CALGARY, Feb. 11 /CNW/ - David Dyck, President and Chief Operating
Officer of Ivanhoe Energy Inc. (TSX: IE, NASDAQ: IVAN) and Gerald
Moench, President of Sunwing Energy Ltd., announced today that
following the Chinese New Year holiday, Sunwing Energy has resumed site
operations at its Zitong-1 well and is preparing to perforate and test
the Xu-5 Formation. Test results are expected before the end of
Sunwing is the operator of the 659,840-acre (1,031 square miles) Zitong
exploration block in Sichuan, and holds a 90% interest in a Petroleum
Contract with PetroChina Company Limited. Mitsubishi Gas Chemical
Company of Japan holds the remaining 10% interest.
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™). 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
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 estimated quantities of gas in each target in
the Guan structure, the anticipated amount of time required for, and
the estimated cost of, drilling, testing and casing the Yixin-2 and
Zitong-1 wells 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 Sunwing
Energy 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 results 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,
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.
For further information:
David Dyck: 1 (403) 817-1138
Dorreen Miller: 1 (403) 817-1108