CALGARY, Aug. 27, 2014 /CNW/ - Ivanhoe Energy Inc.
(TSX: IE; NASDAQ: IVAN) today provided clarification regarding
certain statements contained in a news article published by El
Comercio in Ecuador earlier this
week, and subsequently by the Wall Street Journal, regarding
Ivanhoe's Specific Services Contract on Block 20, which contains
the Pungarayacu oil field.
As the company has previously stated, Ivanhoe Energy fully
intends to be part of a consortium that will develop Block 20.
Additionally, Ivanhoe and the Ecuadorian Government have agreed
to a process to mutually terminate the Specific Services Contract
under which Ivanhoe has been operating since 2008 as a step towards
entering into a new Service Contract with a consortium consisting
of Ivanhoe and one of the world's largest national oil companies
(NOC), which has experience working in Ecuador.
The NOC recently advised Ivanhoe that some of its international
projects, including the Block 20 project, are currently under
review. Ivanhoe is waiting for the NOC to complete its review
before moving forward to finalize the joint-venture agreement.
Ivanhoe anticipates that this review will continue until the end of
the third quarter of 2014.
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.