Ivanhoe Energy has reached an agreement to sell its interest in the LAK Ranch Project to Derek Oil & Gas for US$800,000, comprised of US$600,000 due at closing and US$200,000 to be paid through a 5% gross overriding interest on future production from the LAK Ranch Project. The 5% royalty arrangement will terminate once US$200,000 has been paid. The agreement is subject to the negotiation of definitive documentation and Ivanhoe Energy and Derek Oil & Gas board approvals.
Ivanhoe Energy is an independent international oil and gas development and production company focused on pursuing long-term growth in its reserve base and production using key technologies, including its proprietary heavy oil upgrading process (HTL), enhanced oil recovery (EOR) techniques and the conversion of natural gas to liquids (GTL). Core operations are in the United States and China, with business development opportunities worldwide. Ivanhoe Energy trades on the NASDAQ Capital Market with the ticker symbol IVAN and on the Toronto Stock Exchange with the symbol IE.
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