Ivory Energy Inc.

Ivory Energy Inc.

December 24, 2007 14:28 ET

Ivory Closes a $1,437,900 Flow-Through Financing

CALGARY, ALBERTA--(Marketwire - Dec. 24, 2007) - Further to Ivory's December 7, 2007 news release, and subject to final regulatory approval, Ivory Energy Inc. (TSX VENTURE:IV) has closed a non-brokered flow-through private placement of 1,965,200 units of the Company at a price of $0.75 per unit for gross proceeds of $1,473,900 to a number of Company insiders and accredited investors. Each unit is comprised of one common share in the capital of the Company and one half share purchase warrant. Each whole warrant is exercisable into one additional common share of the Company for a period of 12 months at a price of $1.00 per share.

A finder's fee will be payable on a portion of the financing to qualified finders.

Proceeds from the private placement will be used to continue to finance Ivory's exploration activities.

Boe or Boe/d are barrels of oil equivalent or barrels of oil equivalent per day. Boes may be misleading, particularly if used in isolation. A Boe conversion ratio of 6 mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

This news release contains statements concerning anticipated development activities on Ivory's properties. Although the Company believes that these forward-looking statements are reasonable, undue reliance should not be placed on them. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

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

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