COPIC

1
IOG TSX.V
COPIC Junior Oil Gas Investor
Showcase September, 2008 Rob Solinger, VP Finance
CFO Bill Manley, VP Engineering OPS
2
Focused Exploration Production

• Ironhorse Oil Gas Inc. (IOG TSXV) has
  consistently created shareholder value through a
  combination of low risk development drilling and
  high impact exploration.

• Our growth is fuelled by low risk shallow gas
  development drilling in the Shackleton area, of
  SW Saskatchewan. Where to date, we have drilled
  and placed on-production 68 wells with plans to
  drill an additional 32 wells this winter. Net
  production for the year is estimated to average
  1,050 boe per day versus current production of
  1,100 boe per day.

• Our technical team is developing a complete
  inventory of drilling prospects including our
  high impact oil and gas prospects in the Pembina
  and NE British Columbia areas.

3
Management and Senior Technical Team
Larry Parks, President CEO Rob Solinger, VP
Finance CFO Bill Manley, VP Engineering
OPS Al Williams, VP Exploration Cam Weston, VP
Land Jim Wilson, VP Corporate Secretary Jack
Green, Manager Production Wayne Beatty, Manager
Reserves Glenn Parrott, Senior Geologist Neil
Warner, Senior Geologist Ian Baker, Senior
Geophysicist
4
Corporate Overview

• Currently have 20 (22fd) million common shares
  outstanding
• Market capitalization of 34 million based on
  recent share price of 1.70
• Net debt at June 30, 2008 was 10 million
• Enterprise Value of 44 million
• Current production 1,100 boe per day
• Value per flowing boe lt 40,000

5
Solid Asset Base with Significant Upside

• Increasing reserves have dramatically increased
  the value of our Shackleton shallow gas project
• NAV at March 31, 2008 per share is 2.35 - 2.70
• Increasing cash flow and low cost operations
  allow IOG to accelerate conventional exploration
  and development programs
• An under-leveraged balance sheet creates
  opportunity for asset or corporate acquisitions
  for IOG

6
Low Cost Structure Creates Superior Recycle
Ratio

• Field Netback six months ended June 30 2008 -
  per boe
• Sales price 48.92
• Royalties 20.32
• Operating Expense 1.45
• Operating Netback 26.70
• FD PP to date lt 10.00/boe
• Recycle Ratio gt 2.5 times

7
Three Focus Areas

• Shackleton, Saskatchewan
• Resource gas play
• West Pembina, Alberta
• High impact Nisku oil
• NE, British Columbia
• Multi zone gas potential

8
Shackleton 25 sections in the heart of the Milk
River Gas Play

• We have a 50 working interest in 25 sections
• To date, drilled 68 gas wells, winter only access
• Drill 32 wells this winter, evaluating 100 infill
  locations

9
Shackleton - Lands
10
Shackleton - sustained growth

• Winter 2008/9 drill 32 gas wells
• Multiple zone completions in each well bore
  including selective tests on the Colorado shale
  formation
• Evaluating infill drilling program

• Currently producing 1,100 boepd
• Winter drilling will add gt 500 boe per day
• Pembina and NE British Columbia have potential to
  further increase production profile

11
Cash Flow

• Cash flow 4.7 million 1st half 2008
• Estimating cash flow for 2nd half 2008 of 3.8
  million assuming average gas price of 7.50 mcf

• CFPS of 0.23 for 1st half 2008
• Increasing per share values

12
Reserve Update March 2008

• Added 1.4 Mmboe in Q1/08
• Total reserves 3.9 Mmboe
• Potential for significant increase in reserves as
  we complete additional zones and infill drill

• Over 80 of our reserves are proven
• PV 8 60 million
• Higher gas prices will increase values

13
Pembina

• Plan to drill 1 2 wells in the fall/ winter
  2008/2009
• 18.75 working interest
• Cost to drill and complete 3.5 mm per well
• Initial flow rates of wells in the area are
  gt2,000 boepd
• Targeting reserves of 2 - 2.5 mm BOE

14
NE British Columbia

• Acquired a 50 working interest in four sections
  of land
• Identified drilling location with 2D seismic and
  geological mapping of bypassed pay
• Targeting initial production rates of 1,500 mcf
  per day and reserves of 1.5 2.0 Bcf
• Expect to drill first well early this winter
• Gross cost to drill and complete the first well
  is estimated at 2 million
• Future drilling, seismic and land acquisition
  contingent on first well

15
Full Cycle Exploration Development

• Technical and management team have the experience
  and track record to increase shareholder value
• Will grow the Company through exploration and
  acquisitions
• 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 in these
  areas

16
Summary

• Oil and gas valuations metrics suggest IOG is
  solid value with significant upside
• Continued production and reserve growth with
  ongoing development of Shackleton Property
• High impact prospects at Pembina and NE British
  Columbia
• Full cycle exploration and development program
  underway
• Management and technical team with a proven track
  record
• Financial strength to drill and acquire

17
Forward Looking Statements
Certain information regarding Ironhorse Oil Gas
Inc. included in this presentation including
managements assessment of production rates,
timing of capital expenditures and on-stream
dates, and anticipated revenues and costs
relating to the operations of Ironhorse Oil Gas
Inc. 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 Oil Gas Inc.s
future operations. Furthermore, information
presented herein is dated at the time prepared
and Ironhorse Oil Gas Inc. 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.
18

For Further Information contact Rob Solinger, VP
Finance CFO Bill Manley VP Engineering
OPS Suite 1000 324 8th Avenue SW Calgary,
AB T2P 2Z2 Phone [phone]
Fax [phone] Email ir_at_ihorse.ca Website
www.ihorse.ca