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Ivanhoe Energy Selling Assets in Bankruptcy Break-up
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Ivanhoe Energy is putting up its assets for sale due to bankruptcy - including a patented Heavy to Light upgrade process.
Tamarack – two oil sands leases in Alberta in the Athabasca region of the Western Canadian Sedimentary Basin with over 7,400 net acres. According to the 2013 reserve report, the asset consists of 172 million barrels of heavy oil (2P) reserves and 340 million barrels of additional resources and an estimated reserve life of 30 years;
Patented heavy oil upgrading process "HTL" or "Heavy-to-Light" - a proprietary and patented process that converts heavy oil to lighter synthetic crude oil that can be transported by pipeline without the need for light blend oils. The HTL process can be located in the heavy oil field, completely integrated with upstream field operations. It includes a patent portfolio, a feedstock testing facility, proprietary research and engineering data, and operational know-how.
Pursuant to an order of the Court of Queen's Bench of Alberta made June 16, 2015, KPMG Inc. in its capacity as Court-appointed receiver of Ivanhoe Energy Inc., is soliciting written proposals for the acquisition of the Company's assets and/or shares, in accordance with a sale and investor solicitation process approved by the Court on July 13, 2015, either en bloc or parts thereof.
Primary assets offered for sale include the following:
- Tax Pools – significant non-capital losses in Canada and the US available for use on a go forward basis, subject to income tax rules and regulations in both Canada and the US.
- In addition to the three principal assets, Ivanhoe also holds oil and gas exploration and production rights in Mongolia.
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