IOG Ironhorse Oil & Gas Inc.

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


Ironhorse Oil & Gas Inc. (the "Company") (TSX VENTURE:IOG) is pleased to
announce that it has entered into an agreement with Dundee Securities
Corporation ("Dundee Securities") to issue, by way of a private placement,
2,143,000 flow-through common shares (the "Shares") on a bought deal basis at
$1.40 per Share for gross proceeds of $3,000,200 (the "Offering"). The Company
has also granted Dundee Securities an option to purchase up to an additional
714,500 Shares for additional gross proceeds of up to $1,000,300. The gross
proceeds of the Offering will be used to fund ongoing exploration activities
eligible for Canadian Exploration Expenses. Dundee Securities 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 November 19, 2009, and
is subject to the receipt of all requisite regulatory and stock exchange
approvals. The securities issued under the Offering 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".


Forward Looking Statements

Statements throughout this release that are not historical facts may be
considered to be "forward looking statements". These forward looking statements
sometimes include words to the effect that management believes or expects a
stated condition or result. All estimates and statements that describe the
Company's objectives, goals, or future plans, including management's assessment
of future plans and operations, drilling plans and timing thereof, expected
production rates and additions and the expected levels of activities may
constitute forward-looking statements under applicable securities laws and
necessarily involve risks including, without limitation, risks associated with
oil and gas exploration, development, exploitation, production, marketing and
transportation, volatility of commodity prices, imprecision of reserve
estimates, environmental risks, competition from other producers, incorrect
assessment of the value of acquisitions, failure to complete and/or realize the
anticipated benefits of acquisitions, delays resulting from or inability to
obtain required regulatory approvals and ability to access sufficient capital
from internal and external sources and changes in the regulatory and taxation
environment. As a consequence, the Company's actual results may differ
materially from those expressed in, or implied by, the forward-looking
statements. Forward-looking statements or information are based on a number of
factors and assumptions which have been used to develop such statements and
information but which may prove to be incorrect. Although the Company believes
that the expectations reflected in such forward-looking statements or
information are reasonable, undue reliance should not be placed on
forward-looking statements because the Company can give no assurance that such
expectations will prove to be correct. In addition to other factors and
assumptions which may be identified in this document, assumptions have been made
regarding, among other things: the ability of the Company to obtain equipment
and services in a timely and cost efficient manner; drilling results; the
ability of the operator of the projects which the Company has an interest in to
operate the field in a safe, efficient and effective manner; and field
production rates and decline rates. Readers are cautioned that the foregoing
list of factors is not exhaustive. Additional information on these and other
factors that could affect the Company's operations and financial results are
included elsewhere herein and in reports on file with Canadian securities
regulatory authorities and may be accessed through the SEDAR website
(www.sedar.com). Furthermore, the forward-looking statements contained in this
release are made as at the date of this release.

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