Ivanhoe Energy Executive Chairman, President and CEO Robert Friedland confirmed, in response to numerous enquiries and media reports, that the company, as previously disclosed, is in detailed discussions with a number of resource owners and national oil companies. The Republic of Ecuador's national oil company, Petroecuador, is one such company.

Mr. Friedland said that while talks are at an advanced stage toward an agreement to develop Ecuador's Block 20, known as the Pungarayacu oil field, no final agreement to embark upon the project has been entered into either by Petroecuador or the Ivanhoe Energy board of directors. There can be no assurance that a final agreement will be signed.

"A final agreement would require approvals by both parties and disclosure of the terms of such an agreement would be made at an appropriate time," Mr. Friedland added.

Tags: Ivanhoe Energy Inc., Petroecuador