Table of Contents Table of Contents 2 List of Tables 4 List of Figures 5 Company Snapshot 7 Key Information 7 Company Overview 7 Ironhorse Oil & Gas Inc., Valuation and Financial Data 8 Ironhorse Oil & Gas Inc., Share Price Performance 8 Share Price Performance, Q1, 2015-Q1, 2016 8 Ironhorse Oil & Gas Inc., Key Valuation Metrics 9 Key Valuation Metrics, Q1, 2015-Q1, 2016 9 Ironhorse Oil & Gas Inc., Quarterly Results of Oil & Gas Operations Per boe Produced 10 Results of Oil & Gas Operations Per boe Produced, Q1, 2015-Q1, 2016 10 Results of Oil & Gas Operations Per boe Growth Rates, Q1, 2015-Q1, 2016 11 Ironhorse Oil & Gas Inc., Quarterly E&P Costs Trends 12 Upstream Capital Expenditure, Q1, 2015-Q1, 2016 12 Ironhorse Oil & Gas Inc., Quarterly Production Trends 13 Ironhorse Oil & Gas Inc., Total Oil and Gas Production 13 Total Crude Oil and Natural Gas Production Trend, Q1, 2015-Q1, 2016 13 Total Crude Oil & Natural Gas Production, By Country/Region, Q1, 2015-Q1, 2016 14 Ironhorse Oil & Gas Inc., Crude Oil Production 15 Total Crude Oil Production Trend, Q1, 2015-Q1, 2016 15 Crude Oil Production, By Country/Region, Q1, 2015-Q1, 2016 16 Ironhorse Oil & Gas Inc., Natural Gas Production 17 Total Natural Gas Production Trend, Q1, 2015-Q1, 2016 17 Natural Gas Production, By Country/Region, Q1, 2015-Q1, 2016 18 Ironhorse Oil & Gas Inc., Valuation and Financial Data, 2011-2015 19 Ironhorse Oil & Gas Inc., Share Price Performance, 2011-2015 19 Share Price Performance, 2011-2015 19 Key Valuation Metrics, 2011-2015 20 Ironhorse Oil & Gas Inc., Production and Reserves Trends 21 Total Oil and Gas, Reserves and Production 21 Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 21 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 22 Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 24 Crude Oil/Liquids Production and Reserve 25 Crude Oil/Liquids Production and Reserve Trend, 2011-2015 25 Crude Oil Production and Reserves By Country/Region, 2011-2015 26 Crude Oil/Liquids Reserve Changes, 2011-2015 28 Natural Gas Production and Reserve 29 Natural Gas Production and Reserve Trend, 2011-2015 29 Natural Gas Production and Reserves, By Country/Region, 2011-2015 30 Natural Gas Reserve Changes, 2011-2015 32 Total Crude Oil and Natural Gas Reserves Life Index 33 Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 33 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 34 Ironhorse Oil & Gas Inc., E&P Costs Trends 36 Allocation of the Upstream Capital Expenditure 36 Upstream Capital Expenditure, 2011-2015 36 Exploration and Development Costs, By Country/Region, 2011-2015 37 Oil and Gas Cost Per boe, US$/boe 38 Oil and Gas Cost Per boe, US$/boe, 2011-2015 38 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 40 Ironhorse Oil & Gas Inc., Reserve Replacement Ratio 42 Oil and Gas Production Replacement Ratio 42 Oil and Gas Production Replacement Ratio, 2011-2015 42 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 44 Ironhorse Oil & Gas Inc., Results of Oil & Gas Operations Trend 48 Oil and Gas Revenue and Expenses 48 Oil and Gas Revenue and Expenses, 2011-2015 48 Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 49 Oil and Gas Revenue and Expenses, Per boe 54 Oil and Gas Revenue and Expenses, By boe, 2011-2015 54 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 55 Oil and Gas Performance Metrics 59 Ironhorse Oil & Gas Inc., Land Holdings and Well Data 60 Developed and Undeveloped Acreage 60 Gross and Net Developed and Undeveloped Acreage, 2011-2015 60 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 61 Well Statistics 63 Producible Oil and Gas Well, 2011-2015 63 Producible Oil and Gas Well, By Country/Region, 2011-2015 