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Gold/Mining/Energy : Ivanhoe Energy Inc - (IE) -- Ignore unavailable to you. Want to Upgrade?

To: bcjt who wrote (2)	9/27/1999 11:03:00 AM
From: Winzer	Read Replies (1) \| Respond to of 33

Ivanhoe Energy expands interest in East Lost Hills Ivanhoe Energy Inc IE Shares issued 89,727,767 Sep 24 close $3.90 Mon 27 Sept 99 News Release Mr. David Martin reports Ivanhoe Energy has completed an agreement to increase its interest in an early exploration program to evaluate the deep gas potential of its East Lost Hills properties in Southern California's San Joaquin Valley. Ivanhoe has signed an amending agreement with its partner, a major oil producer in California, through which Ivanhoe now will earn an increased, minimum working interest of 47 per cent in leases held within a 15,680-acre block of mutual interest in East Lost Hills. Ivanhoe also owns overriding royalty interests ranging from 1.375 per cent to 6.88 per cent on the Lost Hills properties, which include more than 4,000 acres of oil and gas leases presently held by Ivanhoe and its partner. David Martin said that Ivanhoe Energy is taking the lead role in the partnership in acquiring a detailed seismic program, to supplement existing seismic data held by the partners, which will commence in November and will help to fix a drilling location for the East Lost Hills prospect. "A deep exploration well is planned to test this prospect after completion of the seismic program and after a review of results from wells currently being drilled in the vicinity by a Canadian consortium, led by Berkley Petroleum, of Calgary," Mr. Martin said. "Berkley's first well blew out last fall, and was subsequently confirmed by the sidetrack redrill of its relief well. Based on existing seismic and geological data, our block is adjacent to, and on trend with, Berkley's drilling activities." As announced in recent months, Ivanhoe Energy has positioned itself to be a significant participant in the California deep gas play through actions that include: a commitment to a 12.5-per-cent participation in the Lucky Dog No. 1 deep gas exploration well, scheduled for drilling later this year; and acquisition of a portfolio of royalty interests, which will form the nucleus of an operating subsidiary within Ivanhoe Energy. Ivanhoe Energy expects to be in a position shortly to release additional information on its expanded property holdings and exploration interests in the San Joaquin Valley. WARNING: The company relies upon litigation protection for "forward-looking" statements. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com