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Gold/Mining/Energy : IVAN - Ivanhoe Energy -- Ignore unavailable to you. Want to Upgrade?

To: Pluvia who wrote (108)	11/11/2003 3:05:18 PM
From: Pluvia	Respond to of 271

Ivanhoe Energy (Nasdaq IVAN) Research Report Page 3-3 – Cont’d TOXIC BOB GOES TO EAST TEXAS *HYPE* “Tue Dec 12, 2000 - Operators in the area have experienced average reserve sizes of about three billion cubic feet of gas per well and initial production rates of approximately three million cubic feet a day.” “Mon Sep 24, 2001 - Bossier wells will produce between two and four million cubic feet of gas per day … Anadarko Petroleum, the area’s largest operator, has drilled more than 300 Bossier wells, achieving a success rate of virtually 100 per cent.” ivanhoe-energy.com *REALITY* “Tue Dec 10, 2002 … - 2002 divestment of seven wells in West Texas. The leases and wells included in these divestments exhibited lower than expected productivity levels and contained few opportunities for additional development.” Pump, Dump, Brush Under the Carpet Then... Change Focus… The 3 wells HYPED above, drilled in the Creslenn Ranch and at Lone Star, with partner Unocal in 2001 were apparently tested but curiously, no results were reported. Instead, after the testing was scheduled, 18 months later IVAN admits IVAN is searching for new partners to pay for continued development. Apparently Unocal wasn’t so impressed with results to continue... IVANHOE ENERGY (IVAN) RESEARCH REPORT PART TWO Page 3-3 Pluvia Securities Research, their agents, associates and or employees have investment positions consistent with the above-stated investment opinion. All comments are the EXPRESS opinion of the Author(s) - All rights reserved.