IOG – TSX.V
November 2008
Junior Oil & Gas Investor Showcase
Rob Solinger, VP Finance & CFO
Bill Manley, VP Engineering & Operations
1
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 drilling in the
Shackleton area, of SW Saskatchewan. 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
average production to Sept 30/08 of 1,133 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, NE British Columbia and SW
Saskatchewan.
2
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
Ian Baker, Senior Geophysicist
3
Corporate Overview
 Currently have 22 (24 fully diluted) million common
shares outstanding, management owns 25% (30%fd)
 Market capitalization of $24 million based on recent
share price of $1.10
 Net debt at October 31, 2008 was $5 million versus
$14.5 million line of credit
 Average production Q3/08 1,133 boe per day
 Market valuation per flowing boe <$26,000
 Similar assets have sold for over $75,000
4
Solid Asset Base with Significant Upside
 Increasing reserves have dramatically improved
the value of our Shackleton shallow gas project
 NAV per share at October 31, 2008 using March
2008 reserve report 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
5
Low Cost Structure Creates Superior Recycle Ratio
 Field Netback nine months ended Sept 30, 2008
boe
mcf
$46.83
$7.81
 Royalties
18.63
3.11
 Operating
2.07
0.35
Field Netback
$26.13
$4.36

F&D cost P+P to date
< $10.00
<$1.65

Recycle Ratio


Sales price
> 2.5 times
6
58o
NE B.C.
106
 Shackleton, Saskatchewan
• Resource gas play
 West Pembina, Alberta
4th MERIDIAN
57o
108
o
6th MERIDIAN
59o
N 110
o
112
114
o
116 o
118 o
120 o
FT. NELSON
N
SASKATCHEWA
ALBERTA
B.C.
o
o
Four Focus Areas
FT. ST. JOHN
56o
• High impact Nisku oil
55o
 NE, British Columbia
54o
WEST
PEMBINA
• Multi zone gas potential
EDMONTON
53o
 Shaunavon, Saskatchewan
52o
0
80
km
0
50
miles
SHACKLETON
51o
CALGARY
• Oil prospect
SWIFT CURRENT
GAS PROPERTY
50o
MEDICINE HAT
SHAUNAVON
OIL PROPERTY
49o
7
Shackleton 25 sections in the heart of the Milk River Gas Play
R20
R19
R18W3
F
F
F
F
F
G
U
F
F
F
F
F
F
F
F
F
F
F
F
F
U
F
F
F
F
F
F
F
F
F
F
F
F
F
F
F
F
F
F
F
F
F
F
F
F
F
F
F
F
F
F
F
F
F
Reserves Assigned
F
F
F
F
F
F
F
F
F
F
F
F
F
F
F
F
F
F
F
F
U
F
F
F
F
F
Reserves to be Assigned
F
F
F
F
F
F
F
F
F
T23
U
F
F
U
A
U
U
F
F
F
F
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F
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F
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F
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A
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F
F
F
F
F
F
F
U
F
F
U
F
G
F
F
F
F
F
F
G
F
Drilling Program (Remaining)
Total 32 Locations
U
F
F
F
F
F
F
F
U
F
A
F
F
F
A
F
F
F
F
F
Wells Drilled
Total 69 Gas Wells
F
F
F
U
F
F
F
F
F
U
U
T23
F
F
F
F
U
F
G
F
F
F
F
F
F
U
FF
F
F
U
Completed Pipeline
F
A
F
F
A
A
F
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F
U
F
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A
F
F
F
F
F
F
F
F
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F
U
F
U
F
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F
F
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F
G
Pipeline 2008 Construction
F
F
F
F
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F
G
F
F
F
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F
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F
F
F
F
F
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U
F
U
U
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F
F
F
G
F
F
F
Re-Drilled
14-30
F
A
U
F
G
F
F
F
U
U
F
F
F
G
U
F
F
U
F
F
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U
U
F
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F
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U
U
F
F
F
F
F
A
F
F
U
F
U
U
F
F
F
T22
F
F
U
A
F
U
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F
U
U
A
F
F
G
U
U
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F
F
F
F
F
T22
F
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F
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A
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U
F
F
F
F
A
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U
F
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A
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F
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F
F
F
F
F
F
F
A
F
F
F
F
F
F
K
F
F
A
A
F
Gas Plant
Capacity 20 Mmcf/d
F
F
K
F
F
U
F
F
F
F
F
F
F
G
F
F
F
F
A
F
F
FF
F
F
F
F
F
F
Re-Drilled
5-33
F
F
G
F
F
T21
F
F
A
F
F
F
F
F U
F
F
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F
F
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T21
F
F
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F
F
R20
R19
F
F
F
F
F
R18W3
U

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
8
Shackleton – Evaluating 100 Infill drilling locations
R23
R22
R21
R20
R19
R18
R17
J
G
G
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J
GG
E
G
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K
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T24
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T23
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T22
Abbey
East
Abbey West
T21
Abbey
Lacadena
South
Enerplus
T20
T19
Husky Energy
R23
R22
R21
R20
R19
R18
R17W3
9
Pembina
35
T50
36
U
C
31
32
33
34
35
36
31
32
26
25
30
29
28
27
26
25
30
29
23
24
19
20
21
22
23
24
19
20
West Energy
Nisku Oil Discovery
9-1-50-6 W5
14
13
18
17
Expected
to Produce
at Similar Rate
Inner
Bank
Margin
11
12
7
8
G
14
13
18
17
16
15
11
12
7
8
9
10

