Heritage Oil Corp fka HOC

[Golden Cross]

Yeah, but you just have to call ameritade, etrade or whomever you use to do it and do it over the phone

[SKY62]

Can you buy heritage in the U.S.and if so what is the symbol I am having a hard time finding it?It looks like a company worth investing in.

[stev123]

The stock is getting ready for a homerun.

[stev123]

Watch this stock. It has the potential to go up 1000% by the end of this year. Why? The company will soon release the news that it is going to start exploring the IRAK oil fields. If you know that only 10% has been exploited, the future looks bright for this company. During the SADDAM period, the country was boycotted. So, you can imagine that Irak now has one of the biggest oil reserves in the world. Heritage is granted to explore the region in the North of Irak further.
The oil will be transported via Turkey. That is why there are also Turkey investors involved.

[Jeff K]

Stev... I bought at $2.00ca and sold at $4.60ca. Good Luck!

[stev123]

Is this board still active?
I recently bought Heritage Oil. I predict a huge increase of stock value before the end of this year.

Steve

[Jeff K]

Heritage Oil spuds Turaco-3 well in Uganda

CALGARY, Sep 27, 2004 (Canada NewsWire via COMTEX) -- Heritage Oil Corporation (TSX: HOC) today announced that Turaco-3, the third well drilled on the Turaco Prospect in western Uganda, was spudded September 24. Turaco-2, drilled earlier this year, encountered two hydrocarbon bearing zones, with an estimated gross pay of approximately 300 metres, which although the company was able to log fully, was unable to production test.

Turaco-3 is being drilled approximately 100 metres from the Turaco-2 surface location, with a higher capacity, conventional, third-party drilling rig. It is anticipated the well's total depth will reach 2,850 metres in about 60 days, with testing to follow before the year-end.

Heritage holds a 50% working interest in the project and is the operator.

Micael Gulbenkian, Chairman and CEO, said "the spudding of Turaco-3 is a significant event in the Company's history, providing as it does the potential for a world-class discovery in an unexplored sedimentary basin. I am pleased to report that notwithstanding the remote location and the absence of oilfield infrastructure in Uganda, we have been able to spud this well one month earlier than planned and under budget, which is a significant logistical achievement."

Heritage is an international oil and gas corporation, with principal properties situated in the Republic of Congo, Oman, and Uganda. Heritage's registered office is located in Calgary, Alberta.

[Jeff K]

Heritage Oil Corporation acquires major new acreage in Uganda
Monday July 5, 10:10 am ET

CALGARY, July 5 /CNW/ - Heritage Oil Corporation (TSX: HOC.A - News) today announced that it has executed a Petroleum Sharing Agreement (PSA) with the Government of the Republic of Uganda for Exploration Area (EA) Block 1 - Pakwach. As is the case for Heritage's existing Block 3 licence, Block 1 is in northwest Uganda's Albert Graben adjacent to the Democratic Republic of Congo border, and to the north of Block 3.

This licence allows Heritage to more than double its Albert Graben acreage position. As is consistent with Block 3, Heritage has a 50% interest, is the operator and its joint venture partner is Energy Africa. The 4,285 sq km licence area has a term of six years.

Micael Gulbenkian, Chairman and CEO, said "this latest acreage acquisition firmly demonstrates our commitment to the potential of the Albert Graben. Heritage's strategy has been to increase the Company's acreage in the Albert Graben before the industry is fully aware of its potential. The success of the drilling programs, seismic surveys and recent logging program of Turaco-2 give the Company great confidence in the potential of the basin. Work undertaken to date has demonstrated a potential hydrocarbon reservoir and large structures in the Albert Graben."

The potential of Block 1 looks promising by extrapolating the results of the work programs undertaken in Block 3. Heritage has recently accelerated its work program in Block 3, with a 350 sq km 3D seismic survey being acquired between now and October 2004 and a contract to mobilise a second drilling rig into country is being finalised. Heritage is planning to drill and test a well on the Turaco prospect later this year.

