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Ivanhoe Energy Announces Sale of Pan-China Resources; Shrs Near Yr Lows

Ivanhoe Energy Inc. (IE.TO), which is trading near a year low 44 cents, announced today that it has signed a Share Purchase and Sale Agreement with MIE Holdings Corporation (MIE) for all of the outstanding shares of its indirect, wholly owned subsidiary, Pan-China Resources Ltd., in exchange for a cash consideration of USD$45 million. Pan-China Resources holds 100% of the foreign contractor's rights for the Dagang Production Sharing Contract.

MIE is publicly traded on the Hong Kong Stock Exchange and specializes in oil and gas exploration, development and production. The Company is headquartered in Hong Kong and has operations in China, the United States and Kazakhstan.

The transaction has an effective date of September 30, 2012 and is subject to standard industry closing conditions, including a USD$5 million hold-back of the total consideration that is payable six months from the closing date. Anticipated closing will be within 30 days.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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