QUITO, Ecuador, Feb. 2 /CNW/ - Robert Friedland, Co-Chairman and Chief Executive Officer of Ivanhoe Energy Inc. (TSX: IE, NASDAQ: IVAN) and David Martin, President and Chief Executive Officer of Ivanhoe Energy Latin America announced today that the company's first appraisal well (IP-15) in the Pungarayacu field in Ecuador has reached total depth with extensive oil shows in both the Napo and Hollin formations. The initial results from this well are highly significant and, as a result, Ivanhoe Energy will be deferring releasing any information until independent laboratory analysis is received. The cores have arrived at Core Labs in Bogota, Colombia for testing and analysis and results are expected shortly. Physical testing of the well will begin this week and preparations for the second appraisal well location are underway. Ivanhoe Energy will announce detailed information on the first well as soon as the data is received.
Ivanhoe Energy Ecuador, a Canadian company, is a wholly-owned subsidiary of Ivanhoe Energy Latin America Inc., the parent company of Ivanhoe Energy Inc.'s Latin America corporate group.
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(TM)). Core operations are in Canada, Ecuador, China and Mongolia, with business development opportunities worldwide. Ivanhoe's shares trade on the NASDAQ Capital Market with the ticker symbol IVAN and on the Toronto Stock Exchange under the symbol IE.
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 concerning the anticipated quantities of recoverable barrels of bitumen from Block 20, the anticipated drill depth of appraisal well IP-15, the scope and timing of the evaluation activities in respect of the results obtained from appraisal well IP-15, the schedule for commencement of drilling and testing of additional wells in different areas of Block 20 for which permits have already been obtained, the commencement of the permitting process for additional wells on Block 20 for which permits have not, to date, been obtained and other statements which are not historical facts. When used in this document, the words such as "could", "plan", "estimate", "anticipate", "intend", "may", "potential", "should", and similar expressions relating to matters that are not historical facts are forward-looking statements. Although Ivanhoe Energy and Ivanhoe Energy Ecuador believe that their 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 result to differ from these forward-looking statements include the possibility that the company will be unable to raise financing, 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, heavy oil samples from Block 20 may not have the product qualities anticipated, Ivanhoe Energy's lack of history in developing commercial HTL opportunities, 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 the reserves, the risk associates with doing business in foreign countries, environmental risks, changes in product prices, our availability to generate cash flow and raise capital as and when required, competition and other risks disclosed in Ivanhoe Energy's Annual Report on Form 10-K files 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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