CALGARY, March 18, 2014 /PRNewswire/ - Ivanhoe Energy Inc.
(TSX: IE) (NASDAQ: IVAN) announced a successful conclusion to the
arbitration case with GAR Energy and Associates, Inc. (GAR
Energy). The case arose out of GAR Energy's allegations
related to an engagement for consulting work in Colombia and Ecuador. Ivanhoe defended the case vigorously from the
beginning, asserting that it had acted in accordance with its
contractual and other duties in dealing with GAR Energy.
Ivanhoe is gratified that, after
considering all of the evidence, the arbitration panel agreed with
the Company's position and exonerated Ivanhoe completely on all of GAR Energy's
claims.
The case began on December 30, 2010, upon Ivanhoe's receipt of a demand for arbitration
from GAR Energy. The arbitration evidentiary hearing on the
merits was held September 9-13, 2013
in Houston before a
three-arbitrator panel. The arbitration panel ruled on
March 14th in favour of Ivanhoe on the merits, totally rejecting GAR
Energy's claims. The arbitration decision is binding and
non-appealable. The Company was well represented by Baker Botts
LLP.
Ivanhoe is now
evaluating taking action to recover its attorneys' fees in
defending the case.
Ivanhoe Energy is an independent international
heavy oil exploration and development company focused on pursuing
long-term growth in its reserves 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.