QUITO, Ecuador, Aug. 19 /CNW/ - Ivanhoe Energy Executive Chairman,
President and CEO Robert Friedland confirmed today, in response to numerous
enquiries and media reports, that the company, as previously disclosed, is in
detailed discussions with a number of resource owners and national oil
companies. The Republic of Ecuador's national oil company, PETROECUADOR, is
one such company.
Mr. Friedland said that while talks are at an advanced stage toward an
agreement to develop Ecuador's Block 20, known as the Pungarayacu oil field,
no final agreement to embark upon the project has been entered into either by
PETROECUADOR or the Ivanhoe Energy board of directors. There can be no
assurance that a final agreement will be signed.
"A final agreement would require approvals by both parties and disclosure
of the terms of such an agreement would be made at an appropriate time," Mr.
Ivanhoe Energy 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 heavy oil
upgrading process (HTL(TM)). Core operations are in Canada, the United States
and China, with business development opportunities worldwide. Ivanhoe Energy
trades on the NASDAQ Capital Market with the ticker symbol IVAN and on the
Toronto Stock Exchange with the symbol IE.
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 relating to the success of ongoing
discussions with PETROECUADOR to develop Ecuador's Block 20 (the Pungarayacu
oil field), statements regarding detailed discussions with a number of other
resource owners and national oil companies, and other statements that 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, 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, competition and other 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
For further information:
For further information: Investors' Contact: Ian Barnett, (647)
203-6588; Bill Trenaman, (604) 688-8323; Media Contact: Bob Williamson, (604)
688-8323, Website: www.ivanhoeenergy.com