Ironhorse Oil & Gas Inc. Announces Closing of Non-Brokered Private Placement

Calgary AB Canada, 5/12/2008 / FSC / - Ironhorse Oil & Gas Inc. (TSX-V: IOG.V), (the "Corporation") is pleased to announce that it has closed its previously announced non-brokered private placement to certain officers of the Corporation of 200,000 common shares at a price of $1.50 per common share and 200,000 common shares issued on a "flow-through" basis and renounced to subscribers as Canadian Development Expenses at a price of $1.60 per flow-through share for total aggregate proceeds of $620,000.

The shares issued in the private placement are subject to a hold period of 4 months and one day from closing.

Proceeds of the private placement will be used to fund exploration and development activities as well as for general corporate purposes.

The private placement is exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 (the "Rule") by virtue of the exemption contained in section 5.5(2) of the Rule as the fair market value of the proceeds from the private placement does not exceed 25% of the Corporation's market capitalization.

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".

For further information, please contact:

Rob H. Solinger Vice President, Finance & CFO (403) 355-3620 ir@ihorse.ca

or visit our website at www.ihorse.ca.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. 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. Disclosure provided in this release in respect of boe units may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not necessarily represent a value equivalency at the wellhead.

- 30 -

Source: Ironhorse Oil & Gas Inc., TSX-V: IOG.V, http://www.ihorse.ca

Maximum News Dissemination by Filing Services Canada Inc. Ph: (403) 717-3898 Fax: (403) 717-3896 www.usetdas.com