Ivanhoe Energy Receives Ministry of Commerce Approval to Transfer China's Zitong Block

CALGARY, Dec. 6, 2012 /PRNewswire/ - Ivanhoe Energy Inc. (TSX: IE; NASDAQ: IVAN) announced today that its wholly owned subsidiary, Sunwing Zitong Energy (Sunwing), has received approval from the Ministry of Commerce of the People's Republic of China (the Ministry) to transfer its participating interest in the Contract for Exploration, Development and Production in the Zitong Block, Sichuan Basin, to Shell China Exploration and Production Co. (Shell).

The Ministry's approval was received on November 28, 2012, setting the stage for the Company to increase its pre-tax working capital by USD$105 million. To complete the transfer Sunwing and Shell will finalize a number of administrative matters within the next two weeks, as per the definitive Sale and Purchase Agreement.

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