QUITO, Ecuador, April 15 /CNW/ - Robert Friedland, President and CEO of Ivanhoe Energy Inc. (TSX: IE; NASDAQ: IVAN) and David Martin, President and CEO of Ivanhoe Energy Latin America, announced today that Ivanhoe Energy has pledged up to $1.0 million in aid for victims of torrential rains and flooding in Ecuador's Napo Province.
Several communities within the boundaries of Ivanhoe Energy's Pungarayacu heavy oil project are covered by a state of emergency declared by the Ecuadorean government last week after rivers flooded, reportedly destroying food crops and more than 100 houses, and directly affecting more than 3,500 people, according to estimates by government agencies.
"The government is clearing roads and repairing bridges to restore transportation corridors, and Ivanhoe is supporting relief efforts and helping direct aid to people in the communities who have had homes destroyed or damaged by the heaviest rains reported in decades, and who are struggling to protect families and rebuild their livelihoods," Mr. Martin said.
Carlos Espinoza, General Manager and legal representative of Ivanhoe Energy Ecuador Inc., will personally present a letter of commitment to Mr. Jorge Glass, Minister of Strategic Areas for the Government of Ecuador, on behalf of Ivanhoe Energy.
Ivanhoe Energy Ecuador Inc., a Canadian company, is a wholly-owned subsidiary of Ivanhoe Energy Latin America Inc., and 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-oil upgrading process (HTL(TM)). Core operations are in Canada, Ecuador, China and Mongolia, with business development opportunities worldwide. Ivanhoe Energy'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 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 risks disclosed in Ivanhoe Energy's 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.
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