Plan to drill 1 – 2 wells in
the fall/winter 2008/2009

18.75% working interest

Cost to drill and complete
$3.5 ($0.7 net) mm per well

Initial flow rates of wells in
the area are >2,500 ( 470
net) boepd

Targeting recoverable
reserves of 3.5 (0.7 net)
mm BOE

Unrisked NPV @ 10% $90
($17 net) mm
G
E
E
T49
2
1
6
5
4
35
36
31
32
33
26
25
30
29
West Energy
34
35
36
Nisku
Oil Discovery
K
13-2-50-6 W5
20 m. pay
>2,50027 boepd (June/08)
26
25
28
23
24
19
20
21
22
23
14
13
18
17
16
15
11
12
7
8
9
2
1
6
5
4
3
2
E
6
5
31
32
30
29
24
19
20
14
13
18
17
10
11
12
7
8
3
2
1
6
5
R6W5
Grizzly 56.25%/IOG 18.75%
Highpine 25%
Competitor Locations
GRL Locations
Nisku Reefs
1
10
NE British Columbia
 Acquired a 50% working interest in
four sections of land
 Identified drilling location with
multizone potential on a regional
structure including potential
Resource Play
Location
°
Baldonnel/Halfway
Trend
 Targeting initial production rates of
1.5 mmcf/day and reserves of 1.5
to 2.0 Bcf/well for multizone wells
and production rates of 4 mmcf/d
and reserves of 4 Bcf/well for
Resource Plays
 Expect to drill first well early this
winter
Baldonnel/Halfway/
Charlie Lake Trend
Structural Trend
Bluesky, Gething, Baldonnel,
Charlie Lake, Halfway & Montney
 Gross cost to drill and complete
estimated at $2 MM
 Upside potential for Resource
Plays could add additional 16 Bcf
net to Ironhorse
11
Shaunavon Area, Saskatchewan
R19
R18
R17W3
G
E
E
E
V
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E
S
A
E
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G
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V
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A
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V
V
V
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V
V
V
V
V
V
V
V
E
E
A
E
E
E
E
E
I EE
E
E
E
E
Lower Shaunavon
Horizontal Wells
100 Bo/d
A
E
E
E
E
S
E
E
E
E
E
E
E
E
E
G
E
E
S
E
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V
V V V
V
V
V
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V
V
V
V
V
E
E
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J
S
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A
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E
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E
EE
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I
E
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V
V
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G
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G
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E
E
V
V
V
A
A
A
E
E
V
G

Initial Prod. Rates: 150
BOPD/well

Reserves: 110,000
Bbls/well

Drill 1 Well Winter 2009
(Proposed)

Upside: Total 8 Hz. Wells –
Total Possible Reserves:
900,000 Bbls
T8
G
Proposed 3D Seismic
G
G
E
E
G
G
T7
G
Drill/Complete $1.3 MM
(Net)
G
AV
G
A
G
V
V
A
G
G

G
Lower Shaunavon
Horizontal Wells
A
A
AV
G
J
V
V
V
V
V
V
V
V
V
V
A
100 - 200 Bo/d
T7
Producing Formation:
Lower Shaunavon
G
G
E E Acquired 2D Seismic
G
E
E
E
D
E
T8
G
V
V
V
EE
E
E
E
M
E
G
S
S
G
EG
E
A
V

G
Potential Horizontal Wells
E
IE
E
G
I
A
A
A
A
V
G
A
Acquired 50% W.I. in 2
sections of land
Proposed 3D Seismic
E
G
E
G
G
J
G

G
Area of Lower
Shaunavon Potential
U
E
G
G
G G
G
G
R19
12
R18
R17W3
Sustained Production Growth
1775
200
1,350
1,133
100
670
68
37
202
8
2006
2007
2008
0 9 Est
Inf ill
Gross Wells on Production Shackleton
 Winter 2008/9 drill 32 gas wells
 Evaluating 100 infill drilling
program
2006
2007
Q3 / 0 8
09
B ase
Net Production Boe per Day
09
Exp l '
 Shackleton winter drilling will add
500 boe per day
 Pembina and NE British Columbia
have potential to increase
production by 600 boe per day
13
Cash Flow
0 .56
13 .2
0 .4 0
8 .2
0 .3 2
6 .5
0 .18
3 .5
0 .0 6
1.1
2006
2007
Q3 / 0 8
0 8 Est
Cash Flow $ Millions
0 9 Est
 Cash flow of $6.5 million for nine
months ended Sept 30th 2008
2006
2007
Q3 / 0 8
0 8 Est
Cash Flow $ per Share
0 9 Est
 CFPS of $0.32 for 1st half 2008
 Increasing per share values
 Estimating cash flow for Q4/08 of
$1.5 - $1.8 million
14
Reserve Update March 2008
53.5
3,925
2,513
32.1
1,257
11.9
1.1
79
2005
Reserves MBOE
2006
2007
Q1/ 0 8
Net Present Value Before Tax @ 10% Millions
 Added 1,400 MBOE in Q1/08
 80% of our reserves are proven
 Unrisked increase in reserves
 Unrisked incremental NPV @ 10%
Shackleton
Pembina
NE British Columbia
Shaunavon
+2,080 MBOE
+660
+2,800
+440
Shackleton
Pembina
NE British Columbia
Shaunavon
15 MM$
17
35
11
15
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 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 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 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: (403) 355-3620
Fax: (403) 237-0765
Email:
[email protected]
Website:
www.ihorse.ca
19