Ivanhoe Energy Receives Ministry of Commerce Approval to Transfer
China's Zitong Block
CALGARY,
Dec. 6, 2012 /PRNewswire/ - Ivanhoe
Energy Inc. (TSX: IE; NASDAQ: IVAN) announced today that its wholly
owned subsidiary, Sunwing Zitong Energy (Sunwing), has received
approval from the Ministry of Commerce of the People's Republic of China (the Ministry)
to transfer its participating interest in the Contract for
Exploration, Development and Production in the Zitong Block,
Sichuan Basin, to Shell China
Exploration and Production Co. (Shell).
The Ministry's approval was received on
November 28, 2012, setting the stage
for the Company to increase its pre-tax working capital by
USD$105 million. To complete
the transfer Sunwing and Shell will finalize a number of
administrative matters within the next two weeks, as per the
definitive Sale and Purchase Agreement.
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
(HTLTM). Core operations are in Canada, United
States, Ecuador,
China and Mongolia 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 HTLTM 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 2011 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.