IVAN Ivanhoe Energy Inc (NASDAQ SC) 8/13/2004 12:00:00 AM ET

Realtime Quote $1.59 + $0.18 (+12.77%) Refresh Quote



Press Release for Ivanhoe Energy Inc


Ivanhoe Energy reports an 82% increase in production
8/5/2004 8:34:07 AM
VANCOUVER, Aug 05, 2004 /PRNewswire-FirstCall via Comtex/ -- Leon Daniel, President of Ivanhoe Energy (NASDAQ:IVAN and TSX:IE), today announced an update of the company's drilling and production results for the first seven months of 2004. The company has drilled 28 wells to date in 2004, increasing production to approximately 1,600 barrels of oil equivalent per day, an increase of 82% over the production level of 875 barrels of oil equivalent per day at the end of 2003. The 2003 amount has been restated to reflect the farm-out of a 40% interest in the Dagang project to China International Trust & Investment Co. (CITIC). There are 32 wells remaining to be drilled between now and the end of the year, resulting in a revised projected total of 60 wells for the year, slightly lower than Ivanhoe Energy's original 2004 target of 65 wells. Due to strong oil and gas prices, Ivanhoe currently is receiving between $35 and $42 per barrel for its crude oils of various qualities.

China
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Dagang - Gross production from this project reached highs of 1,275 BOPD during the past week. We have drilled seven successful development wells, six of which are on production and one in completion stage. Three drilling rigs are working around the clock, however excessive wet weather conditions have delayed progress on both drilling and completion operations. The company plans to have 23 development wells drilled by year-end. The development plan approved by PetroChina calls for 115 wells to be drilled over the next 2- 1/2 years. Ivanhoe has a 60% working interest in this project and is the operator.

Zitong - A 2-D seismic program was completed on the company's 900,000-acre Zitong block, in the Sichuan Basin, and an exploration well is in the planning stage. The company has a 100% working interest in Zitong.

California
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South Midway-Sunset - Four successful oil wells have been drilled this year, with two of the wells extending the field boundaries. One exploration well and two step-out wells were unsuccessful. Production from Ivanhoe's total South Midway-Sunset Field area is approaching 600 BOPD from 55 wells. Ivanhoe has a 100% working interest in this project. Current prices for Midway-Sunset heavy oil are over $35/barrel.

Citrus (Lost Hills) - Three wells have been successfully drilled to date this year. Two of the wells currently are flowing at a combined rate of 200 BOEPD. The third well is scheduled to be fracture-stimulated and begin producing in August. Up to twenty additional development wells could be drilled on Ivanhoe's 2,400-acre block that encompasses the southeastern extension of the Lost Hills Field. Ivanhoe has a working interest of 83% to 100% in this lease block and is the operator.

Knights Landing (Sacramento Basin) - Three new gas discoveries were made out of nine wells drilled in the company's initial drilling program, and the wells will be put on stream later this month. Ivanhoe currently has four additional wells on production. Three new wells are planned before the end of the year to follow up these discoveries. Ivanhoe has a 60% to 65% working interest before payout and a 50% interest thereafter.

Sledge Hamar (South Belridge Field) - Ivanhoe has one producing discovery well in this prospect. One new well has been drilled and is expected to be tested soon.

Wyoming
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LAK Ranch - Steaming commenced during the second quarter on the initial horizontal well. The well was then "turned around" and started producing high-quality, 19-degree, API gravity oil and condensed steam. After receiving permission from state authorities, a second higher temperature and pressure steam cycle was initiated to put substantially more heat into the reservoir. After this initial pilot phase, Ivanhoe will evaluate whether to proceed with the full field development of this 7,500-acre lease block. Third-party engineering estimates put the oil-in-place at 100 million barrels or more.

Texas
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East Texas -Two exploration wells are planned in September under a farm- out agreement in which Ivanhoe will have a carried interest of 25% in the Malakoff and Catfish Creek prospects.

Ivanhoe Energy trades on the NASDAQ SmallCap market with the ticker symbol IVAN and on the Toronto Stock Exchange with the symbol IE.

Information contacts:
---------------------
In North America: Investors: Cindy Burnett +1-604-331-9830 /
Media: Bob Williamson +1-604-688-8323
In China: Patrick Chua +86-1370-121-2607 / +852-9193-4056
Website: www.ivanhoe-energy.com

FORWARD-LOOKING STATEMENTS: This document includes forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning estimates of expected drilling and development wells and associated costs, statements relating to anticipated capital expenditures, statements relating to increases in production, cash flows and values, statements relating to the continued advancement of Ivanhoe Energy's projects, 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 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, geological conditions in the reservoir may not result in commercial levels of oil and gas production, changes in product prices and other risks disclosed in Ivanhoe's Annual Report on Form 10- K filed with the U.S. Securities and Exchange Commission.

RESERVES DATA AND OTHER OIL AND GAS INFORMATION: Ivanhoe's disclosure of reserves data and other oil and gas information is made in reliance on an exemption granted to Ivanhoe by Canadian securities regulatory authorities, which permits Ivanhoe to provide disclosure in accordance with US disclosure requirements.

The information provided by Ivanhoe may differ from the corresponding information prepared in accordance with Canadian disclosure standards under National Instrument 51-101 (NI 51-101). Further information about the differences between the US requirements and the NI 51-101 requirements is set forth under the heading "Reserves, Production and Related Information" in Ivanhoe's Annual Report on Form 10-K.

SOURCE Ivanhoe Energy Inc.

Information contacts: In North America: Investors: Cindy
Burnett, (604) 331-9830; Media: Bob Williamson, (604) 688-8323; In China:
Patrick Chua, +86-1370-121-2607, +852-9193-4056;
Website: www.ivanhoe-energy.com;
To request a free copy of this organization's annual report, please go to
http:
http://www.prnewswire.com

IVAN Ivanhoe Energy Inc (NASDAQ SC) 8/13/2004 12:00:00 AM ET

Realtime Quote $1.59 + $0.18 (+12.77%) Refresh Quote



Press Release for Ivanhoe Energy Inc


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8/9/2004 3:33:14 AM
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American Stocks to Watch:

Flow International Corp. ( FLOW )

Flow International Corporation(FLOW). The Group's principal activities are to design, develop, manufacture, market, install and service ultrahigh-pressure (UHP) products, water-jet cutting, cleaning systems and specialized robotics systems. These products are used to cut both metallic and nonmetallic materials in many industry segments, which include aerospace, automotive, disposable products, food, glass, job shop, sign, metal cutting, marble, tile and other stone cutting and paper industries. The Group also manufactures robotics articulation equipment used in the cutting and cleaning processes. It also provides isostatic and flexform presses to the automotive, aerospace and medical industries. It operates mainly in the United States, Europe and Asia.

Ivanhoe Energy Inc. ( IVAN )

Ivanhoe Energy Incorporated. The Group's principal activities are to explore for and production of oil and gas, clean fuels from natural gas using gas-to-liquids technology and develop oil recovery and natural gas projects with national petroleum companies on a production-sharing basis. The Group also explores and produces natural gas in the United States. The operations are carried out in the United States, Canada, China, Qatar, Egypt and other countries.

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