64 Recent Developments 68 Ironhorse Oil & Gas Inc. - Recent Developments 68 Aug 23, 2016: Ironhorse Announces Q2 2016 Financial And Operating Results 68 Jul 22, 2016: Ironhorse Oil & Gas Announces Restart Of Nisku L2L Pool 68 May 26, 2016: Ironhorse Announces Q1 2016 Financial And Operating Results 68 Apr 11, 2016: Ironhorse Announces 2015 Fourth Quarter And Year End Results 69 Feb 24, 2016: Ironhorse Oil & Gas Announces Filing Of Statement Of Claim 70 Jan 19, 2016: Ironhorse Announces Shut-In Production Due To Low Oil And Gas Prices 70 Nov 27, 2015: Ironhorse Announces Q3 2015 Financial And Operating Results 70 Aug 27, 2015: Ironhorse Announces Q2 2015 Financial And Operating Results 72 May 29, 2015: Ironhorse Announces Q1 2015 Financial And Operating Results 72 Apr 16, 2015: Ironhorse Announces 2014 Fourth Quarter And Year End Results 73 Appendix 74 Methodology 74 Coverage 74 Secondary Research 74 Primary Research 74 Data Information Sources 75 Company Source 75 SEC/Other Regulatory Filings 75 Other Sources 75 Expert Panel Validation 75 Data Definition 75 Oil and Gas Reserves 75 Units of Measure 76 About GlobalData 76 Disclosure 76 Disclaimer 76

List of Tables Table 1: Ironhorse Oil & Gas Inc., Key Facts 7 Table 2: Ironhorse Oil & Gas Inc., Share Price Performance, Q1, 2015-Q1, 2016 8 Table 3: Ironhorse Oil & Gas Inc., Key Valuation Metrics, Q1, 2015-Q1, 2016 9 Table 4: Ironhorse Oil & Gas Inc., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2015-Q1, 2016 10 Table 5: Ironhorse Oil & Gas Inc., Results of Oil & Gas Operations Per boe Growth Rates, %, Q1, 2015-Q1, 2016 11 Table 6: Ironhorse Oil & Gas Inc., Upstream Capital Expenditure, Q1, 2015-Q1, 2016 12 Table 7: Ironhorse Oil & Gas Inc., Total Crude Oil and Natural Gas, Production, Q1, 2015-Q1, 2016 13 Table 8: Ironhorse Oil & Gas Inc., Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2015-Q1, 2016 14 Table 9: Ironhorse Oil & Gas Inc., Total Crude Oil Production, mmbbl, Q1, 2015-Q1, 2016 15 Table 10: Ironhorse Oil & Gas Inc., Crude Oil Production, By Country/Region, mmbbl, Q1, 2015-Q1, 2016 16 Table 11: Ironhorse Oil & Gas Inc., Total Natural Gas Production, bcf, Q1, 2015-Q1, 2016 17 Table 12: Ironhorse Oil & Gas Inc., Natural Gas Production, By Country/Region, bcf, Q1, 2015-Q1, 2016 18 Table 13: Ironhorse Oil & Gas Inc., Share Price Performance, 2011-2015 19 Table 14: Ironhorse Oil & Gas Inc., Key Valuation Metrics, 2011-2015 20 Table 15: Ironhorse Oil & Gas Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 21 Table 16: Ironhorse Oil & Gas Inc., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 23 Table 17: Ironhorse Oil & Gas Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 24 Table 18: Ironhorse Oil & Gas Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 25 Table 19: Ironhorse Oil & Gas Inc., Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 27 Table 20: Ironhorse Oil & Gas Inc., Crude Oil Reserve Changes, mmbbl, 2011-2015 28 Table 21: Ironhorse Oil & Gas Inc., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 29 Table 22: Ironhorse Oil & Gas Inc., Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 31 Table 23: Ironhorse Oil & Gas Inc., Natural Gas Reserve Changes, bcf, 2011-2015 32 Table 24: Ironhorse Oil & Gas Inc., Oil and Gas Reserves Life Index, Years, 2011-2015 33 Table 25: Ironhorse Oil & Gas Inc., Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 35 Table 26: Ironhorse Oil & Gas Inc., Upstream Capital Expenditure, US$ mil, 2011-2015 36 Table 27: Ironhorse Oil & Gas Inc., Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 37 Table 28: Ironhorse Oil & Gas Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 39 Table 29: