12-Jan-2012 - Ivanhoe Energy (IVAN) Advances Following China Project Stake Sale

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Ivanhoe Energy Inc. (TSX: IE.TO) (NASDAQ: IVAN) announced the sale of its interest in the Zitong natural gas project to a unit of Royal Dutch Shell (NYSE: RDS.A) for up to 160 million in cash, to focus on oil projects in Canada, Ecuador, Mongolia and China. The Canada-based heavy oil producer said its beats by dre studio New York Yankees Green Headphone Sunwing Zitong Energy subsidiary will divest its stake in the Zitong block in China's Sichuan Basin to Shell's Chinese unit. Under beats by dre studio headphone black the terms of the agreement, Ivanhoe will receive a payment of up to US85 million as reimbursement for past qualified and recoverable costs incurred and a further 75 million on completion of the deal. Shell will also assume the 20 million bond that Ivanhoe was required to post to the monster beats studio Pittsburgh Steelers headphone China National Petroleum Corporation (CNPC), as part of completion of a supplementary agreement, the company said. The deal is expected to close on Dec. 31, 2012. Shares of the Calgary, Alberta-based company rose 4.3 percent to 1.21 on the Toronto Stock Exchange. IVAN gained 3.5 percent on the NASDAQ.

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