Key Developments For Ivanhoe Energy Inc.
Ivanhoe Energy Inc. (IVAN.O) (Consolidated Issue listed on NASDAQ Capital Market)
Ivanhoe Energy Inc.'s Sunwing Subsidiary To Develop Prospective Oil And Gas Exploration Block In Central Mongolia
Ivanhoe Energy Inc. announced that an Ivanhoe subsidiary will merge with PanAsian Petroleum Inc., which holds oil and gas exploration and production rights to a large, highly prospective block in central Mongolia. Ivanhoe Energy intends to combine PanAsian's Mongolian interests with Sunwing Energy Ltd., Ivanhoe's 100%-owned subsidiary for oil and gas operations in Asia, as Sunwing Energy contemplates a listing on a major Asian stock exchange. The PanAsian merger transaction will involve the issuance of up to three million shares of Ivanhoe Energy's common stock. It will not involve the payment of any cash to PanAsian's principals. PanAsian Energy's corporate structure and its contractual relationship with the Petroleum Authority of Mongolia will not be altered by the merger.
Ivanhoe Energy Inc. Appoints Gerald Schiefelbein As Chief Financial Officer
Ivanhoe Energy Inc. announced the appointment of Gerald (Jerry) Schiefelbein as Chief Financial Officer of Ivanhoe Energy Inc. to succeed retiring Chief Financial Officer Gordon Lancaster.
Ivanhoe Energy Inc. Sells Its US Oil And Gas Operations For $40 Million To National Fuel Gas Company's Seneca South Midway LLC
Ivanhoe Energy Inc. announced that Ivanhoe Energy has sold its US oil and gas operations to Seneca South Midway LLC, a subsidiary of Seneca Resources Corporation, for total proceeds of approximately $40 million. Seneca Resources Corporation is the Exploration and Production segment of National Fuel Gas Company. This sale is consistent with Ivanhoe Energy's goal of focusing its financial and human resources on its HTL (Heavy-to-Light) heavy-oil projects, including the Tamarack Project in Western Canada and the Pungarayacu project in Ecuador. The sale includes all of Ivanhoe Energy's oil and gas exploration and production operations in the United States. The net proceeds from the sale, after repayment of debt and transaction expenses, are estimated at approximately $34 million. These proceeds will be used to advance the initial stages of the Tamarack and Pungarayacu projects and for general corporate purposes.
Ivanhoe Energy Inc.'s HTL Technology Partner Ensyn Corp Completes Alliance For Second Generation Biomass Technology
Ivanhoe Energy Inc. announced that its technology partner, Ensyn Corp announced the formation of a biomass technology joint venture, Envergent Technologies LLC, with UOP, a Honeywell company. Envergent Technologies will offer Ensyn's commercially proven Rapid Thermal Processing (RTP) technology to convert second-generation biomass, such as forest and agricultural residuals, to pyrolysis oil for use in power and heating applications. The joint venture also will accelerate research and development efforts to commercialize next-generation technology to upgrade the pyrolysis oil into transportation fuels, such as green gasoline, green diesel and green jet fuel.
Ecuador To Sign Contract With Ivanhoe Energy Inc.'s Subsidiary For Pungarayacu-DJ
Dow Jones reported that Ecuador state oil company Petroecuador and Ivanhoe Energy Ecuador, the local unit of Ivanhoe Energy Inc. (IVAN), on October 8, 2008, will sign a 30-year service contract to develop the Pungarayacu oil field.