Ironhorse Oil & Gas Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 41 Table 30: Ironhorse Oil & Gas Inc., Oil and Gas Production Replacement Ratio, %, 2011-2015 43 Table 31: Ironhorse Oil & Gas Inc., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 47 Table 32: Ironhorse Oil & Gas Inc., Revenue and Expenses, US$ mil, 2011-2015 48 Table 33: Ironhorse Oil & Gas Inc., Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 53 Table 34: Ironhorse Oil & Gas Inc., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 54 Table 35: Ironhorse Oil & Gas Inc., Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 58 Table 36: Ironhorse Oil & Gas Inc., Oil and Gas Performance Metrics, 2011-2015 59 Table 37: Ironhorse Oil & Gas Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 60 Table 38: Ironhorse Oil & Gas Inc., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 62 Table 39: Ironhorse Oil & Gas Inc., Producible Oil and Gas Wells, 2011-2015 63 Table 40: Ironhorse Oil & Gas Inc., Producible Oil and Gas Wells, By Country/Region, 2011-2015 67 List of Figures Figure 1: Ironhorse Oil & Gas Inc., Share Price Performance, CAD/Share, Q1, 2015-Q1, 2016 8 Figure 2: Ironhorse Oil & Gas Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q1, 2015-Q1, 2016 9 Figure 3: Ironhorse Oil & Gas Inc., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2015-Q1, 2016 10 Figure 4: Ironhorse Oil & Gas Inc., Upstream Capital Expenditure, US$ mil, Q1, 2015-Q1, 2016 12 Figure 5: Ironhorse Oil & Gas Inc., Total Crude Oil and Natural Gas, Production, mmboe, Q1, 2015-Q1, 2016 13 Figure 6: Ironhorse Oil & Gas Inc., Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2015-Q1, 2016 14 Figure 7: Ironhorse Oil & Gas Inc., Total Crude Oil Production, mmbbl, Q1, 2015-Q1, 2016 15 Figure 8: Ironhorse Oil & Gas Inc., Crude Oil Production, By Country/Region, mmbbl, Q1, 2015-Q1, 2016 16 Figure 9: Ironhorse Oil & Gas Inc., Total Natural Gas Production, bcf, Q1, 2015-Q1, 2016 17 Figure 10: Ironhorse Oil & Gas Inc., Natural Gas Production, By Country/Region, bcf, Q1, 2015-Q1, 2016 18 Figure 11: Ironhorse Oil & Gas Inc., Share Price Performance, CAD/Share, 2011-2015 19 Figure 12: Ironhorse Oil & Gas Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 20 Figure 13: Ironhorse Oil & Gas Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 21 Figure 14: Ironhorse Oil & Gas Inc., Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 22 Figure 15: Ironhorse Oil & Gas Inc., Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 22 Figure 16: Ironhorse Oil & Gas Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 24 Figure 17: Ironhorse Oil & Gas Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 25 Figure 18: Ironhorse Oil & Gas Inc., Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 26 Figure 19: Ironhorse Oil & Gas Inc., Oil Production, By Country/Region, mmbbl, 2011-2015 26 Figure 20: Ironhorse Oil & Gas Inc., Crude Oil Reserve Changes, mmbbl, 2015 28 Figure 21: Ironhorse Oil & Gas Inc., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 29 Figure 22: Ironhorse Oil & Gas Inc., Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 30 Figure 23: Ironhorse Oil & Gas Inc., Gas Production, By Country/Region, bcf, 2011-2015 30 Figure 24: Ironhorse Oil & Gas Inc., Natural Gas Reserve Changes, bcf, 2015 32 Figure 25: Ironhorse Oil & Gas Inc., Oil and Gas Reserves Life Index, Years, 2011-2015 33 Figure 26: Ironhorse Oil & Gas Inc., Gas Reserve Life Index, By Country/Region, Years, 2011-2015 34 Figure 27: Ironhorse Oil & Gas Inc., Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 34 Figure 28: Ironhorse Oil & Gas Inc., Oil Reserve Life Index, By Country/Region, Years, 