Ivanhoe Energy Receives Completeness Determination on Tamarack Regulatory
CALGARY, Jan. 28, 2013
Winter Data Acquisition Program Initiated
CALGARY, Jan. 28, 2013 /PRNewswire/ - Ivanhoe Energy (TSX: IE; NASDAQ: IVAN)
announced today that Alberta Environment and Sustainable Resource Development
(AESRD) finalized its review of the Tamarack Environmental Impact Assessment
(EIA) and deemed it complete, pursuant to Section 53 of the Environmental
Protection and Enhancement Act (EPEA).
Ivanhoe Energy's Tamarack project is one of two key heavy oil assets in its
current portfolio. Achieving regulatory approval for the Tamarack project is a
critical step in achieving the Company's business plans.
The regulatory review process for Tamarack began in the fourth quarter of 2010
and the receipt of this completeness determination marks a major milestone in
the process. "We are pleased that AESRD has completed its review of our
Environmental Impact Assessment and that it, and the other government
departments it represents, will have no further Supplemental Information
Requests,"said Ed Veith, Senior Vice President, Canadian Projects.
The Company is currently in discussions with local stakeholders to resolve
identified issues. Successful completion of these discussions, followed by an
Order in Council from the Government of Alberta, positions the Company to move
forward with the implementation phase of the Tamarack project. The company
anticipates completing these remaining milestones near the end of the first
To maintain Tamarack's implementation timeline a winter data acquisition
program is underway. This program will provide valuable seismic and drilling
information to assist in the optimal placement of Steam Assisted Gravity
Drainage (SAGD) well pairs.
The Company intends to install its proprietary Heavy-to-Light (HTL) process as
part of the Tamarack project to enhance overall project economics, create
operating efficiencies and produce a synthetic crude oil that is easily
transported in pipelines and avoids costly and volatile heavy oil discounts.
Ivanhoe Energy is also currently engaged in activities to commercialize the
HTL technology, and to finalize a partner for Block 20 in Ecuador. The
Company anticipates progress on both fronts in the coming 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^TM). Core operations are in Canada, United States,
Ecuador 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
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.
Manager, Corporate Communications
(403) 817 1108
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