Ivanhoe Energy Q1 Net Loss Widens


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Ivanhoe Energy Inc. (IE.TO, IVAN) said in the first quarter of 2013, the company posted a net loss from continuing operations of $12.0 million, which was $1.1 million higher compared to $10.9 million in the same period in 2012 on higher general and administrative expenses related to staff and legal costs partially offset by higher foreign currency exchange gains and deferred income tax recoveries. It had approximately $62.0 million in cash and cash equivalents, as compared to $42.3 million at the end of the same period of 2012, including $20.0 million released from the restricted cash balance stemming from the completion of the Zitong transaction and associated release of the cash collateral under the performance bond, which was assumed by Shell China. "The company feels this is sufficient liquidity to fund operating activities in 2013 and into 2014."

IE also announced today that reported allegations contained in a recently filed lawsuit in Vancouver, British Columbia against Ivanhoe Energy, its subsidiaries Ivanhoe Energy Latin America and Ivanhoe Energy Ecuador and shareholder Robert Friedland, are "false and without merit." The new suit, filed by Cotundo Minerales S.A., an Ecuadorian corporation, contains recycled allegations about Ivanhoe Energy's contract on the Pungarayacu heavy oil field, which were dismissed previously in the United States federal court system.

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