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 2010

• 750+ 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

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

Jim Wilson VP & Corporate Secretary 30 years

Jack Green Manager Production 35 years

Glenn Parrott Senior Geologist 25 years

Ian Baker Senior Geophysicist 35 years

Corporate Overview

Listing - TSX Venture IOG

Shares outstanding28 million

Management ownership20%

Net debt – April, 2010 $12 million

Credit Facility $20 million

Net Debt as a % of available debt 60%

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, AlbertaSlave 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, SaskatchewanShaunavon Hz oil

• Drilled first horizontal oil well in Jan 2010

• 75% 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 ColumbiaMulti zone gas

• Drilled discovery gas well in Jan 2010

• 80% working interest

• Halfway, Doig and Montney on production Fall 2010

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

Lochend, AlbertaCardium 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, 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

Pembina, AlbertaProlific 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 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

2010 estimate assumes, Pembina oil wells placed on production by Dec 1st 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 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 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 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.