Ivory Energy Inc.: Silverdale Oil Development Program

Ivory Energy Inc. (TSX VENTURE:IV) is pleased to announce that Ivory will
commence its drilling program for 2008 in January. Ivory has contracted a rig to
begin its drilling program on the Silverdale oil field. It is anticipated that
drilling will begin the third week of January. Ivory has identified 36 new, low
risk, infill and step-out drilling locations that will be drilled to an average
of 600 meters to target primarily the Sparky Formation and to evaluate the
Colony, McLaren and Waseca Formations. Ivory is already producing from these
formations in the 48 wells that were re-completed in 2007. Each individual new
oil location will add new production and new reserves to Ivory. December net
average oil sales production was approximately 750 boe/d, slightly less than the
November net average oil sales production of 850 boe/d primarily due to Ivory
shutting in several wells until the flow lining and pressure maintenance program
is completed in mid-February 2008. It should be noted that Ivory continues to
hold oil inventory that is not reflected in our sales figures.


As a result of our 2007 re-completion program and the re-activation of one
portion of the Silverdale oil field, Ivory's oil reserves will increase and add
significantly to our already existing proved and probable oil reserves.


A 3D seismic survey, completed in 2007, will be processed and interpreted in
January and will be used to delineate possible drilling locations on Ivory's
land, crown lands and other properties.


Ivory Energy Inc. is a heavy oil producer in Saskatchewan that is increasing oil
production, cash flow and reserves through low risk re-completions, workovers,
infill drilling, and utilizing enhanced oil recovery methods. 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%.


(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.