CALGARY,
May 19, 2014 /PRNewswire/ - Ivanhoe
Energy Inc. (TSX: IE; NASDAQ: IVAN) today announced the appointment
of Greg Phaneuf to Senior Vice
President, Finance and Chief Financial Officer (CFO), effective
June 1, 2014.
"Greg brings important expertise to the office
of the CFO for Ivanhoe Energy," said Carlos
A. Cabrera, Executive Chairman. "His financial experience
and knowledge of our company will be invaluable as we work to
deliver our plan and build value for all of Ivanhoe's
stakeholders."
Mr. Phaneuf brings 23 years of experience in the
financial and energy sectors. Prior to his nearly four years
at Ivanhoe in the role of Senior Vice President, Business
Development and Corporate Strategy, he was Vice President,
Corporate Development for The Churchill Corporation where he led
all acquisition and associated fundraising activities. Prior to
that Mr. Phaneuf was Vice President, Finance and Chief Financial
Officer of a private energy resource and development company which
today has production in excess of 20,000 barrels of oil equivalent
per day. He was also Treasurer for Western Oil Sands, where he
actively participated in that company's financings, M&A
activities and risk management functions. Western Oil Sands
ultimately sold to a third party for an enterprise value in excess
of $7 billion. Mr. Phaneuf
holds a Bachelor of Commerce Degree from the University of Saskatchewan and is a member of the
Canadian and Alberta Institute of Chartered Accountants and a
Chartered Financial Analyst charter holder.
As part of his new responsibilities, Mr. Phaneuf
will continue to advance Ivanhoe's corporate development
activities.
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
(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.