Ivanhoe's HTL process offers clear alternative for upgrading heavy oil
CALGARY, June 27, 2011 /CNW/ - David Dyck, President and Chief Operating
Officer and Dr. Michael Silverman, Executive Vice President and Chief
Technology Officer of Ivanhoe Energy, Inc. (TSX: IE; NASDAQ: IVAN),
today announced that a new patent was issued in Canada related to
Ivanhoe's proprietary HTL™ (Heavy-to-Light) heavy oil upgrading
process. This patent broadens and extends Ivanhoe Energy's HTL
intellectual property in Canada, home to Ivanhoe Energy's Tamarack
heavy oil project and a key market for the Company's HTL heavy oil
The new patent, issued in the name of Ivanhoe Energy, covers petroleum
applications of the core HTL process and protects the HTL process
itself as well as the upgraded products produced from the HTL process.
This patent builds on, and is a complement to other issued and/or filed
patents related to the core HTL technology and it's petroleum
applications. This portfolio of patents includes a recently issued
core patent related to the underlying HTL technology that expires in
2028, as announced in a press release dated March 28, 2011.
"This new patent is an important addition to the existing patent
portfolio protecting our HTL technology," said Dr. Silverman. "We are most pleased to have expanded
and extended our HTL intellectual property in Canada as this
jurisdiction represents a key growth area for the Company."
"From a strategic perspective, advancements in the protection of our
intellectual property in North America are vitally important,"
commented David Dyck. "Ivanhoe continues to believe that North
American heavy to light crude oil differentials will widen from present
levels over the longer term, which will challenge heavy oil project
economics. HTL represents a viable, environmentally responsible, cost
competitive alternative to protect and capture these economics,
creating Ivanhoe shareholder value as a result."
Heavy oil production and processing is a cornerstone and primary focus
of Ivanhoe Energy, and HTL heavy oil upgrading is a key competitive
advantage of Ivanhoe Energy as it executes its heavy oil business plan
worldwide. This plan includes expansion opportunities based on
upstream integrated HTL applications such as the Tamarack project in
Western Canada, as well as HTL midstream heavy oil upgrading
Ivanhoe Launches New Website
Ivanhoe also announces that it will launch a new interactive website
effective June 28, 2011. The newly redesigned site offers an
easy-to-navigate platform that provides quick access to a wide array of
information about Ivanhoe Energy. The new website will be found at the
Company's current website address, www.ivanhoeenergy.com.
Ivanhoe Energy Inc. is an independent, international heavy-oil
development and production company focused on pursuing long-term growth
in its reserves and production using advanced technologies, including
its proprietary, patented heavy-to-light upgrading process (HTL™). Core
operations are in Canada, the United States, Ecuador, China and
Mongolia, with business development opportunities worldwide. Ivanhoe's
shares trade on the Toronto Stock Exchange under the symbol IE and on
the NASDAQ Capital Market with the ticker symbol IVAN.
For more information about Ivanhoe Energy Inc., please visit our web
site at www.ivanhoeenergy.com.
FORWARD-LOOKING STATEMENTS: This document includes forward-looking
statements, including forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-looking
statements include, but are not limited to, statements which are not
historical facts such as Ivanhoe's expectation that North American
heavy to light crude oil differentials will widen thereby creating more
challenging economics for traditional heavy oil projects with the
result that the HTL™ technology will represent a viable alternative to
protect and capture these economics, thereby creating Ivanhoe
shareholder value. When used in this document, the words such as
"could," "plan," "estimate," "expect," "intend," "may," "potential,"
"should," and similar expressions relating to matters that are not
historical facts are forward-looking statements. Although Ivanhoe
Energy believes that its expectations reflected in these
forward-looking statements are reasonable, such statements involve
risks and uncertainties and no assurance can be given that actual
results will be consistent with these forward-looking statements.
Important factors that could cause actual results to differ from these
forward-looking statements include risks that the HTL™ technology may
not be commercially viable, market acceptance of the HTL™ technology
may not be as anticipated, Ivanhoe Energy's lack of history in
developing commercial HTL™ opportunities and other risks disclosed in
Ivanhoe Energy's Annual Report on Form 10-K filed with the U.S.
Securities and Exchange Commission on EDGAR and the Canadian Securities
Commissions on SEDAR.
SOURCE Ivanhoe Energy Inc.
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