CALGARY, July 3, 2013 /CNW/ - Ivanhoe Energy Inc. (TSX: IE; NASDAQ: IVAN)
announced today that it received the full US$5 million in holdback proceeds
from the transfer of the Zitong Block Petroleum Contract to Shell China.
The Company expects to receive the final US$3.7 million payment from Shell
China upon completion of China National Petroleum Corporation's annual cost
recovery audit for 2012 expenditures.
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, 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(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 2012 Annual Report on Form 10-K filed with the U.S. Securities and
Exchange Commission on EDGAR and the Canadian Securities Commissions on SEDAR.
Ivanhoe Energy Hilary McMeekin Manager, Corporate Communications (403) 817
SOURCE: Ivanhoe Energy Inc.
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-0- Jul/03/2013 11:55 GMT
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