Mr. Dyck to head development of Ivanhoe Energy's Canadian operations,
including the Tamarack HTL oil sands project
CALGARY, Oct. 21 /CNW/ - Robert Friedland, Executive Co-Chairman, President and CEO of Ivanhoe Energy Inc. (TSX: IE; NASDAQ: IVAN), today announced the appointment of North American petroleum industry executive David Dyck as President and CEO of Ivanhoe Energy Canada Inc., Ivanhoe Energy's subsidiary for operations in Canada.
Mr. Dyck, who has taken up duties in the Calgary headquarters of Ivanhoe Energy Canada, will head the company's team that is developing the Tamarack heavy-oil project in Alberta's Athabasca oil sands, including the application of Ivanhoe's proprietary Heavy-to-Light (HTL) heavy-oil upgrading technology.
"In addition to leading our Tamarack Project and other heavy-oil growth initiatives in Western Canada, we will be drawing on David's exceptional background and experience to assist us across our organization," Mr. Friedland said.
"David's extensive background in heavy oil is complemented by significant financing expertise that will be a key asset as we advance financing plans for our two announced HTL projects, as well as numerous HTL initiatives in the development stage around the world."
Mr. Dyck will be working closely with Ed Veith, Executive Vice President, Upstream, and the Calgary-based Tamarack team that is on schedule to complete Front End Engineering and Design (FEED) for the 20,000-barrel-per-day Tamarack Project by the end of this year.
"HTL provides a tremendous competitive advantage for heavy oil development in Canada and worldwide," Mr. Dyck said. "Tamarack is a top-tier asset and an ideal home for the first HTL installation in Canada. I am pleased to join Ivanhoe Energy as it makes history by introducing our unique, industry-leading technology in Western Canada and internationally."
As Executive Director and CEO of LeaRidge Capital since 2007, Mr. Dyck has provided financial advisory services to a number of North American companies in the energy and service sectors, guiding the successful completion of a series of financing transactions and restructurings that totalled more than $1.0 billion.
From 2000 to 2007, Mr. Dyck was Senior Vice President, Finance, and Chief Financial Officer with Calgary-based Western Oil Sands. He was a member of the company's senior executive team and a director of four offshore subsidiaries. Western Oil Sands owned a 20% stake in the Athabasca Oil Sands Project and Mr. Dyck led a series of debt and equity financings that generated $3.5 billion for the company. He also led the company's team that concluded its sale to U.S. refining giant Marathon Oil Corporation through a $7 billion plan of arrangement in 2007.
Mr. Dyck brings to Ivanhoe Energy his expertise gained from 24 years of experience in all areas of finance, tax, budgeting, planning and investor relations. He is a director of CE Franklin Ltd. and Richardson International Limited and a member of the Institute of Chartered Accountants of Alberta.
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). Core operations are in Canada, Ecuador 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.
SOURCE Ivanhoe Energy Inc.
For further information: For further information: Investors Contact: Ian Barnett, (416) 792-3308; Bill Trenaman, (604) 688-8323; Media Contact: Bob Williamson, (604) 331-9880; Website: www.ivanhoeenergy.com