Ivanhoe Energy receives an additional short-term loan

Ivanhoe Energy Inc. announced today that the company's working capital has been augmented by a further US$540 000 provided by founder Robert Friedland.

The new funds are in addition to the US$2.2 million secured bridge loan provided by Mr. Friedland in October 2014, details of which are contained in Ivanhoe Energy's 10 October 2014 news release, and brings the principal amount of Mr. Friedland's short-term loan to US$2.74 million.

The company will make an additional disclosure respecting the status of its strategic and financial review process once the Board of Directors decides to pursue a specific transaction or series of transactions or otherwise determines that the disclosure is necessary or appropriate. There can be no assurance that the current process will result in a transaction or, if a transaction is undertaken, that it will be successfully concluded in a timely manner or at all.

Ivanhoe Energy is an independent international heavy oil exploration and development company focused on pursuing long-term growth in its reserves and production using advanced technologies, including its proprietary heavy oil upgrading process. Core operations are in Canada, the United States and Ecuador, with business development opportunities worldwide.


Adapted from press release

Published on 02/01/2015


Get your FREE Oilfield Technology magazine »

Get your FREE trial of Hydrocarbon Engineering magazine »

Get your FREE trial of World Pipelines magazine »


 
 

Related articles

Offshore solution comes onshore

Offshore platforms, which are new or still at the design stage have proved a growing market for Australian reel specialist ReCoila.

Short term RFS fix

American Fuel and Petrochemical Manufacturers have responded to the Environmental Protection Agency’s short term Renewable Fuel Standard fix.

Offshore platforms could be hot spot of fish abundance

According to research conducted by the University of Aberdeen’s Oceanlab, offshore oil and gas platforms could be serving as beneficial environments for populations of prime commercial fish species such as cod and haddock.

Offshore energy

Offshore energy confirms speakers.

Recommend magazines

  Oilfield Technology