[Jeff K]

Heritage Oil Corporation reports Turaco-2 update and contracts 3D seismicsurvey in Uganda

CALGARY, Jun 11, 2004 (Canada NewsWire via COMTEX) -- Heritage Oil Corporation (TSX: HOC.A) issued an update today on testing of the Turaco-2 well in Uganda. The Turaco-2 well in the Block 3 licence in Uganda was drilled to a total measured depth of 2,963 metres (2,949 metres true vertical depth).

Following the drilling and successful logging of the well, Heritage and its joint venture partner, Energy Africa, decided to significantly enhance the test program to conduct production tests on up to four separate potential hydrocarbon-bearing intervals through casing. The Company re-entered the well, but wellbore instability caused the drill string to become stuck while reaming in preparation for testing. Following an extensive program to retrieve the drill string and subsequent cost benefit analysis, the Company has decided to abandon this particular well in favour of an optimised appraisal program. Heritage has identified another drilling rig for immediate mobilisation into Uganda in order to accelerate the drilling program and realise the potential of the licence as rapidly as possible.

Micael Gulbenkian, Chairman and CEO stated, "We are undertaking appraisal and exploration activities in a virgin basin in a challenging location and so difficulties are to be expected. We have obtained extensive data from the drilling and logging programs which confirm the prospectivity of the licence."

To further demonstrate the Company's confidence in the hydrocarbon potential of Uganda, Heritage and Energy Africa have intensified the work program, commencing with the acquisition of a 350 sq km 3D seismic survey for approximately US$6 million. The seismic crew has been mobilised and the survey should be completed by October. Heritage has acquired three seismic surveys over the licence in the last five years which have identified a number of structures. The 3D seismic survey will delineate these structures and identify additional drilling targets for the two rigs which will be in country.

Heritage is the project operator and holds a 50% working interest.

Heritage is an international oil and gas corporation, with principal properties situated in the Republic of Congo, Oman, and Uganda. Heritage's registered office is located in Calgary, Alberta. The Company's Class "A" Common Shares trade on the Toronto Stock Exchange under the symbol HOC.A.

[Jeff K]

Heritage Oil Corporation reports first quarter results; revenue and earnings increase from the previous comparable quarter
Monday May 17, 9:01 am ET

CALGARY, May 17 /CNW/ - Heritage Oil Corporation (TSX: HOC.A - News) today announced results for the first quarter of 2004. All figures are in US Dollars.

First Quarter Results: (three months ended March 31, 2004 compared with
--------------------- three months ended March 31, 2003)

- Oil & gas revenue was $1,824,926 compared with $954,160.
- Total revenue was $1.9 million compared with $1.05 million.
- Net earnings were $336,012 compared with $138,770.
- Net basic and diluted earnings per share were $0.02 compared with
$0.01.

Micael Gulbenkian, Chairman and Chief Executive Officer said "in the first quarter of this year both revenues and net earnings are ahead of the comparable period in the previous year. This is primarily due to the sale of 37,207 barrels of condensate from the Bukha field generating revenue of $1,271,772."

Net earnings of $336,012 are $197,242 higher than in the comparable period in the previous year. Total petroleum and natural gas revenue of $1,824,926 is $870,766 higher, an increase of 91% from the same period in the previous year.

At the end of the quarter, the net asset value per share, discounted at 10%, was estimated at $5.68 (Cdn$7.43) per share.

Heritage's net condensate, liquid petroleum gas (LPG) and crude oil production in the first quarter averaged 485 barrels of oil per day, 6% lower than the same quarter in the previous year. Average daily production in the first quarter was generally in line with the fourth quarter of 2003.

Mr. Gulbenkian said, "the most significant event of this latest quarter is completion of the drilling of Turaco-2 in Uganda. Reaching a total measured depth of 2,963 metres (2,949 metres true vertical depth), we encountered shows of hydrocarbons while drilling. We decided to increase the test program significantly to conduct production tests through cased-hole over up to four separate potential hydrocarbon-bearing intervals in the well. The well test program is planned to commence this month with results announced three to four weeks later."

