VANCOUVER, Dec. 30, 2014 /PRNewswire/ - Ivanhoe Energy Inc.
(TSX: IE; NASDAQ: IVAN) (TSX: IE.DB) announced today that the
company's working capital has been augmented by a further
US$540,000 (approximately
C$626,000) provided by founder
Robert Friedland.
The new funds are in addition to the US$2.2 million (approximately C$2.4 million) secured bridge loan provided by
Mr. Friedland in October 2014,
details of which are contained in Ivanhoe Energy's October 10, 2014 news release, and brings the
principal amount of Mr. Friedland's short-term loan to US$2.74 million.
The company will make additional disclosure respecting the
status of its strategic and financial review process once the Board
of Directors decides to pursue a specific transaction or series of
transactions or otherwise determines that disclosure is necessary
or appropriate. There can be no assurance that the current process
will result in a transaction or, if a transaction is undertaken,
that it will be successfully concluded in a timely manner or at
all.
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®). Core operations are in Canada, the United
States and Ecuador, with
business development opportunities worldwide. 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® 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 2013 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.