CALGARY, May 19, 2014 /CNW/ - Ivanhoe Energy Inc. (TSX: IE; NASDAQ:
IVAN) today announced the appointment of Greg Phaneuf to Senior Vice
President, Finance and Chief Financial Officer (CFO), effective June 1,
"Greg brings important expertise to the office of the CFO for Ivanhoe
Energy," said Carlos A. Cabrera, Executive Chairman. "His financial
experience and knowledge of our company will be invaluable as we work
to deliver our plan and build value for all of Ivanhoe's stakeholders."
Mr. Phaneuf brings 23 years of experience in the financial and energy
sectors. Prior to his nearly four years at Ivanhoe in the role of
Senior Vice President, Business Development and Corporate Strategy, he
was Vice President, Corporate Development for The Churchill Corporation
where he led all acquisition and associated fundraising activities.
Prior to that Mr. Phaneuf was Vice President, Finance and Chief
Financial Officer of a private energy resource and development company
which today has production in excess of 20,000 barrels of oil
equivalent per day. He was also Treasurer for Western Oil Sands, where
he actively participated in that company's financings, M&A activities
and risk management functions. Western Oil Sands ultimately sold to a
third party for an enterprise value in excess of $7 billion. Mr.
Phaneuf holds a Bachelor of Commerce Degree from the University of
Saskatchewan and is a member of the Canadian and Alberta Institute of
Chartered Accountants and a Chartered Financial Analyst charter holder.
As part of his new responsibilities, Mr. Phaneuf will continue to
advance Ivanhoe's corporate development activities.
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:
Manager, Corporate Communications
(403) 817 1108