CALGARY, July 17, 2014 /PRNewswire/ - Ivanhoe Energy Inc.
(TSX: IE; NASDAQ: IVAN) today provided brief commentary on its
business affairs and a response to the recent trading activity in
its share price.
The company is not aware of any specific factors, other than
what has been previously disclosed in its public filings or news
releases, which would result in the recent decrease in the share
price.
In terms of project updates, the potential joint venture in
Ecuador, while delayed, remains a
key focus for all parties involved. The timeline for
completion has been longer than what Ivanhoe originally envisioned,
but we hope to have clarity as to project advancement over the
coming weeks. Recent delays have been related to issues
beyond the control of Ivanhoe.
Efforts regarding HTL commercialization continue
to advance on all fronts. These efforts include discussions with
certain parties in Colombia,
Venezuela and other parts of
Latin America, and Canada. The company remains keenly
focused on delivering on the value potential of the partial
upgrading technology.
The company is also considering a number of
options to enhance its corporate treasury to fit its
current expense structure. The company is cognisant of its
funding needs and continues to implement cost-reduction
initiatives.
Further announcements on all fronts are
anticipated over the coming weeks and months.
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.