Ivanhoe Energy, Inc. (NASDAQ CM:IVAN) 654 - 999 Canada Place World Trade Centre Vancouver, BC V6C 3E1 Phone: (604) 688-8323 Fax: (604) 688-7168 http://www.ivanhoe-energy.com
Ivanhoe Energy, Inc. was incorporated to the laws of the Yukon Territory of Canada, on February 21, 1995, under the name 888 China Holdings Limited. On June 3, 1996, the Company changed its name to Black Sea Energy Ltd., and on June 24, 1999, the Company changed its name to Ivanhoe Energy Inc. The Company is an independent international heavy oil development and production company, which is focused on pursuing long term growth in its reserve base and production using advanced technologies, including its HTLTM Technology. The Company's four business segments are: Oil and Gas - Integrated, Oil and Gas - Conventional, Business and Technology Development and Corporate. Projects in the Oil and Gas Integrated segment have two main components. The first component consists of conventional exploration and production activities together with enhanced oil recovery techniques such as steam assisted gravity drainage. The second component consists of the deployment of the HTLTM Technology which would be used to upgrade heavy oil at facilities located in the field to produce lighter, more valuable crude. The Company has two such projects in this segment: a heavy oil project in Alberta and a heavy oil property in Ecuador. The Company explores for, develops and produces crude oil and natural gas in China and in the U.S. In China, its development and production activities are conducted at the Dagang oil field located in Hebei Province and its exploration activities are conducted on the Zitong block located in Sichuan Province. In the U.S., its exploration, development and production activities are mainly conducted in California and Texas. The Company incurs various costs in the pursuit of HTLTM and GTL projects throughout the world. Additionally, it incurs costs to develop, enhance and identify improvements in the application of the HTLTM and GTL technologies it owns or licenses. The Company's corporate segment consists of costs associated with the board of directors, executive officers, corporate debt, financings and other corporate activities. Its core operations are in Canada, the United States, China and Ecuador, with business development opportunities worldwide. The Company's competitors include major, intermediate and junior oil and natural gas companies and other individual producers and operators. The Company's business is subject to certain federal, state/provincial and local laws and regulations in the regions in which it operates relating to the exploration for, and development, production and marketing of, crude oil and natural gas, as well as environmental and safety matters.
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