Ivanhoe Energy, Inc., was incorporated pursuant to the laws of the Yukon Territory of Canada, on February 21, 1995, under the name 888 China Holdings Limited. On June 3, 1996, the Company changed its name to Black Sea Energy Ltd., and on June 24, 1999, Black Sea Energy Ltd. merged with Sunwing Energy Ltd., and the name was changed to Ivanhoe Energy Inc. The Company is an independent international heavy oil development company focused on pursuing long term growth in its reserve base and production using advanced technologies, including its HTL technology. The Company's operating activities and the geographic areas in which it operates includes; Oil and gas operations and are divided into three geographic segments; Asia, Canada and Latin America. Asian operations capture the Company's exploration in Mongolia. The Canadian segment comprises activities from Ivanhoe's oil sands development project at Tamarack. Latin America consists of exploration and development of Block 20 in Ecuador. The Technology Development area captures costs incurred to develop, enhance and identify improvements in the application of the Company's HTL technology. The Company's competitors includes; major, intermediate and junior oil and gas companies and other individual producers and operators. The Company's oil and gas and HTL operations are subject to various levels of government regulation relating to the protection of the environment in the countries in which it operates. The Company's business is subject to certain federal, state, provincial and local laws and regulations in the regions in which it operate relating to the exploration for, and development, production and marketing of, crude oil and gas, as well as environmental and safety matters.