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

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.