IOG Ironhorse Oil & Gas Inc.

Ironhorse Oil & Gas Inc. ("Ironhorse") (TSX VENTURE:IOG) is pleased to announce
that the TSXV Venture Exchange ("TSXV") has accepted Ironhorse's Notice of
Intention to make a Normal Course Issuer Bid (the "Bid") to purchase for
cancellation, from time to time, as Ironhorse considers advisable, up to a
maximum of 1,493,459 common shares (the "Common Shares"). The maximum number of
Common Shares to be purchased pursuant to the Bid represents approximately 10%
of the "public float" of the Common Shares outstanding on the date hereof,
calculated in accordance with the rules of the TSXV (being approximately
14,934,585 Common Shares). Purchases of Common Shares will be made on the open
market through the facilities of the TSXV. The price which Ironhorse will pay
for any Common Shares purchased by it will be the prevailing market price of the
Common Shares on the TSXV at the time of such purchase. The actual number of
Common Shares that may be purchased for cancellation and the timing of any such
purchases will be determined by Ironhorse.


The Bid will commence on December 1, 2008 and will terminate on December 1, 2009
or such earlier time as the Bid is completed or terminated at the option of
Ironhorse. The Company has retained PI Financial Corp. as its broker to conduct
the normal course issuer bid on its behalf.


Management of Ironhorse believes that, from time to time, the market price of
the Common Shares may not fully reflect the underlying value of the Common
Shares and that at such times the purchase of Common Shares would be in the best
interests of Ironhorse. Such purchases will increase the proportionate interest
of, and may be advantageous to, all remaining shareholders. In addition, the
purchases by Ironhorse may increase liquidity to shareholders wishing to sell
their Common Shares.


Ironhorse has purchased an aggregate of 341,000 common shares at an average
price of $1.60 between the periods of April 1, 2007 and April 1, 2008 pursuant
to a previous normal course issuer bid.


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.

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