September 23, 2008

CALGARY, ALBERTA - Ivory Energy Inc. (TSX VENTURE:IV - News) announces that it has further information on the successful development gas well at Obed, Alberta.

Further to Ivory's news releases of September 2 and August 7, 2008, Ivory confirms that the development gas well encountered two gas zones. During drilling, the upper zone encountered gas pay and took a gas kick. A 15 meter high gas flare was observed while mud was weighted up to kill the gas kick. The lower gas zone with significant gas pay also took a gas kick while drilling. This zone was flared and resulted in a flare of up to 24 meters high, while mud was weighted up to kill this gas kick. The lower gas zone is the same zone currently being produced in the initial discovery gas well but has significantly thicker pay. Ivory has a 20% working interest in this development gas well.

The discovery well has been on production since September 2, 2008 and has produced up to 6.9 mmcf/day and 40 barrels of condensate per day. The gas well is currently shut in for approximately 7 days while maintenance work is completed at the gas plant. Ivory has a 14% working interest in the discovery gas well.

In other news, Ivory has drilled and cased five oil wells as part of Ivory's 2008, 15 well drilling program on the company's Silverdale, Saskatchewan property. Each of the five wells has encountered between one and three pay zones. Ivory is currently completing and equipping these development oil wells and expects to have them on production during September 2008.