+ 40 %
bei nun 3,3 Mil. Shares gehandelt !!!!!!!
hier die NEWS:
Ivanhoe Energy Expands Drilling Program at South Midway-Sunset Field in California
Wednesday June 11, 7:00 am ET
BAKERSFIELD, CA, June 11 /PRNewswire-FirstCall/ - Ivanhoe Energy (NASDAQ:IVAN and TSX:IE) has begun an expansion program at its South Midway- Sunset field in Kern County, California, after securing a new $5 million credit facility from a major U.S. bank to fund this attractive development project. The expansion plan includes drilling 30 new oil wells, upgrading surface transmission and steam-injection facilities. The initial impact from this program began to increase production volumes during May 2003.
"This reserve-based financing provides a low-cost option for Ivanhoe to fund the expansion and will provide a further boost to the already improved production profile from South Midway," said David Martin, Ivanhoe Chairman.
This drilling program is designed to extend the Midway-Sunset field to the south, where Ivanhoe has an acreage position covering the entire planned expansion area. Once completed, this development phase could more than double Ivanhoe`s current daily production volumes from the field. To date, five new wells have been drilled and steaming operations have been applied. Depending on results from this drilling program, subsequent phases of development are planned that could result in up to 40 additional wells being drilled and extending the field even further to the south.
The Company is currently producing approximately 500 gross barrels per day from 38 wells in South Midway-Sunset. During 2002, production volumes increased from approximately 300 barrels per day to a peak rate of 600 barrels per day following the application of a steam-injection program to improve heavy-oil production from the wells. In addition to drilling new wells, Ivanhoe is evaluating the potential for production gains that may be achieved by switching to a continuous steam application process that could double the recovery expected from the current cyclic application process. Ivanhoe is the operator of these wells in South Midway Sunset, with a 100% working interest and a 93% net revenue interest.
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) enhanced oil recovery (EOR) and natural gas projects, on a production-sharing basis with national petroleum companies.
Ivanhoe Energy trades on the NASDAQ SmallCap market with the ticker symbol IVAN and on the Toronto Stock Exchange with the symbol IE.
Website: www.ivanhoe-energy.com
FORWARD-LOOKING STATEMENTS: This document includes forward-looking statements as well as historical information. Forward-looking statements include, but are not limited to, the continued advancement of Ivanhoe Energy`s oil and gas drilling programs. When used in this document, the words "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "plan" "should," and similar expressions are intended to be among the statements that identify forward-looking statements. Although Ivanhoe Energy believes that their expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements include the potential that Ivanhoe`s oil and gas drilling will experience technological and mechanical problems, fluctuations in oil and gas prices, the ability to implement corporate strategies, the ability to obtain financing and other risks disclosed in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission, a copy of which may be viewed on our website at www.ivanhoeenergy.com.