Ironhorse Oil Announces $3.5 Million Flow-Through Financing

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
FOR DISSEMINATION IN THE UNITED STATES.


Ironhorse Oil & Gas Inc. (TSX VENTURE:IOG) is pleased to announce that it has
entered into an agreement with a syndicate of underwriters led by Dundee
Securities Corporation and including Blackmont Capital Inc. to issue, by way of
a private placement, 1,683,000 flow-through common shares (the "Shares") on a
bought deal basis at $2.08 per Share for gross proceeds of $3,500,640. Proceeds
from the offering will be used to incur qualifying seismic and exploration
drilling expenditures. The underwriters will be paid a cash fee of 6% of the
gross proceeds of the offering.


Closing of the offering is expected to occur on or about October 23, 2008, and
is subject to the receipt of all requisite regulatory and stock exchange
approvals. The securities issued under the private placement will be subject to
a four month hold period from the date of closing.


Ironhorse Oil & Gas Inc. is a Calgary-based junior oil and natural gas
production company trading on the TSX Venture Exchange under the symbol "IOG".


This news release may contain forward-looking information that is subject to
known and unknown risks, uncertainties and other factors. Readers are cautioned
that actual future results, performance or achievements may be different from
those expressed or implied in this release and the difference may be material.