Our two initial HTL heavy-oil projects are Tamarack in Canada and Pungarayacu in Ecuador. In mid-2008, Ivanhoe Energy Inc. acquired a significant heavy-oil block in Canada's Athabasca region from Talisman Energy. In October 2008, Ivanhoe Energy Ecuador Inc. signed an agreement to develop Ecuador's Block 20, including the Pungarayacu oil field.

These heavy-oil projects complement the conventional oil and gas activities that take place in Asia under Sunwing Energy, including the production of oil in Dagang, Hebei province, China, a gas exploration project in Zitong, Sichuan province, China, and an exploration project in Block XVI, Central Mongolia.