BAKERSFIELD, CA, April 19 /CNW/ - In response to inquiries from
shareholders, Ivanhoe Energy (NASDAQ: IVAN and TSX: IE) would like to provide
additional information regarding the agreement that has been signed by Ivanhoe
Energy and INPEX CORPORATION. In accordance with the agreement, Ivanhoe Energy
expects to receive approximately US$9 million from INPEX within 30 days.
Additional details about the transaction will be discussed at today's
Ivanhoe Energy will host a conference call today, April 19, 2007, for
investors and analysts at 4:30 p.m. EDT (1:30 p.m. PDT) to discuss this
morning's announcement. The conference call may be accessed by dialing
toll-free 1-866-540-8136 in Canada and the United States, or toll
1-416-340-8010 in the Toronto area and internationally. A simultaneous webcast
of the conference call will be provided through www.ivanhoeenergy.com and
www.newswire.ca/webcast. If you are unable to participate in the call it will
be archived for later playback by dialing toll 1-416-695-5800 and entering the
pass code 3220803 followed by the number sign, or via www.ivanhoeenergy.com.
The archived playback will be available until April 23, 2007.
Ivanhoe Energy 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 heavy oil
upgrading process (HTL(TM)). Core operations are in the United States and
China, with business development opportunities worldwide. Ivanhoe Energy
trades on the NASDAQ Capital Market with the ticker symbol IVAN and on the
Toronto Stock Exchange with the symbol IE.
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 concerning the receipt of funds
from INPEX CORPORATION, the potential benefits of Ivanhoe Energy's heavy oil
upgrading technology, the potential for commercialization and future
application of the heavy oil upgrading technology, the potential application
of new configurations of the technology and other statements which are not
historical facts. 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 the potential that the HTL(TM) process to
upgrade heavy oil and bitumen may not be commercially viable, the conflict in
Iraq may hamper our HTL(TM) project objectives, we may not be able to secure
an agreement with the Government of Iraq for the development of the heavy oil
field in Iraq, INPEX CORPORATION may elect not to proceed to a definitive
agreement, competition from oil companies throughout the world 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.
For further information:
For further information: Information Contact: Cindy Burnett, (604)
331-9830, Website: www.ivanhoeenergy.com