Ivanhoe Energy Eyes Iraqi Energy Projects

Ivanhoe Energy's Chairman David Martin said that the company has recently held discussions with senior officials in Iraq. The discussions have focused on Ivanhoe's possible participation in oil and gas development projects in that country.

Several of Ivanhoe Energy's technical personnel and senior executives, including Ivanhoe President Leon Daniel, have had prior experience working on oil projects at various fields in Iraq. Ivanhoe believes that its management's experience and prior work there could provide a valuable benefit in helping Iraq expedite the development activities needed to increase its oil production and reserves.

Ivanhoe Energy's mission is to create value for its shareholders and host countries, initially by focusing on: (1) production of cleaner burning fuels from natural gas, using proven gas-to-liquids (GTL) technology; (2) conventional exploration and production (E&P), primarily natural gas in the U.S.; and (3) primary oil development projects and natural gas projects, on a production-sharing basis with national petroleum companies.