2011-2015 35 Figure 29: Ironhorse Oil & Gas Inc., Upstream Capital Expenditure, US$ mil, 2011-2015 36 Figure 30: Ironhorse Oil & Gas Inc., Development Costs, By Country/Region, US$ mil, 2011-2015 37 Figure 31: Ironhorse Oil & Gas Inc., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 38 Figure 32: Ironhorse Oil & Gas Inc., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 40 Figure 33: Ironhorse Oil & Gas Inc., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 40 Figure 34: Ironhorse Oil & Gas Inc., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 42 Figure 35: Ironhorse Oil & Gas Inc., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 44 Figure 36: Ironhorse Oil & Gas Inc., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 44 Figure 37: Ironhorse Oil & Gas Inc., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 45 Figure 38: Ironhorse Oil & Gas Inc., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 45 Figure 39: Ironhorse Oil & Gas Inc., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 46 Figure 40: Ironhorse Oil & Gas Inc., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 46 Figure 41: Ironhorse Oil & Gas Inc., Revenue and Expenses, US$ mil, 2011-2015 48 Figure 42: Ironhorse Oil & Gas Inc., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 49 Figure 43: Ironhorse Oil & Gas Inc., Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 49 Figure 44: Ironhorse Oil & Gas Inc., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 50 Figure 45: Ironhorse Oil & Gas Inc., Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 50 Figure 46: Ironhorse Oil & Gas Inc., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 51 Figure 47: Ironhorse Oil & Gas Inc., Production Costs, By Country/Region, US$ mil, 2011-2015 51 Figure 48: Ironhorse Oil & Gas Inc., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 52 Figure 49: Ironhorse Oil & Gas Inc., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 54 Figure 50: Ironhorse Oil & Gas Inc., Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2011-2015 55 Figure 51: Ironhorse Oil & Gas Inc., Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 55 Figure 52: Ironhorse Oil & Gas Inc., Annual Net Income per boe, By Country/Region, US$/boe, 2011-2015 56 Figure 53: Ironhorse Oil & Gas Inc., Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 56 Figure 54: Ironhorse Oil & Gas Inc., Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 57 Figure 55: Ironhorse Oil & Gas Inc., Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 57 Figure 56: Ironhorse Oil & Gas Inc., Oil and Gas Performance Metrics, 2011-2015 59 Figure 57: Ironhorse Oil & Gas Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 60 Figure 58: Ironhorse Oil & Gas Inc., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2011-2015 61 Figure 59: Ironhorse Oil & Gas Inc., Total Net Undeveloped Acreage, By Country/Region, Acres, 2011-2015 61 Figure 60: Ironhorse Oil & Gas Inc., Producible Oil and Gas Wells, 2011-2015 63 Figure 61: Ironhorse Oil & Gas Inc., Gross Productive Gas Wells, By Country/Region, Number, 2011-2015 64 Figure 62: Ironhorse Oil & Gas Inc., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 64 Figure 63: Ironhorse Oil & Gas Inc., Gross Productive Oil Wells, By Country/Region, Number, 2011-2015 65 Figure 64: Ironhorse Oil & Gas Inc., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 65 Figure 65: Ironhorse Oil & Gas Inc., Net Productive Gas Wells, By Country/Region, Number, 2011-2015 66 Figure 66: Ironhorse Oil & Gas Inc., Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 66 Figure 67: Ironhorse Oil & Gas Inc., Net Productive Oil Wells, By Country/Region, Number, 2011-2015 67