2009-08-19-2007-05-01

Transaction Type
Sellers
Buyers
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Estimated Price
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Description

Joint-venture

Ivanhoe Energy Inc., Bakersfield, Calif., (Nasdaq: IVAN; Toronto: IE) and Tokyo-based Inpex Corp. plan to jointly pursue the opportunity to develop a heavy oil field in Iraq. Ivanhoe signed a memorandum of understanding with the Iraqi government in 2004 to evaluate a specific oil field. Ivanhoe has carried out an analysis of the field. Inpex will acquire a significant interest in the venture, with Ivanhoe retaining a majority interest. Inpex chairman Kunihiko Matsuo says, "We are very pleased to be involved in the pursuit of this opportunity. Additionally, we are interested in supporting the development of Ivanhoe Energy's HTL technology, which is expected to have the potential to improve the economics of heavy oil production the world over."