Ivanhoe Energy Inc. (IVAN, Financial) filed Quarterly Report for the period ended 2009-03-31.
Ivanhoe Energy is an independent international oil and gas exploration and development company building long-term growth in its reserve base and production. Core operations are in the United States and China with business development opportunities worldwide. Ivanhoe Energy is a leader in technologically innovative methods designed to significantly improve the company's reserve base and production including the upgrading of heavy oil to light oil state-of-the-art drilling techniques enhanced oil recovery and the conversion of natural gas to liquids. Ivanhoe Energy Inc. has a market cap of $486.12 million; its shares were traded at around $1.74 with and P/S ratio of 7.03.
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Ivanhoe Energy is an independent international oil and gas exploration and development company building long-term growth in its reserve base and production. Core operations are in the United States and China with business development opportunities worldwide. Ivanhoe Energy is a leader in technologically innovative methods designed to significantly improve the company's reserve base and production including the upgrading of heavy oil to light oil state-of-the-art drilling techniques enhanced oil recovery and the conversion of natural gas to liquids. Ivanhoe Energy Inc. has a market cap of $486.12 million; its shares were traded at around $1.74 with and P/S ratio of 7.03.
Highlight of Business Operations:
The Companys financial statements as at and for the three month period ended March 31, 2009 have been prepared in accordance with Canadian generally accepted accounting principles applicable to a going concern, which assumes that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of operations. The Company incurred a net loss of $12.3 million for the three-month period ended March 31, 2009, and as at March 31, 2009, had an accumulated deficit of $206.5 million and positive working capital of $21.0 million. The Company currently anticipates incurring substantial expenditures to further its capital development programs, particularly those related to the development of two recently acquired oil sands leases in Alberta and the development of a heavy oil field in Ecuador. The Companys cash flow from operating activities will not be sufficient to both satisfy its current obligations and meet the requirements of these capital investment programs. The continued existence of the Company is dependent upon its ability to obtain capital to fund further development and to meet obligations to preserve its interests in these properties and to meet the obligations associated with other potential HTL projects. The Company intends to finance the future payments required for its capital projects from a combination of strategic investors and/or traditional debt and equity markets, either at a parent company level or at the project level. Traditional debt and equity markets may not be accessible now or in the foreseeable future and, as such, the Companys ability to obtain financing cannot be predicted with certainty at this time. Without access to financing, the Company may not be able to continue as a going concern. These consolidated financial statements do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary should the Company be unable to continue as a going concern.Read the The complete Report
