Larry Parks Acquires Additional Shares of Ironhorse

CALGARY, ALBERTA--(Marketwire - July 21, 2008) - Larry Parks ("Parks"), President & CEO of the Ironhorse Oil & Gas Inc. ("Ironhorse" or the "Company") (TSX VENTURE: IOG.V) announces that he has acquired 100,000 common shares ("Common Shares") of the Company by way of exercise of an aggregate of 100,000 options at a price of $0.225 per share for gross proceeds of $22,500 which options were exercised on April 17, 2008.

Prior to the exercise of the options, Parks owned 1,931,960 Common Shares of Ironhorse or approximately 9.8% of the issued and outstanding common shares. Subsequent to the exercise of the options, Parks owns 2,031,960 Common Shares or approximately 10.3% of the issued and outstanding Common Shares.

Parks has acquired the Common Shares for investment purposes only. Depending upon market conditions and other factors that Parks may deem material to its investment decisions, Parks may in the future acquire common shares, or other securities of the Company, in the open market or in privately negotiated purchases or otherwise, and may also, depending on the current circumstances, dispose of all or a portion of the Common Shares, or other securities of the Company, in one or more transactions, in each case to the extent then permitted by applicable law and regulation.

This news release is being issued in accordance with National Instrument 62-103 of Canadian provincial securities regulations. For further information, a copy of the Early Warning Report that will be filed with the applicable securities commissions can be obtained on SEDAR at www.sedar.com.

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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contacts

James K. Wilson
Ironhorse Oil & Gas Inc.
Corporate Secretary
(403) 218-3210
Email: jwilson@ihorse.ca