Ivanhoe Energy Receives Ministry of Commerce Approval to Transfer China's Zitong Block

  Ivanhoe Energy Receives Ministry of Commerce Approval to Transfer China's
                                 Zitong Block

PR Newswire

CALGARY, Dec. 6, 2012

CALGARY, Dec. 6,  2012 /PRNewswire/ -  Ivanhoe Energy Inc.  (TSX: IE;  NASDAQ: 
IVAN) announced today that its wholly owned subsidiary, Sunwing Zitong  Energy 
(Sunwing), has received approval from the Ministry of Commerce of the People's
Republic of China (the Ministry) to transfer its participating interest in the
Contract for  Exploration, Development  and Production  in the  Zitong  Block, 
Sichuan Basin, to Shell China Exploration and Production Co. (Shell).

The Ministry's approval was received on  November 28, 2012, setting the  stage 
for the Company to increase its  pre-tax working capital by USD$105  million. 
To complete  the  transfer  Sunwing  and  Shell  will  finalize  a  number  of 
administrative matters within the next two  weeks, as per the definitive  Sale 
and Purchase Agreement.

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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^TM). Core  operations are  in Canada,  United  States, 
Ecuador, China and Mongolia 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^TM 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 2011 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.

Contact:

Hilary McMeekin
Manager, Corporate Communications
(403) 817 1108
hmcmeekin@ivanhoeenergy.com
 
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