Ivory Energy Inc.: Corporate Update of Operations

Ivory Energy Inc. (TSX VENTURE:IV) announces its corporate update of operations.
During 2007 and the first quarter of 2008, Ivory accomplished the following key
goals:


Financing & Acquisitions: Ivory completed a $28.5 million convertible debenture
financing in July, 2007 and purchased two private, heavy oil companies with
operations in west-central Saskatchewan for $21.1 million in cash, 1.293 million
common shares at $0.75 per share and 2.083 million units at $0.75 per unit.
Total value of the proved plus probable reserves of the two companies was
$35.759 million (net present value discounted at 10 percent, before tax). These
producing properties included significant opportunities for further development
and increases in both proved reserves and production rates.


Recompletions & Drilling results: Since July 2007, 28 wells were recompleted
and/or reactivated while 19 wells underwent workovers with a 96 per cent success
rate. After completing its work program in 2007, Ivory operated 82 wells capable
of production of which 56 are currently oil producers and 26 are waiting to be
restarted after spring break up. During December and January, Ivory participated
in the drilling of an exploration well in west central Alberta. The well was
cased. A gas zone tested commercial gas rates of 11.3 Mmcf over a 48 hour test
period through various choke sizes. Ivory has a 10 per cent interest in this gas
well and the section and a 20 per cent interest in two adjacent sections of
land. The well is expected to be placed on production during the third quarter
2008.


Infrastructure construction: In order to commence secondary recovery in section
31-48-27W3M, Ivory initiated extending the existing pipeline and water injection
system in section 6-49-27W3M to section 31-48-27W3M. Construction of this
pipeline and water injection project was completed during March 2008. Ivory
anticipates an increase in oil production over the next several months from both
section 6 and 31, and in addition, significant savings in field operating
expenses.


Reserves Report & Net Asset Value: Ivory increased its reserves on a proved plus
probable basis, from 2.937 million barrels of oil equivalent evaluated at March
1, 2007 to 3.419 million barrels of oil equivalent evaluated at December 31,
2007. Proved reserves were increased from 1.944 million barrels of oil
equivalent to 2.009 million barrels of oil equivalent. The independent reserve
report by AJM Petroleum Consultants at December 31, 2007 assigned a reserve
value of $64.77 million (net present value discounted at 10 per cent, before
tax), an increase from $35.759 million at March 1, 2007 reserve reports. The
increase in the value of reserves is attributable to well reactivation adding
new reserves, expanding the Silverdale water flood area, and the increased
forecasted oil price used in the reserve reports. The March 1, 2007 reports used
a $40.55 per barrel price and the December 31, 2007 report used a $54.59 per
barrel price. Ivory is presently receiving approximately $90 per barrel for its
crude oil. Ivory's net asset value is $0.71 per share (basic), assuming debt of
$33.14 million, undeveloped land of 5,580 net acres at an acquired cost of
$834,000, $1.5 million value for 3-D seismic and 47.68 million basic shares
outstanding.


Production results: Ivory's oil sales peaked during November 2007 at 850 boepd
and declined to approximately 500 boepd during April due to water handling
limitations and restriction of routine well maintenance as a result of spring
break-up. In particular, there are 26 shut in oil wells waiting to be restarted
and the previous water handling restrictions have been alleviated.


Outlook: Ivory's business plan contemplates significantly increasing production
and reserves through recompletions, new drilling and water flooding on its
Saskatchewan properties in 2008. Ivory has an inventory of 50 drilling locations
and an additional 19 wells to be recompleted. Based on available capital, new
oil production as a result of planned recompletions and new drilling,
optimization and the newly completed water flood at Silverdale and new gas
production from the west central Alberta gas well, Ivory's revised forecast for
exit 2008 is 1,200 to 1,400 boepd. Ivory did not achieve the previously advised
forecast due to capital being reallocated to infrastructure such as the
pipeline, Silverdale 3-D seismic and the west central Alberta gas well which
caused capital restraints for developing the Saskatchewan oil properties.
Although these three projects prevented Ivory from achieving its original
forecast, their long term effect on the growth of Ivory will be positive and
accretive. Management remains committed to achieving the previously announced
forecast but this will now take longer than first anticipated.


Boe or Boepd 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.