoveries at Pembina, Dawson and Leon Lake

• Brought 300 bbl/d of light oil on production in March 2010

• Developing low risk repeatable oil play in SW Sask.

• 700+ boe/d light oil behind pipe at Pembina

• 2010 Capex projected at $15 million

Management and Senior Technical Team

Name Title Relevant Experience

Larry Parks President & CEO 33 years

Rob Solinger VP Finance & CFO 25 years

Al Williams VP Exploration 30 years

Cam Weston VP Land 35 years

Jack Green Manager Production 35 years

Glenn Parrott Senior Geologist 25 years

Ian Baker Senior Geophysicist 35 years

Corporate OverviewListing - TSX Venture IOG

Shares outstanding28 million

Management ownership15%

Net debt – June, 2010 $15 million

Credit Facility $17 million

Net Debt as a % of available debt 88%

Enterprise Value - $ per flowing boe/d <$36,200

Significant Oil Discoveries• Pembina

▫ Drilled 2 (0.4 net) Nisku oil wells capable of producing 3,500 (700 net) boe/d

▫ Expected to be on production mid 2011

• Dawson▫ Drilled 2 (1.1 net) Slave Point oil wells producing 430 (235 net)

bbl/d as at August 2010▫ Flow line constructed July 2010

• Leon Lake▫ Drilled 1 (0.8 net) Hz Shaunavon oil well; producing 45 (35

net) bbl/d as at August 2010▫ Shot and interpreted 3D seismic to define follow up locations▫ Drilling two (1.8 net) vertical evaluation wells in

3rd Quarter 2010

Production (boe/d)

0

200

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Oil & NGL's

Gas

2008 2009 2010F 2011F

Core Properties

• Dawson – Slave Point oil

• Leon Lake – Shaunavon oil

• West Pembina – Nisku oil

• Lochend– Cardium oil

• Jedney– Halfway, Doig and Montney gas

• Shackleton– Milk River gas

Dawson, AlbertaSlave Point oil

• Producing 430 (235 net) bbl/d

• Light oil with high net backs

• GPP approved in May 2010

• Flow line constructed and operational July 2010

Leon Lake, SaskatchewanShaunavon Hz oil

• Drilled first horizontal oil well in Jan 2010

• 92% working interest in 12 sections

• Targeting Upper & Lower Shaunavon

• 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

Pembina, AlbertaProlific Nisku oil wells

• Drilled two (0.4 net) oil wells to be placed on production mid 2011

• These existing oil wells are capable of producing at a combined rate of over 3,500 (700 net) boe/d

• Net recoverable reserves of 1.3 MMboe

• Additional seismic anomalies to be drilled after pipeline is installed

Lochend, AlbertaCardium light oil

• 10% working interest

• 18 potential Hz Cardium oil wells

• Targeting

▫ Initial production of 250 bbl/d per well

▫ Recoverable reserves of 150,000 bbls

Jedney, N.E. British ColumbiaMulti zone gas

• Drilled discovery gas well in Jan 2010

• 80% working interest

• Halfway, Doig and Montney on production in 2011

• Upside potential for Montney resource play could add significant additional reserves

Shackleton, Saskatchewan25 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, SaskatchewanEvaluating 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

$15 million Capex 2010• Drilled two vertical oil

wells, one hz oil well and one gas well

• Acquired Lands at Leon Lake and Jedney

• Drilling additional wells at Leon Lake

• Working towards placing

Pembina oil wells on production

“Creating repeatable oil opportunities”

Reserves and Asset Value GrowthPer Independent Reserves Consultants

2006 2007 2008 2009 2006 2007 2008 2009

NPV before tax @ 10% $ million

NPV before tax @ 10% $ million

Funds from Operations

$ Millions$ Millions $ per share$ per share

0

1

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3

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8

2006 2007 2008 2009 2010F

1.1

3.5

8.0

3.9

5.5

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0.10

0.20

0.30

0.40

2006 2007 2008 2009 2010F

0.06

0.18

0.39

0.200.20

Why own Ironhorse

• Oil resources ready for exploitation

• Trading at significant discount to NAV • 4 MMboe 2P of reserves in place

• 700+ boe/d behind pipe

• 10 year Reserves Life Index

• Strong balance sheet

• Significant oil exploration and development locations

Contact InformationOffice Suite 1000, 324 8th Ave SW

Calgary, AB T2P 2Z2

Contact Rob Solinger, VP Finance & CFO(403) 355-3620ir@ihorse.cawww.ihorse.ca

Banker ATB Financial

Reserves GLJ Petroleum ConsultantsSproule Associates Ltd

Legal Olser, Hoskin & Harcourt LLP

Auditor Kenway Mack Slusarchuk Stewart LLP

Forward-Looking Statements

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 update 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.