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): September 19, 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 (17CFR 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 September 22, 2014, Ivanhoe Energy Inc. (the “Company” or “Ivanhoe Energy”) announced the appointment of Mr. Blair Vago, 55, as the Company’s Acting Vice President of Finance and Chief Financial Officer. Mr. Vago, the Company’s Divisional Controller in Ecuador, will assume the duties of Vice President of Finance and Chief Financial Officer from Mr. Greg Phaneuf, whose resignation from the position takes effect on October 10, 2014.
 
From 2010 to the present, Mr. Vago has been Ivanhoe Energy’s Division Controller- Latin America based in Quito, Ecuador. From 2006-2009, he was the Director of External Reporting for Clipper Windpower, Plc based in Carpinteria, California. Mr. Vago is a licensed Certified Public Accountant (California) with more than 30 years of experience in finance and accounting. He also has extensive experience in cross-border transactions, merger integration and doing business in Latin America. He has a strong technical understanding of International Financial Reporting Standards (IFRS), U.S. Generally Accepted Accounting Principles (GAAP) and Canadian GAAP. Mr. Vago has a Masters of Professional Studies (concentration in accounting, finance and hotel management) from Cornell University, Ithaca, NY, and a Bachelor of Arts from State University of New York, Binghamton, NY.
 
Mr. Vago will receive a base salary of U.S.$250,000 per year, effective October 16, 2014.  He will remain eligible for discretionary annual awards for incentive compensation with the Company and will also receive an initial grant of incentive stock options exercisable to purchase up to 100,000 common shares of the Company pursuant to the Company’s Employees’ and Directors’ Equity Inventive Plan at a price per common share determined in accordance with the terms of the plan. Such options vest and become exercisable at a rate of 25% per year, beginning on the first anniversary of Mr. Vago’s employment date. Except as described above, the Company is not making any changes to the terms and conditions of Mr. Vago’s employment in connection with his appointment as Acting Vice President of Finance and Chief Finance Officer.
 
The foregoing description of Mr. Vago’s offer letter, dated September 19, 2014, does not purport to be complete and is qualified in its entirety by reference to the complete text thereof, a copy of which will be filed as an exhibit to the Company’s next quarterly report on Form 10-Q and incorporated by reference into this Item 5.02.
 
A copy of the press release regarding the foregoing matters is attached as Exhibit 99.1 to this report.
 
 
 
 
 

 

 
ITEM 9.01.
Financial Statements and Exhibits.
 
 
(d)
Exhibits.
 
  EXHIBIT NO.   DESCRIPTION
       
 
         99.1
  Press Release dated September 22, 2014 
 
 
 
 
 
 
 
 
 
 

 

 
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:  September 24, 2014
 
 
IVANHOE ENERGY INC.
 
         
 
By:
/s/ Mary A. Vincelli  
    Name:  Mary A. Vincelli  
    Title:  Corporate Secretary  
         
 
 
 
 
 
 
 

 

EXHIBIT INDEX
 
  EXHIBIT NO.   DESCRIPTION
       
 
         99.1
  Press Release dated September 22, 2014 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



EXHIBIT 99.1
 
GRAPHIC
 
Ivanhoe Energy appoints Acting Chief Financial Officer
 
 
Calgary, Canada (September 22, 2014)Ivanhoe Energy Inc. (TSX: IE; NASDAQ: IVAN) today announced the appointment of Blair Vago as the company’s Acting Vice President of Finance and  Chief Financial Officer. Mr. Vago, Ivanhoe Energy’s Divisional Controller in Ecuador, will assume the duties of Vice President of Finance and Chief Financial Officer (CFO) from Greg Phaneuf, whose resignation from the position takes effect on October 10, 2014.

Mr. Vago is a licensed Certified Public Accountant (California) with more than 30 years of experience in finance and accounting. He also has extensive experience in cross-border transactions, merger integration and doing business in Latin America. He has a strong technical understanding of International Financial Reporting Standards (IFRS), U.S. Generally Accepted Accounting Principles (GAAP) and Canadian GAAP.

Mr. Vago’s fluency in English and Spanish, and his first-hand experience working with Ivanhoe Energy in Ecuador for the past four years will be very important assets as the company works to deliver its plan and build value for all of Ivanhoe’s stakeholders.

Mr. Vago has a Masters of Professional Studies (concentration in accounting, finance and hotel management) from Cornell University, Ithaca, NY, and a Bachelor of Arts from State University of New York, Binghamton, NY.
 

 
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, the 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.
 
For further information contact:
Greg Phaneuf (403) 261 1700
Bill Trenaman (604) 331 9834

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.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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