Press release from CNW Group
/C O R R E C T I O N from Source -- Ivanhoe Energy Inc./
Monday, June 27, 2011
In c9275 transmitted at 08:14e today, an error occurred in the headline.
The headline should have read:
"New comprehensive HTL(TM) (Heavy-to-Light) heavy oil upgrading patent issued in Canada" and not "New comprehensive HTLT™ (Heavy-to-Light) heavy oil upgrading patent issued in Canada". Corrected copy follows:
New comprehensive HTL(TM) (Heavy-to-Light) heavy oil upgrading patent issued in Canada
Ivanhoe's HTL process offers clear alternative for upgrading heavy oil worldwide
CALGARY, June 27, 2011 /CNW/ - David Dyck, President and Chief Operating Officer and Dr. Michael Silverman, Executive Vice President and Chief Technology Officer of Ivanhoe Energy, Inc. (TSX: IE; NASDAQ: IVAN), today announced that a new patent was issued in Canada related to Ivanhoe's proprietary HTL™ (Heavy-to-Light) heavy oil upgrading process. This patent broadens and extends Ivanhoe Energy's HTL intellectual property in Canada, home to Ivanhoe Energy's Tamarack heavy oil project and a key market for the Company's HTL heavy oil expansion plans.
The new patent, issued in the name of Ivanhoe Energy, covers petroleum applications of the core HTL process and protects the HTL process itself as well as the upgraded products produced from the HTL process. This patent builds on, and is a complement to other issued and/or filed patents related to the core HTL technology and it's petroleum applications. This portfolio of patents includes a recently issued core patent related to the underlying HTL technology that expires in 2028, as announced in a press release dated March 28, 2011.
"This new patent is an important addition to the existing patent portfolio protecting our HTL technology," said Dr. Silverman. "We are most pleased to have expanded and extended our HTL intellectual property in Canada as this jurisdiction represents a key growth area for the Company."
"From a strategic perspective, advancements in the protection of our intellectual property in North America are vitally important," commented David Dyck. "Ivanhoe continues to believe that North American heavy to light crude oil differentials will widen from present levels over the longer term, which will challenge heavy oil project economics. HTL represents a viable, environmentally responsible, cost competitive alternative to protect and capture these economics, creating Ivanhoe shareholder value as a result."
Heavy oil production and processing is a cornerstone and primary focus of Ivanhoe Energy, and HTL heavy oil upgrading is a key competitive advantage of Ivanhoe Energy as it executes its heavy oil business plan worldwide. This plan includes expansion opportunities based on upstream integrated HTL applications such as the Tamarack project in Western Canada, as well as HTL midstream heavy oil upgrading opportunities worldwide.
Ivanhoe Launches New Website
Ivanhoe also announces that it will launch a new interactive website effective June 28, 2011. The newly redesigned site offers an easy-to-navigate platform that provides quick access to a wide array of information about Ivanhoe Energy. The new website will be found at the Company's current website address, www.ivanhoeenergy.com.
Ivanhoe Energy Inc. is an independent, international heavy-oil development and production company focused on pursuing long-term growth in its reserves and production using advanced technologies, including its proprietary, patented heavy-to-light upgrading process (HTL™). Core operations are in Canada, the United States, Ecuador, China and Mongolia, with business development opportunities worldwide. Ivanhoe's shares trade on the Toronto Stock Exchange under the symbol IE and on the NASDAQ Capital Market with the ticker symbol IVAN.
For more information about Ivanhoe Energy Inc., please visit our web site at 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, statements which are not historical facts such as Ivanhoe's expectation that North American heavy to light crude oil differentials will widen thereby creating more challenging economics for traditional heavy oil projects with the result that the HTL™ technology will represent a viable alternative to protect and capture these economics, thereby creating Ivanhoe shareholder value. 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 risks that the HTL™ technology may not be commercially viable, market acceptance of the HTL™ technology may not be as anticipated, Ivanhoe Energy's lack of history in developing commercial HTL™ opportunities and other risks disclosed in Ivanhoe Energy's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on EDGAR and the Canadian Securities Commissions on SEDAR.
For further information:
| David Dyck |
President and Chief Operating Officer
1 (403) 817 1138
| Greg Phaneuf |
Executive Vice President, Corporate Development
1 (403) 817 1131