Ivanhoe Energy Announces Proposal to Extend Warrants

CALGARY, Jan. 12 /PRNewswire/ - Ivanhoe Energy Inc. (TSX:IE.to - News) announced today that the company has made an application to extend the expiry date of 12,410,000 unlisted outstanding common share purchase warrants for 30 days. The application is subject to the approval of the Toronto Stock Exchange. The extension would exclude 90,000 warrants held by an insider of Ivanhoe Energy.

Ivanhoe Energy issued these specific unlisted common share purchase warrants in two tranches on January 26, 2010 and February 25, 2010 for 10,416,667 and 2,083,333 warrants, respectively, by way of a special warrant private placement. These warrants are scheduled to expire on January 26, 2011 however, subject to the approval of the Toronto Stock Exchange, they would expire on February 25, 2011. No other terms of the warrants have been affected. Each warrant entitles the holder to acquire one common share of the company at a price of Cdn$3.16.

Ivanhoe Energy Inc. is an independent, international heavy oil development and production company focused on pursuing long-term growth in its reserves and production using advanced technologies, including its proprietary, patented heavy to light upgrading process (HTL™). Core operations are in Canada, Ecuador, China and Mongolia, with business development opportunities worldwide. Ivanhoe's shares trade on the NASDAQ Capital Market with the ticker symbol IVAN and on the Toronto Stock Exchange under the symbol IE.

For more information about Ivanhoe Energy Inc. please visit our web site at www.ivanhoeenergy.com.
FORWARD-LOOKING STATEMENTS: This document includes forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements which are not historical facts. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may," "potential," "should," and similar expressions relating to matters that are not historical facts are forward-looking statements. Although Ivanhoe Energy believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements include risks disclosed in Ivanhoe Energy's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on EDGAR and the Canadian Securities Commissions on SEDAR.