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Suicide Jacks
March 18th 09, 03:16 PM
CALGARY, March 18 /CNW/ - Robert Friedland, Executive Chairman,
President and Chief Executive Officer, and Ed Veith, Executive Vice
President, Upstream, of Ivanhoe Energy Inc. (TSX: IE; NASDAQ: IVAN),
announced today that a recently completed evaluation by independent
engineers has estimated that Ivanhoe Energy's Tamarack Project, in the
Athabasca region of Western Canada, contains best-estimate contingent
resources of 441 million barrels of bitumen.

This represents an increase of 81% over the best estimate announced in
conjunction with the purchase of this asset in mid-2008. The new
estimate would support a project with an estimated capacity of
approximately 50,000 barrels per day for more than 30 years. Lease 10
was purchased from Talisman Energy Canada (Talisman) in mid 2008 and has
been renamed the Tamarack Project. It is the proposed home for Ivanhoe
Energy's first integrated HTL heavy-oil project in Canada.

Tamarack is a 6,880-acre contiguous block located approximately 10 miles
(16 km) northeast of Fort McMurray, immediately south of Suncor's
operating Steepbank and Millennium projects. The block adjoins leases
held by ExxonMobil, Laricina Energy and E-T Energy. Ivanhoe Energy holds
a 100% working interest in Tamarack and Talisman has back-in rights of
up to 20% in Tamarack for a period ending in mid-2011.

At the time of the purchase, Ivanhoe Energy reported in its July 11,
2008, news release that independent reservoir engineers engaged by
Talisman had estimated that Lease 10 contained best-estimate contingent
resources of approximately 244 million barrels of bitumen, with low and
high estimates of approximately 188 million and 313 million barrels,
respectively. The new Tamarack evaluation was conducted by GLJ Petroleum
Consultants Ltd. (GLJ), independent reservoir engineers.

This GLJ report follows significant analysis carried out by Ivanhoe
Energy since the mid-2008 acquisition, including a) a detailed core
description completed by Norwest Corporation, b) a petro-physical model
developed and matched to the core data, and c) a facies analysis carried
out and compared with analogue field performance data. The new
evaluation of Tamarack by GLJ estimates that Tamarack contains
best-estimate contingent resources of approximately 441 million barrels
of bitumen, with low and high estimates of approximately 320 million and
558 million barrels respectively, out of approximately 1.1 billion
barrels of discovered petroleum initially-in-place. Based on these
recent estimates of contingent bitumen resources by GLJ, Tamarack
ultimately would be capable of producing 50,000 barrels per day for more
than 30 years.

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Ivanhoe Energy previously has reported that the information
available suggested that Tamarack was believed to be a high-quality
reservoir and an excellent candidate for thermal recovery production
using the SAGD (steam-assisted gravity drainage) process. This view was
based on a relatively high level of delineation of four wells per
section. The additional analysis carried out over recent months has
provided Ivanhoe Energy with additional confidence of the high-quality
nature of the Tamarack resource. Ivanhoe Energy believes Tamarack's
reservoir characteristics are similar to those of Petro-Canada's nearby
MacKay River project, situated across the Athabasca River from Tamarack.
MacKay River is acknowledged to be one of the most successful and
longest-running SAGD projects in the Athabasca oil sands.

<>
Ivanhoe Energy has assembled an experienced, Calgary-based thermal
heavy-oil team and is preparing the regulatory application for an
integrated HTL project. The Company anticipates filing the regulatory
application in mid-2010, after final delineation drilling in the winter
of 2009-2010. The Company's current plan is to file an application for a
multi-phase project ultimately capable of producing approximately 50,000
barrels per day (bitumen basis), with an initial Phase 1 capable of
producing 20,000 barrels per day.

<>
The sharp decline in oil prices during the past six months has been
accompanied by significant declines in steel prices and other relevant
capital costs. Ivanhoe Energy has been working diligently with its
banking and engineering advisors to evaluate the net impact of these
market changes on the projected economics of the Tamarack Project. These
studies are ongoing, but progress to date suggests that an
integrated HTL Tamarack Phase 1 could be developed in a
low-oil-price/low-capital-cost environment that could provide after-tax,
mid-teen percentage rates of return. These potential economics are
enabled by the expected benefits of field-located, HTL integration. A
project with reasonable economics anchored in a
low-oil-price/low-capital-cost environment would benefit strongly from
any recovery in oil prices in the future.

<>
Ivanhoe Energy previously has reported on internal and external
studies confirming the advantages of its field-located HTL upgrading
approach with respect to greenhouse-gas emissions. The Company has
continued to develop these studies, and is working with independent
parties to rigorously calculate the expected total life-cycle
greenhouse-gas impact and compare integrated HTL with conventional
production schemes. These studies suggest the integrated, HTL
field-located upgrading approach emits significantly less greenhouse gas
than conventional "naked" SAGD methods that do not upgrade on site. Once
these various studies are completed, the Company will report on them and
will make them available on its corporate website.

<>
Capital requirements for Tamarack during the balance of 2009 are
relatively low. Near the end of the year, the Company will award
contracts for the final delineation-drilling program scheduled to take
place in January and February 2010. This drilling program will be
accompanied by increased expenditures for infrastructure commitments and
engineering.

Financing plans for Tamarack include alliances or other arrangements
with entities with the resources to support the Company's major
projects. These discussions are focused primarily on national oil
companies and other sovereign or government entities from Asian and
Middle Eastern countries that have approached the Company and expressed
interest in participating in Tamarack and/or the Company's other
heavy-oil project in Ecuador, or other projects that the Company has
identified around the world. Discussions and/or due diligence with
potential strategic partners for Tamarack are under way. These
strategic-partnership initiatives would complement traditional
financing, such as project financing, debt and mezzanine financing, or
the sale of equity securities.

BuffetHater
March 18th 09, 03:45 PM
Should print future releases on toilet paper, soft and gentle type to
ease the
pain of investors reamed by this shill company.

Soooo ****ed off, can't even short this POS now. . . . and dilution
to fund a
project (as if a junior promo bull**** in need of cash stood a chance)
as
speculative as this just is not gonna happen.

BTW, how's the permitting going? What is the south american results
in
dollars and cents?

Biz plan for IE: We wait for oil to hit $200 in 2020 and fully fund
the project?

Suicide Jacks
March 18th 09, 10:54 PM
Ivanhoe reports smaller net losses for fourth quarter, 2008

http://www.oilweek.com/news.asp?ID=21732

ausound[_3_]
March 19th 09, 06:54 AM
(Suicide Jacks) wrote in news:8651-49C17B8A-389
@storefull-3173.bay.webtv.net:

> Ivanhoe reports smaller net losses for fourth quarter, 2008
>
> http://www.oilweek.com/news.asp?ID=21732
>
>

take all your profits from LDK
and invest them in IVAN

Suicide Jacks
March 20th 09, 05:09 PM
Obama unlikely to shut off Canada's oil sands

http://www.canada.com/story_print.html?id=1406486&sponsor=