"Another significant accomplishment," Mr Gulbenkian said, "is the co-sponsoring of an oil and gas training course in Portugal to train 25 officials from the Ministry of Oil from Iraq." Heritage, together with Galp Energia (the national oil company of Portugal) and the Government of Portugal, are sponsoring this training course at the Universidade Lusfada De Lisboa in Portugal; the courses which last up to eight-weeks began in late April and cover all facets of the oil industry. Heritage's co-sponsorship has cemented ties with Iraq's Ministry of Oil, thus establishing the Company's long term commitment to the country.

Heritage continues to be debt free and at the end of the quarter had cash and cash equivalents of $20,885,961. Further, the Company continues to focus on new business development and is pursuing opportunities in the Middle East, Africa and Russia and the CIS.

"Heritage is confident it will complete discussions and conclude a number of these opportunities during the next six to twelve months," Mr. Gulbenkian said.

Heritage is an international oil and gas company, with principal properties situated in the Republic of Congo, Oman, and Uganda. Heritage's registered office is located in Calgary, Alberta. The Company's Class "A" Common Shares trade on the Toronto Stock Exchange under the symbol HOC.A.

[Jeff K]

Heritage Oil Corporation announces year-end 2003 results
Wednesday May 12, 9:02 am ET

CALGARY, AB, May 12 /CNW/ - Heritage Oil Corporation (TSX: HOC.A - News) announced today its full year results for 2003. (All figures reported in U.S. dollars unless otherwise indicated.)
The highlights for 2003 are as follows:


- Record level of cash holdings at year-end of $24.2 million
- Earnings of $2.6 million
- Proved and probable reserves valued at plus $86.1 million
(Cdn$112.6 million), at a discount rate of 10%, 82% higher than the
previous year-end
- Petroleum and natural gas revenues: $4.5 million
- $1.2 million gain on sale of investment in Maurel et Prom
- Estimated net asset value per share: $5.69 (Cdn$7.36)
- Net earnings per barrel: $7.24, $3.93 in 2002
- Significant drilling success with the second exploration well in
Uganda intersecting potential hydrocarbon bearing sections


The following summarizes the full-year results (for the 12 months ended December 31, 2003 compared with the 12 months ended December 31, 2002):

Petroleum and natural gas revenue was $4,517,108 compared with $4,590,124
Total revenue was $6,092,515 compared with $35,952,224
Adjusted total revenue was $4,905,782 compared with $4,985,202(x)
Net earnings were $2,560,886 compared with $31,665,452
Adjusted net earnings were $1,374,153 compared with $698,430(x)
Basic net earnings per share of $0.13 compared with $1.67

(x) Excludes an extraordinary net gain on sale of petroleum and natural
gas interests of $30,967,022 in 2002 and gain on the sale of
investment in 2003 of $1,186,733


"We were pleased with the results for 2003," said Heritage Chairman and CEO Micael Gulbenkian. "Net earnings reached $2.6 million, an increase on 2002 if the extraordinary gain from the sale of the Kouilou is excluded. From a balance sheet perspective, the Company is on a firm footing with a cash holding of over $24 million and an estimated net asset value per share of $5.69 (Cdn$7.36)."
Heritage reported total revenues of $6,092,515 (oil and gas revenues of $4,517,108, interest income of $388,674 and gain on sale of investments of $1,186,733) in the latest year compared to $35,952,224 (oil and gas revenue of $4,590,124, interest income of $395,078 and gain on sale of petroleum and natural gas interests of $30,967,022) in 2002. Net earnings were $2,560,886 compared to $31,665,452, which included the $31.0 million gain on the sale of its Kouilou permit and sale of a subsidiary company which held licences in India in the prior year.

