Ivanhoe Energy Inc., together with its subsidiaries, engages in the development and production of oil and gas properties. The company holds interests in the Tamarack property, which is a 6,880 acre block located to the northeast of Fort McMurray, Alberta, Canada; the Zitong block that covers an area of approximately 248,000 gross acres and is located in the Sichuan basin, China; the Dagang field, which covers an area of 10,255 gross acres and is located in Hebei province, China; the Nyalga Block XVI that covers an area of approximately 3.1 million gross acres and is located in the Khenti and Tov provinces, Mongolia; and the Pungarayacu heavy oil field in Block 20 that covers an area of 426 square miles and is located to the southeast of Quito, Ecuador. As of December 31, 2011, it had 49 gross producing oil wells; and proved reserves of 1,729 thousand barrels. The company was formerly known as Black Sea Energy Limited and changed its name to Ivanhoe Energy Inc. in June 1999. Ivanhoe Energy was founded in 1995 and is headquartered in Calgary, Canada.