Ivanhoe Energy Inc. said on Friday it will seek protection under Canada's Bankruptcy and Insolvency Act, as the company becomes the latest small oil-sands developer to struggle with oil prices that have fallen by more than half since June, Reuters reported on Friday. The company has been unable to make a C$2.1 million ($1.7 million) payment on a debenture issue and received a default notice earlier this week for the C$73.3 million issue. Ivanhoe was founded by famed mining investor Robert Friedland, who has lent the company $2.74 million since October. Ivanhoe is the latest small oil sands developer struggling to survive low oil prices while operating in one of the world's highest-cost regions. It owns the Tamarack thermal oil sands property in northern Alberta and controls another heavy oil property in Ecuador. http://www.reuters.com/article/2015/02/20/ivanh-engy-bankruptcy-idUSL1N0VU2EF20150220

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