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Ivanhoe Energy Inc. (IVAN) Reports Operational Update on Oil and Gas Properties

Ivanhoe Energy Inc. released an operational update on the various oil and gas properties in its worldwide portfolio, including ongoing projects in Canada, Ecuador, and China.

Ivanhoe Energy Inc. is developing the Tamarack Project, an oil sands operation in Alberta, Canada. The company is using steam assisted gravity drainage (SAGD) technology to develop the properties. Ivanhoe Energy Inc. completed its 29 well delineation program during the first quarter, and will file permits in mid 2010 to begin the project. Ivanhoe Energy Inc. spent $17.9 million on the Tamarack Project in the first quarter of 2010.

Ivanhoe Energy Inc. is developing the Pungarayacu Project, located on Block 20 in Ecuador. During the first quarter of 2010, Ivanhoe Energy Inc. made progress on the IP-15 well, the company’s first well on the block. The well is testing the productivity of the Hollin formation. The company spent $4.2 million on its Ecuador operations in the first quarter.

Ivanhoe Energy Inc. is exploring for oil and gas in Zitong, located in Sichuan Province in China. During the first quarter of 2010, Ivanhoe Energy Inc. moved 2 drilling rigs to this field, and during the summer of 2010, the company will drill the Zitong 1 and Yixin 2 wells on its acreage. Each well will target 300-500 billion cubic feet of natural gas.

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