UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 17, 2014

IVANHOE ENERGY INC.
(Exact name of registrant as specified in its charter)
 
         
Yukon, Canada
 
000-30586
 
98-0372413
(State or Other Jurisdiction
of Incorporation)
 
(Commission File Number)
 
(I.R.S. Employer
Identification Number)

     
Suite 654 – 999 Canada Place
   
Vancouver, BC, Canada
 
V6C 3E1
(Address of Principal Executive Office)
 
(Zip Code)
 
(604) 688-8323
(Registrant’s telephone number, including area code)
 
Not Applicable
(Former Name or Former Address, If Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
o
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
     
o
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14A-12)
     
o
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
     
o
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 
 

 
 
 

ITEM 5.02.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
 
On May 19, 2014, Ivanhoe Energy Inc. (the “Company”) issued a press release announcing the appointment of Greg Phaneuf to the role of Senior Vice President, Finance and Chief Financial Officer, effective June 1, 2014.  Prior to Mr. Phaneuf’s nearly four years at the Company in the role of Senior Vice President, Corporate Strategy and Business Development, he was Vice President, Corporate Development for The Churchill Corporation where he led all acquisition and associated fundraising activities. Previous 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 and Treasurer for Western Oil Sands, where he actively participated in that company's financings, M&A activities and risk management functions. Western ultimately sold to a third party for an enterprise value in excess of $7 billion.  Mr. Phaneuf, age 45, 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.  A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
 
In connection with Mr. Phaneufs appointment, the Company and Mr. Phaneuf have agreed to enter into an employment agreement (the “Employment Agreement”).  Under the Employment Agreement, Mr. Phaneuf will receive Cdn.$350,000 per year (the “Base Salary”), effective June 1, 2014, and will be eligible to receive payments for meeting certain performance incentives related to projects of the Company.  Mr. Phaneuf will remain eligible for discretionary annual awards for incentive compensation under his existing employment agreement with the Company.  Mr. Phaneuf will also, subject to the approval of the Board of Directors of the Company, receive an initial grant of incentive stock options exercisable to purchase up to 200,000 common shares of the Company pursuant to the Company’s Employees’ and Directors’ Equity Inventive Plan (the “Plan”) at a price per common share determined in accordance with the terms of the Plan.
 
The Company is not aware of any relationships or related transactions between Mr. Phaneuf and the Company and its respective affiliates required to be disclosed pursuant to the Securities and Exchange Act of 1934, as amended.
 
 
ITEM 9.01.
Financial Statements and Exhibits.
 
(d)  Exhibits
 
Exhibit No.
Description
   
 
 

 
 

 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report on Form 8-K to be signed on its behalf by the undersigned, thereunto duly authorized.
 
Dated:  May 22, 2014
 
   
IVANHOE ENERGY INC.
 
   
By: 
 
 
 /s/ Mary Vincelli
 
      Name:
Mary Vincelli
 
      Title:
Corporate Secretary
 
 
 
 
 
 
 




EXHIBIT 99.1
 
 
GRAPHIC
 
NEWS RELEASE


Ivanhoe Energy Appoints Chief Financial Officer


CALGARY (May 19, 2014) 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.

For further information contact:
 
Ivanhoe Energy
Hilary McMeekin
Manager, Corporate Communications
(403) 817 1108
hmcmeekin@ivanhoeenergy.com
 



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