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September 30, 2004 Stock Pick: Ivanhoe Energy Inc. (IVAN)

Stock Price: $2.11

Ivanhoe Energy, Inc. is an international natural gas company focused on becoming the leader in the development of gas-to-liquid projects. They currently have operations in Texas, California, and China.

In August, the company announced an 82% increase in production (barrels/day) over 2003. They are currently receiving $35 to $42 a barrel of crude oil. We believe they will continue to increase production as they expand their wells into China.

IVAN was at this level this time last year before it ran to above $7.50 in less than two months. It appears conditions are right for it to make a similar run. The company is in a much better position this year.

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