Beyond operations, the Company focused aggressively on new acquisitions, Mr. Gulbenkian added. "We believe there are tremendous opportunities in world-class hydrocarbon basins in Africa, the Middle East, Russia and the CIS. With our Company's treasury and our expertise in both operations and exploration, Heritage will continue to evaluate opportunities to increase shareholder value through 2004 as well."

Production levels were 10% lower than the prior year primarily as a result of operator delays at the Kouakouala field in Congo which delayed the 2003 drilling program which is now slated for 2004. Production also decreased from the Bukha field in Oman, as was expected from this mature asset. During the year, Heritage realized a $1.2 million gain on the sale of its Maurel & Prom debentures obtained from the sale of the Kouilou exploration permit in 2002.

Scott Pickford, an ECL Group company, recently completed its independent reserves evaluation of the Company's properties as at December 31, 2003. This shows a significant increase over the year end 2002 evaluation. Total proved and probable reserves have increased to 18.0 million of barrels of oil equivalent. Scott Pickford valued the proved and probable reserves at $86.1 million (Cdn$112.6 million) at a discount rate of 10%, an increase of 82% compared to their 2002 evaluation.

In Uganda, the Turaco-2 well reached a total measured depth of 2,963 metres (2,949 metres true vertical depth) subsequent to year-end. The well encountered shows of hydrocarbons while drilling and the interpretation of the initial logs indicated two potential hydrocarbon bearing zones. Following the success of the well Heritage decided to significantly increase the test program which should commence this month.

Heritage is an international oil and gas corporation, with principal properties situated in the Republic of Congo, Oman, and Uganda. Heritage's registered office is located in Calgary, Alberta. The Company's Class "A" Common Shares trade on the Toronto Stock Exchange under the symbol HOC.A.


This press release is not for distribution to United States
Newswire Services or for dissemination in the United States.



FORWARD-LOOKING STATEMENTS: Except for statements of historical fact, all statements in this news release - including, without limitation, statements regarding production estimates and future plans and objectives of Heritage - are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.

HERITAGE OIL CORPORATION
Consolidated Balance Sheets

December 31, 2003 and 2002
(U.S. dollars)

-------------------------------------------------------------------------
2003 2002
-------------------------------------------------------------------------
Assets

Current assets:
Cash and cash equivalents $ 24,168,872 $ 18,246,182
Accounts receivable 1,046,461 1,610,319
Note receivable - 2,500,000
Prepaid expenses 57,124 82,547
Inventories 267,288 49,225
-----------------------------------------------------------------------
25,539,745 22,488,273

Property and equipment 22,170,234 16,029,503

Deferred development costs 270,446 -

Convertible debentures - 5,817,606
-------------------------------------------------------------------------
$ 47,980,425 $ 44,335,382
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Liabilities and Shareholders' Equity

Current liabilities:
Accounts payable and accrued liabilities $ 3,032,315 $ 3,385,098

Accumulated abandonment and site restoration 90,083 65,977

Shareholders' equity:
Share capital and warrants 20,829,215 19,010,052
Retained earnings 24,028,812 21,874,255
-----------------------------------------------------------------------
44,858,027 40,884,307

-------------------------------------------------------------------------
$ 47,980,425 $ 44,335,382
-------------------------------------------------------------------------
-------------------------------------------------------------------------


HERITAGE OIL CORPORATION
Consolidated Statements of Earnings and Retained Earnings

Years ended December 31, 2003 and 2002
(U.S. dollars)

-------------------------------------------------------------------------
2003 2002
-------------------------------------------------------------------------
Revenue:
Petroleum and natural gas $ 4,517,108 $ 4,590,124
Interest 388,674 395,078
Gain on sale of investment 1,186,733 -
Gain on sale of petroleum
and natural gas interests - 30,967,022
-----------------------------------------------------------------------
6,092,515 35,952,224

Expenses:
Operating 1,189,439 1,525,636
Royalties 425,487 413,554
General and administrative 2,622,467 2,151,041
Interest 731 29,913
Foreign exchange gains (1,655,473) (386,015)
Depletion, depreciation and amortization 895,540 385,078
Write-down of unproved petroleum
and natural gas interests 53,438 167,565
-----------------------------------------------------------------------
3,531,629 4,286,772

