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8-K - FORM 8-K - IVANHOE ENERGY INC | c14801e8vk.htm |
Exhibit 99.1
March 28, 2011
Heavy-to-Light (HTLTM) patent protection solidified to 2028
Broad fundamental process patent issued in the USA for
Heavy-to-Light Technology
Heavy-to-Light Technology
CALGARY, ALBERTA Robert Friedland, Executive Co-Chairman and Chief Executive Officer
and David Dyck, President and Chief Operating Officer of Ivanhoe Energy Inc. (TSX: IE; NASDAQ:
IVAN), today announced that a new patent has been successfully issued that broadens and extends
Ivanhoe Energys intellectual property related to its HTLTM (Heavy-to-Light) heavy oil
upgrading technology.
The new patent was issued in the United States in the name of Ivanhoe Energys technology partner,
Ensyn Corporation, and relates to Ensyns RTP (Rapid Thermal Processing), the core technology
underlying the HTL process. The United States is an anchor jurisdiction in Ensyn and Ivanhoe
Energys patent strategy, and successful issuance in the United States is a powerful precedent for
successful issuance in additional key jurisdictions. Ivanhoe Energy acquired the rights to the RTP
process in 2005 and rebranded the petroleum application as HTL, or Heavy-to-Light. The new
patent covers Ivanhoe Energys HTL process as well as Ensyns RTP applications related to renewable
fuels and chemicals. The new patent expires in 2028.
Heavy oil production and processing is a cornerstone and primary focus of Ivanhoe Energy and HTL
heavy oil upgrading is a key competitive advantage of Ivanhoe Energys heavy oil business plan
worldwide. Currently, Ivanhoe Energys heavy oil asset portfolio includes the 40,000 barrels per
day Tamarack Project in Western Canada and the Pungarayacu Project in Ecuador which contains
externally verified Original Oil in Place (classified as undiscovered resources under the COGE
Handbook) of between 4 billion and 12 billion barrels. Ivanhoe Energys business plan also
includes expansion opportunities related to integrated HTL upstream heavy oil in Canada and
internationally, as well as HTL midstream opportunities worldwide. This new patent fortifies and
extends the life of Ivanhoe Energys HTL technology advantage in the heavy oil industry.
This new patent is a welcome addition to the existing patent portfolio protecting our HTL
intellectual property, said Dr. Mike Silverman, Executive Vice President and Chief
Technology Officer of Ivanhoe Energy. These include patents issued in the name of Ensyn, like this
new patent, as well as patents related specifically to HTL heavy oil upgrading and which have been
issued directly in the name of Ivanhoe Energy.
Dr. Robert Graham, Ensyn Corporations Chief Executive Officer said This is a broad, important
patent for both Ivanhoe Energy and for Ensyn. We look forward to working with Mike Silverman and
his technology group in the continued addition of patent protection as we advance the application
of this technology in our respective industries.
Ivanhoe Energy Inc. 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, patented heavy to light upgrading process (HTL). Core
operations are in Canada, Ecuador, China and Mongolia, with business development opportunities
worldwide. Ivanhoes shares trade on the NASDAQ Capital Market with the ticker symbol IVAN and on
the Toronto Stock Exchange under the symbol IE.
For more information about Ivanhoe Energy Inc. please visit our web site at www.ivanhoeenergy.com.
For Further Information Contact: | David Dyck: 1 (403) 817-1138 Dorreen Miller: 1 (403) 817-1108 info@ivanhoeenergy.com |
FORWARD-LOOKING STATEMENTS: This document includes forward-looking statements, including
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements include, but are not limited to, statements which are not
historical facts. When used in this document, the words such as could, plan, estimate,
expect, intend, may, potential, should, and similar expressions relating to matters that
are not historical facts are forward-looking statements. Although Ivanhoe Energy believes that its
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 risks disclosed in Ivanhoe Energys Annual Report on Form
10-K filed with the U.S. Securities and Exchange Commission on EDGAR and the Canadian Securities
Commissions on SEDAR.
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