Ivory Energy Inc.
TSX VENTURE : IV

Ivory Energy Inc.

February 22, 2008 18:26 ET

Ivory Energy Inc.: Saskatchewan Program Update

CALGARY, ALBERTA--(Marketwire - Feb. 22, 2008) - Ivory Energy Inc. (TSX VENTURE:IV) announces that the drilling program announced in the January 2008 news release has been delayed. There are several reasons for this delay including surface land issues, capital re-allocation and extreme winter weather related problems. January net average sales production was 705 boe/d, less than December net average oil sales of 750 boe/d. This oil production decrease was due to severe winter temperatures over the last two weeks of January that caused oil wells to be shut-in temporarily and other oil and water production difficulties due to the pipelining of a portion of the Silverdale oil pool.

Pipeline installation on Ivory's Silverdale water flood expansion project will be completed in early March and the associated oil wells will be optimized and pressure maintenance of the pool will begin. This operation is significant to Ivory as it will facilitate increased oil production and concurrently reduce per barrel operating cost via reduced trucking and solution gas gathering and sales.

Ivory also announces that it has terminated the employment contract of Mr. Wayne Shepheard as Senior Vice President Exploration and the consulting contract of Mr. David Keefe as Vice President Land.

Ivory Energy Inc. is a heavy oil producer in Saskatchewan that is developing its oil properties, cash flow and reserves through low risk re-completions, workovers, infill drilling, and utilizing enhanced oil recovery methods. Ivory has identified 50 possible infill and step-out locations on its Saskatchewan oil properties. The Silverdale oil field, Ivory's flagship property, comprises compact geology, stacked oil reservoir sands, with discovered petroleum resources initially in place of 131 million barrels of oil(1) of which Ivory's net interest is estimated at 41% on average.

(1) Saskatchewan Industry & Resources, Reservoir Annual 2003

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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