-------------------------------------------------------------------------
Net earnings 2,560,886 31,665,452

Retained earnings (deficit),
beginning of year 21,874,255 (9,487,787)

Premium on redemption of common shares (406,329) (303,410)

-------------------------------------------------------------------------
Retained earnings, end of year $ 24,028,812 $ 21,874,255
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Earnings per share:
Basic $ 0.13 $ 1.67
Diluted $ 0.12 $ 1.56
-------------------------------------------------------------------------
-------------------------------------------------------------------------


HERITAGE OIL CORPORATION
Consolidated Statements of Cash Flows

Years ended December 31, 2003 and 2002
(U.S. dollars)

-------------------------------------------------------------------------
2003 2002
-------------------------------------------------------------------------
Cash provided by (used in):

Operating:
Net earnings $ 2,560,886 $ 31,665,452
Items not involving cash:
Gain on sale of investment (1,186,733) -
Depletion, depreciation and amortization 895,540 385,078
Foreign exchange gains (487,899) (382,993)
Stock-based compensation to officer 356,448 534,699
Write-down of unproved petroleum
and natural gas interests 53,438 167,565
Gain on sale of petroleum
and natural gas interests - (30,967,022)
Changes in non-cash operating
working capital 807,394 (628,649)
-----------------------------------------------------------------------
2,999,074 774,130

Financing:
Shares issued for cash, net of issue costs 1,797,016 612,285
Redemption of common shares (740,630) (607,984)
Repayment of long-term debt - (2,045,569)
Repayment of note payable - (500,000)
-----------------------------------------------------------------------
1,056,386 (2,541,268)

Investing:
Proceeds on sale of investment 7,492,238 -
Capital expenditures (7,065,603) (10,664,145)
Repayment of note receivable 2,500,000 -
Development expenditure (270,446) -
Proceeds on sale of petroleum
and natural gas interests - 30,350,000
Issue of note receivable - (2,500,000)
Changes in non-cash investing working
capital (788,959) 1,424,072
-----------------------------------------------------------------------
1,867,230 18,609,927

-------------------------------------------------------------------------
Increase in cash and cash equivalents 5,922,690 16,842,789

Cash and cash equivalents, beginning of year 18,246,182 1,403,393

-------------------------------------------------------------------------
Cash and cash equivalents, end of year $ 24,168,872 $ 18,246,182
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Supplementary cash flow information:
Cash interest received $ 520,204 $ 241,589
Cash interest paid $ 731 $ 29,913
-------------------------------------------------------------------------
-------------------------------------------------------------------------

[Jeff K]

A Gusher in Uganda?

For a relatively smallish hydrocarbon producer, Heritage Oil Corporation (TSX: HOC.A) has two very large pluses running in its favor.

First, it can boast a rather well-stocked corporate treasury with about US$15 million in cash. Second, the Company struck oil and higher order gases in Uganda last year -- an historic and potentially very prospective first for a country with not a drop of domestic oil supply. Naturally, it would be quite a coup for Heritage too. That is, if the Company’s second well into the target, Turaco-2 spudded his fall, transforms the mere “indications” of hydrocarbons (as were termed the results from the mechanically-flawed Turaco-1 Well) into significant flow rates this second time around.

“We’re very confident of finding a significant oil reservoir,” said Chief Executive Officer Micael Gulbenkian. “But,” he cautions, “only time and Turaco-2 will tell.”

Turaco-1, drilled to a total depth of 2,487 metres, encountered good shows of both methane and higher order gases (C1 to C4) and also shows of live oil, but mechanical difficulties prevented logging.

