Ironhorse Oil & Gas Inc.
TSX VENTURE : IOG

Ironhorse Oil & Gas Inc.

December 01, 2008 09:00 ET

Ironhorse Oil & Gas Inc. Announces Normal Course Issuer Bid for Its Common Shares

CALGARY, ALBERTA--(Marketwire - Dec. 1, 2008) - Ironhorse Oil & Gas Inc. ("Ironhorse") (TSX VENTURE:IOG) is pleased to announce that the TSXV Venture Exchange ("TSXV") has accepted Ironhorse's Notice of Intention to make a Normal Course Issuer Bid (the "Bid") to purchase for cancellation, from time to time, as Ironhorse considers advisable, up to a maximum of 1,493,459 common shares (the "Common Shares"). The maximum number of Common Shares to be purchased pursuant to the Bid represents approximately 10% of the "public float" of the Common Shares outstanding on the date hereof, calculated in accordance with the rules of the TSXV (being approximately 14,934,585 Common Shares). Purchases of Common Shares will be made on the open market through the facilities of the TSXV. The price which Ironhorse will pay for any Common Shares purchased by it will be the prevailing market price of the Common Shares on the TSXV at the time of such purchase. The actual number of Common Shares that may be purchased for cancellation and the timing of any such purchases will be determined by Ironhorse.

The Bid will commence on December 1, 2008 and will terminate on December 1, 2009 or such earlier time as the Bid is completed or terminated at the option of Ironhorse. The Company has retained PI Financial Corp. as its broker to conduct the normal course issuer bid on its behalf.

Management of Ironhorse believes that, from time to time, the market price of the Common Shares may not fully reflect the underlying value of the Common Shares and that at such times the purchase of Common Shares would be in the best interests of Ironhorse. Such purchases will increase the proportionate interest of, and may be advantageous to, all remaining shareholders. In addition, the purchases by Ironhorse may increase liquidity to shareholders wishing to sell their Common Shares.

Ironhorse has purchased an aggregate of 341,000 common shares at an average price of $1.60 between the periods of April 1, 2007 and April 1, 2008 pursuant to a previous normal course issuer bid.

Ironhorse Oil & Gas Inc. is a Calgary-based junior oil and natural gas production company trading on the TSX Venture Exchange under the symbol "IOG".

This news release may contain forward-looking information that is subject to known and unknown risks, uncertainties and other factors. Readers are cautioned that actual future results, performance or achievements may be different from those expressed or implied in this release and the difference may be material.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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