Ivanhoe Puts Silverman in Chief Technology Spot
Ivanhoe's President and CEO Joe Gasca, reports that Dr. Michael Silverman has been promoted to Executive Vice President and Chief Technology Officer, with responsibility for all technical and engineering aspects of Ivanhoe Energy's proprietary HTL(TM) heavy oil upgrading process. Dr. Silverman's promotion to this important role is being made at a key time for Ivanhoe Energy as the company intensifies its efforts to secure a heavy oil resource in the Athabasca region of Western Canada, along with other business development activities.
Dr. Silverman joined Ivanhoe Energy as Vice President, Technology in May 2007 from KBR, Inc., headquartered in Houston, Texas (formerly known as Kellogg Brown and Root and recently spun off from Halliburton). He will succeed Dr. Robert Graham as Chief Technology Officer. Dr. Graham, co-inventor of the HTL technology and member of Ivanhoe Energy's Board of Directors, assumed the role of Chief Technology Officer in March 2007, primarily to oversee the development of Ivanhoe Energy's technical team in preparation for full-scale commercial operations. The appointment of Dr. Silverman as Chief Technology Officer allows Dr. Graham to complete his term ahead of schedule.
Dr. Graham said, "Mike Silverman has hit the ground running. He has a strong technical background and experience base in commercializing new process technologies and has particular expertise with Fluid Catalytic Cracking (FCC), a close parallel to our HTL process, and one that is used in refineries worldwide. In addition to his solid technical capabilities, Mike is doing an excellent job of leading the discussions with our key engineering contractors as we move forward through the engineering and design of our full-scale commercial facilities."
Joe Gasca, Ivanhoe Energy President and CEO, said, "Mike Silverman has quickly demonstrated his ability to take control of the technical aspects of our proprietary HTL process and to lead discussions with our engineering contractors. His expertise has been recognized by our industry partners, as well as by our engineering and financial partners, and gives us confidence as we move forward with plans to execute our first commercial HTL project. We were fortunate that Bob Graham was able to dedicate his time to build the go-forward technical team in preparation for the next phase of the HTL deployment. We thank Dr. Graham for his efforts and are pleased that he will remain intimately involved with the commercialization of the technology through his participation on Ivanhoe Energy's Board of Directors."
Ivanhoe Energy is an independent international heavy oil 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(TM)). 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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