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Gold/Mining/Energy : KOB.TO - East Lost Hills & GSJB joint venture -- Ignore unavailable to you. Want to Upgrade?

To: Ritch D who wrote (5167)	9/27/1999 10:06:00 AM
From: Fred C. Dobbs	Read Replies (1) \| Respond to of 15703

New DD website, oilstocksinvestor.com More interest in ELH, were these guys ever part of the gruop of 7? oilstocksinvestor.com Ivanhoe Energy announces expanded interest in East Lost Hills Deep-Gas Exploration play in San Joaquin Valley, California > VANCOUVER, Sept. 27 /CNW-PRN/ - David Martin, Chairman of Ivanhoe Energy Inc., announced today that the company 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% 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% to 6.88% on the Lost Hills properties - which include more than 4,000 acres of oil and gas leases presently held by Ivanhoe and its partner. Mr. 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% participation in the Lucky Dog No. 1 deep-gas exploration well, scheduled for drilling later this year. - 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. Ivanhoe Energy shares trade on the Toronto Stock Exchange under the symbol IE. FORWARD-LOOKING STATEMENTS: Except for statements of historical fact, all statements in this news release - including, without limitation, statements regarding potential reserves, exploration results and future plans and objectives of Ivanhoe Energy Inc. (Ivanhoe) - are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Ivanhoe's expectations are disclosed under the heading ``Risk Factors,' and elsewhere, in Ivanhoe's documents filed from time to time with the Toronto Stock Exchange and other regulatory authorities. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and Ivanhoe undertakes no obligation to update forward-looking statements should there be a change in conditions, or in management's estimates or opinions.