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Last updated on April 18, 2014 at 5:48 EDT

Ivanhoe Energy Announces Change in Executive Leadership

July 30, 2012

CALGARY, July 30, 2012 /PRNewswire/ – Ivanhoe Energy announced today that David
Dyck has resigned from his position as President & COO, effective July
31, 2012.

With his departure Carlos A. Cabrera, Executive Chairman and Robert
Friedland, Founder and Executive Co-Chairman will lead the Company with
input and support from other members of the Company’s leadership team.

“Mr. Dyck became President & COO in May 2010 and has led the company
through a critical time in our history,” said Carlos A. Cabrera. “The
Board, Robert Friedland and I thank David for his considerable
contributions to Ivanhoe Energy and wish him every success in his
future endeavors.”

Cabrera continued “Ivanhoe Energy is in a good position to make
significant progress this year.  Our management team and the Board of
Directors are optimistic that we will take strides to finance our
projects, commercialize HTL and strengthen the foundation of Ivanhoe
Energy.”

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 Canada, United States, Ecuador, Mongolia, and
China, with business development opportunities worldwide. Ivanhoe
Energy trades on The Toronto Stock Exchange with the symbol IE and on
the NASDAQ Capital Market with the ticker symbol IVAN.

For more information about Ivanhoe Energy please visit www.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 related to the completion of the 
transaction to assign the Company’s interest in the Zitong Block,
including receipt of required waivers and approvals, satisfaction of
conditions to closing and timing thereof, the execution of a definitive
agreement and timing thereof, the anticipated outcome of ongoing
discussions with third parties respecting the establishment of
financial partnerships in respect of one or more of the Company’s
projects , the statements relating to Ivanhoe Energy’s strategy, the
continued advancement of its projects and realization of the value of
its assets and commercialization of its HTL technology, including the
technical, cost and logistical advantages of HTL technology and the
pursuit of other transactions and initiatives and the manner in which
this transaction will benefit the core business, the ability to have
the security posted by Ivanhoe Energy for the performance bond released
at closing and other 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
the ability to obtain all required approvals, consents and waivers from
the government and third parties and the timing thereof, the risk
associated with doing business in foreign countries and other risks
disclosed in Ivanhoe Energy’s 2011 Annual Report on Form 10-K filed
with the U.S. Securities and Exchange Commission on EDGAR and the
Canadian Securities Commissions on SEDAR.

SOURCE Ivanhoe Energy Inc.


Source: PR Newswire