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Ivanhoe Energy
built 178 days ago
Ivanhoe Energy Inc. (NASDAQ: IVAN) shares are surging into the close, extending a winning streak that started last Thursday. The stock is higher by $.28, or 19.32%, to $1.73 on volume of 4.7 million shares. Typical daily volume is just under a million shares. 8x8 Inc. (NASDAQ: EGHT) is ... experiencing a huge spike in volume. Shares are up 9.37% to $1.75 on volume of 1.6 million shares. There is no material news out at this time that could justify such an upswing.
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On September 30, 2007, Ivanhoe Energy's cash position was US$14.8 million. In the third quarter of 2007 the company obtained a $30 million Revolving/Term Credit Facility with an initial borrowing base of $10 million from Standard Bank Plc for the Dagang project in China. An initial draw of $6.3 million (net of financing costs) was made in September 2007. The facility is scheduled to expire in September 2010. In the third quarter, the company ... made a draw of $3 million on its existing $15 million Senior Secured Revolving/Term Credit Facility.
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In early February, Ivanhoe Energy Inc. (NASDAQ: IVAN) announced its most successful test run at its California processing facility. Ivanhoe Energy's proprietary technology upgrades the quality of heavy oil and bitumen by producing lighter, more valuable crude oil at lower costs. The findings from the latest run may indicate that the company has indeed found a simple and cost effect alternative for the processing of some of the more challenging heavy crudes. What ... is intriguing is that the most recent run was observed by a representative from one of several international oil companies that are currently assessing the technology and are in strategic discussions with Ivanhoe Energy. Today's move can be attributed to speculation that these discussions have made some headway. Investors should also take note that more is probably in the works regarding potential advancements to Ivanhoe's technology, as the company promised it would issue updates once data from the run was sufficiently analyzed.
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Ivanhoe Energy Inc. engages in the development and production of oil and gas. The company's principal oil and gas properties are located in California's San Joaquin Basin and Sacramento Gas Basin; the Midland Basin in Texas; and the Hebei and Sichuan Provinces in China. As of December 31, 2006, the company had estimated net proved reserves of 1,220,000 barrels of oil and 417 million cubic feet of gas in the United States and 1,785,000 barrels of oil in China. Ivanhoe Energy ... had 131 oil wells in the United States and China, as well as 2 gas wells in the U.S. The company has a strategic alliance with CITIC Energy, Ltd. Ivanhoe Energy was founded in 1995 under the name 888 China Holdings Limited and changed its name to Black Sea Energy, Ltd. in 1996. Further, it changed its name to Ivanhoe Energy Inc. in 1999. The company is based in Vancouver, Canada.
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Ivanhoe Energy Inc. was incorporated according to laws of the Yukon, Canada, on February 21, 1995 under the name 888 China Holdings Limited. On June 3, 1996, it changed the Company name to Black Sea Energy Ltd., and on June 24, 1999, it changed the Company name to Ivanhoe Energy Inc. Since 1996 it has executed a business plan of evaluating and exploiting potentially attractive opportunities to acquire, develop and explore for oil and gas, principally in California, China and in the late 1990's, in Russia. The Company is an independent international energy company engaged in the exploration for and production of oil and gas, enhanced oil recovery and natural gas projects and the application of heavy oil upgrading using a proprietary rapid thermal processing technology and the conversion of natural gas-to-liquids using a licensed technology. The Company's core operations are in the United States and China, but the Company has business and product development opportunities worldwide. Syntroleum's proprietary GTL process is designed to catalytically convert natural gas into synthetic liquid hydrocarbons. This patented process uses compressed air, steam and natural gas as initial components to the catalyst process.
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Ivanhoe Energy should not be confused with sister company Ivanhoe Mining, which has had the same PR machine going over its massive potential copper project in Mongolia. Ivanhoe mines is expected to begin trading in the U.S. as soon as tomorrow. The PR, at least, has paid off -- Ivanhoe energy has gone from being an obscure company with minimal interest to being one of the most heavily traded companies on the Nasdaq, with more than 11 million shares -- $66 million worth -- trading daily. That's nearly 7% of the company's float changing hands each day, for those of you playing the home game.
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