Ivory Energy Inc.

Ivory Energy Inc.

October 30, 2006 09:00 ET

Ivory Energy Inc.: Holburn Wells Update

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 30, 2006) - Ivory Energy Inc. (TSX VENTURE:IV) is pleased to announce that land regulatory approval has been obtained from the Alberta Department of Energy for the latest Holburn gas and oil well. Ivory will now move a service rig onto the location and commence operations as soon as possible. Ivory will test the two formations mentioned in the October 16, 2006 news release. Ivory has 100% working interest in this well before payout and 80% after payout. In addition, Ivory has 50% interest in 7,680 acres of land in the Holburn area.

Holburn is the third core area of Ivory's, following Moonshine in Alberta and Totnes in Saskatchewan, that Ivory has successfully brought into production.

This news release contains certain "forward-looking statements" that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated is such statements.

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

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