CALGARY, July 17, 2014 /CNW/ - Ivanhoe Energy Inc. (TSX: IE; NASDAQ:
IVAN) today provided brief commentary on its business affairs and a
response to the recent trading activity in its share price.
The company is not aware of any specific factors, other than what has
been previously disclosed in its public filings or news releases, which
would result in the recent decrease in the share price.
In terms of project updates, the potential joint venture in Ecuador,
while delayed, remains a key focus for all parties involved. The
timeline for completion has been longer than what Ivanhoe originally
envisioned, but we hope to have clarity as to project advancement over
the coming weeks. Recent delays have been related to issues beyond the
control of Ivanhoe.
Efforts regarding HTL commercialization continue to advance on all
fronts. These efforts include discussions with certain parties
in Colombia, Venezuela and other parts of Latin America, and
Canada. The company remains keenly focused on delivering on the value
potential of the partial upgrading technology.
The company is also considering a number of options to enhance its
corporate treasury to fit its current expense structure. The company
is cognisant of its funding needs and continues to implement
Further announcements on all fronts are anticipated over the coming
weeks and months.
Ivanhoe Energy is an independent international heavy oil exploration and
development 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, United States, and Ecuador, with
business development opportunities worldwide. Ivanhoe Energy trades on
the Toronto Stock Exchange with the ticker symbol IE and on the NASDAQ
Capital Market with the ticker symbol IVAN. For more information about
Ivanhoe Energy Inc. please visit 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 the potential for commercialization and future
application of the heavy oil upgrading technology and other
technologies, statements relating to the continued advancement of
Ivanhoe Energy's projects, statements relating to the timing and amount
of proceeds of agreed upon and contemplated disposition transactions,
statements relating to anticipated capital expenditures, statements
relating to the timing and success of regulatory review applications,
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 Company's projects will experience technological and mechanical
problems, new product development will not proceed as planned, the HTL® technology to upgrade bitumen and heavy oil may not be commercially
viable, geological conditions in reservoirs may not result in
commercial levels of oil and gas production, the availability of
drilling rigs and other support services, uncertainties about the
estimates of reserves, the risk associated with doing business in
foreign countries, environmental risks, changes in product prices, our
ability to raise capital as and when required, our ability to complete
agreed upon and planned asset dispositions, competition and other risks
disclosed in Ivanhoe Energy's 2013 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.
For further information:
Greg Phaneuf 1 (403) 817 1131
Bill Trenaman 1 (604) 331 9834