Ivanhoe Names Gasca CEO

Ivanhoe Energy Inc.'s board of directors on Wednesday announced that Joseph Gasca has been elevated to the position of President and Chief Executive Officer.

Mr. Gasca, Ivanhoe Energy's current President and Chief Operating Officer, joined the company in July 2006 from BG Group in the United Kingdom where he was General Manager of Operations with global responsibilities for all of BG Group's businesses, which are located in 20 countries over five continents.

In addition to his senior roles at BG Group, Mr. Gasca's 27 years of oil and gas experience include a 22-year career with Texaco Inc. While at Texaco, Mr. Gasca held a number of positions, most recently as Vice President of Commercial Development, where he directed technology development and provided global technical support to Texaco's upstream organization. While at Texaco he was also Advisor to the President of the Worldwide Upstream Organization; the Senior Executive in Scotland managing Texaco's North Sea assets, and he held a number of leadership and engineering positions in Texas and Louisiana.

"Joe has confirmed to the board that he is an excellent choice for CEO and we are pleased to announce our unanimous decision," said Robert Abboud, Independent Co-Chairman and Lead Director. "After six months with the company as President and COO, he has gained our confidence that he is the right person to lead Ivanhoe Energy through the next phase of its growth."

David Martin, Executive Co-Chairman, added, "We believe that Joe brings the necessary skills and ability to guide the company as we move towards the commercialization of our heavy oil upgrading technology. We are looking to him to focus the company's efforts and align our organization around its implementation."

Joseph Gasca said, "I am excited to lead Ivanhoe Energy at this stage in its development. Our HTL technology has the potential to vault the company into a leadership position among heavy oil producers. My vision for the company is to build a strong and sustainable heavy oil business that is based on our unique technology. Ivanhoe Energy's state-of-the-art technology, combined with its very experienced board of directors and management team, give me the confidence that the HTL technology will be successfully commercialized and implemented around the world."

Ivanhoe Energy is an independent international oil and gas development and production company focused on pursuing long-term growth in its reserves and production using advanced technologies, including its proprietary heavy oil upgrading process (HTL). Core operations are in the United States and China, with business development opportunities worldwide.


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