However, Mr. Gulbenkian’s confidence in finding a large body of hydrocarbons is not solely a function of the Turaco-1 Well. Geologically, the Middle Miocene Kisegi Formation sand, Uganda’s primary reservoir target along the southeast portion of Lake Albert, represents a world-class reservoir with 100-meter-thick sand demonstrating extremely good reservoir parameters. As well, surface oil seeps at the margin of the Graben indicate the basin has generated oil, while seismic data, the first ever to be acquired in Uganda, points to the potential for a significant hydrocarbon source province.

“Putting all of these favorable factors together, we stand a solid chance at a significant find,” Mr. Gulbenkian recently told CHF’s SmallCap Spotlight.

But Heritage is more than a throw of the dice on a couple of exploration holes. It has, as noted, a bulging corporate treasury with which to acquire new properties in other locations of the world. In fact, the Company has embarked on an acquisition campaign that could generate either new opportunities for existing production or new advanced exploration targets.

“We have a very active project review under way in several parts of the world,” Mr. Gulbenkian said. “I think we will soon find a project with the right kind of ingredients that can enhance shareholder values.”

And Mr. Gulbenkian should know. He is the great-nephew of Calouste Gulbenkian who formed a syndicate nearly a century ago that first discovered the oil riches of Iraq. Mr. Gulbenkian, before joining Heritage, managed the oil and gas interests of the Calouste Gulbenkian Foundation, developing the firm into a fully-fledged energy business.

Heritage’s current production comes from the Republic of Congo, where the Company holds a 25% interest in the Kouakouala field. Average production in the second quarter of 2003 from Kouakouala was approximately 260 barrels per day (bpd) net to Heritage. A BEICIP-Franlab field evaluation conducted earlier this year, confirmed that full field development should eventually provide gross production approaching 9,000 bpd.

Heritage and its partners, Maurel & Prom (50%) and Tacoma Resources (25%), are planning a potential three-well program to further develop the field.

In Oman, the Company holds 10% interests in two gas fields and recently announced a new gas/condensate discovery, confirming a 185-meter gross hydrocarbon column.

In terms of Heritage’s total reserves there was very good news indeed recently. An independent reserve report in June 2003 pegged total proven reserves at 4.6 million barrels of oil equivalent (boe), a significant increase from the 0.9-million-barrel figure of six months earlier. Total proven and probable reserves (unrisked) now stand at 17.8 million boe valued at an unrisked US$47.2 million or Cdn$74.4 million. The proven plus risked 50% probable reserves are 11.2 million boe with a value of US$29.5 million (Cdn $46.5 million) at a discount rate of 10%.

The Company’s common shares trade on the Toronto Stock Exchange under the symbol HOC.A. And one of other piece of good news -- the “A” in the stock symbol does not stand for a separate class of multiple voting shares, but is only a part of the symbol. The Company believes in the shareholder democracy of one share one vote.

[Jeff K]

Heritage Oil plans to flow test four intervals at Turaco-2 well in Uganda.
Wednesday March 17, 9:19 am ET

CALGARY, March 17 /CNW/ - Heritage Oil Corporation (TSX: HOC.A - News) announced today that following the recently completed formation pressure test program on the Turaco-2 well in Uganda, it has mobilized cased-hole testing equipment to conduct production tests over four separate hydrocarbon-bearing intervals in the well.
The Company had originally planned an open-hole drill stem test for Turaco-2. However, the interpretation of the wireline logs, which indicated the presence of hydrocarbons in two extensive zones, supplemented by the results of the formation pressure test program, indicates a more comprehensive program is required to adequately test the well.
"Our interpretation of the wireline logs and the results of the formation pressure test program have strongly convinced us to case the well and conduct a series of independent tests of several different intervals. This upgraded plan is more costly and time-consuming, but a necessity given the information we now have from the formation itself," said Heritage Chairman and CEO, Micael Gulbenkian.
Both the new test equipment and casing are en-route via sea and air freight from as far away as Singapore, UAE, UK and Germany.
Mr. Gulbenkian added that "in view of the level of encouragement we have received from this well we have to be slightly more patient than previously anticipated. The casing is expected to arrive on-site by mid-April. Production tests will then commence immediately, and we anticipate the multi-zone program will take three to four weeks to complete."

[Jeff K]

Head of Calgary oil firm seeks riches in Iraq, follows Armenian forebear.

LONDON, May 26, 2003 (The Canadian Press via COMTEX) -- Iraq was still part of the Ottoman Empire when an Armenian engineer formed a syndicate to drill for oil there and, in doing so, helped shape the global oil industry.
Now his great-nephew plans an Iraqi venture of his own. The syndicate struck gushers of crude, and Calouste Gulbenkian's five per cent share of the company afforded him homes in some of Europe's finest hotels, a collection of 5,000 works of art and a second career as a philanthropist. Almost a century later, his great-nephew, the chairman of Calgary, Alberta-based Heritage Oil Corp., plans to visit Iraq in June to seek his own opportunities.
"I'm hoping to set up and develop something interesting in oil and gas because Iraq, for any oil person, is paradise," Mikael Gulbenkian said at his office in London.
Heritage, which sold its first shares to the public four years ago, is a small oil exploration firm with operations in Africa and the Middle East. Its annual earnings for 2001 were a modest $900,000 US on sales of $3.6 million.
Mikael Gulbenkian is deliberately vague about what he plans to do in Iraq, but he dismisses comparisons with his larger-than-life relative.
"I think that would be rather presumptuous because very seldom does history repeat itself," he said.
Formed in 1911, Calouste Gulbenkian's syndicate, Iraq Petroleum Co., secured exclusive rights to produce and sell oil not just in Iraq but in most of the former Ottoman lands, including Saudi Arabia and many of the Persian Gulf emirates.
Iraq proved to have the second-biggest known crude reserves after Saudi Arabia.
The company renamed as IPC became a model for other petroleum joint ventures. Its success boosted the global ambitions of Gulbenkian's partners, which went on to become the world's largest energy companies - BP, Royal Dutch/Shell Group, the precursor to French oil giant Total, and the two U.S. companies that eventually merged to form Exxon Mobil.
"When you have business intuition and political and technical capabilities, you can have the foresight to actually define the path of an industry," Mikael Gulbenkian said of his forebear.
The Iraqi government nationalized IPC's oil assets in 1972, yet the company carries on in London.
While the syndicate is still owned by its original shareholders, the companies insist IPC has no legal claims to assets or property inside Iraq.
BP says the five shareholders reached an agreement with the Iraqi government in 1973-74, accepting 105 million barrels of oil as compensation for their seized assets and paying a one-time sum of $315 million to the Iraqis to settle various outstanding claims.
"We don't plan to renew any business or contacts with a future government of Iraq through IPC," said Shell spokeswoman Cerris Tavinor.
Before joining Calgary-based Heritage Oil - whose main assets are in the Congo, Oman, and Uganda - Mikael Gulbenkian ran the oil and gas interests of the Lisbon-based Calouste Gulbenkian Foundation. There, he developed his great-uncle's stake in IPC into a full-fledged energy business.
Though a "formidable organization" in its heyday, IPC is now a relic with no role to play in Iraq, Gulbenkian said.
Iraq, in any case, is still closed to investment by foreign oil companies. Although some U.S. officials have urged that Iraq's state-owned oil monopoly be opened to outside investors, such a major restructuring will likely await the installation of a stable Iraqi government.
IPC's British and French partners tried at first to keep Iraq's oil-patch for themselves. However, the United States leaned hard on its First World War allies until they made room for Americans.
Calouste Gulbenkian, renowned as Mr. Five Percent, kept his small stake throughout the diplomatic wrangling. Perhaps his shrewdest move was to insist that none of the partners explore for oil anywhere in the former Ottoman Empire except through IPC itself.
He drew a red line on a map to define the area he meant. The result, the Red Line Agreement of 1928, was the boldest carve-up in the annals of big oil, said Anthony Sampson, author of The Seven Sisters, a history of the oil business.
Today, the United States and its ally Britain are maneuvering - as IPC did in its early days - to preserve their unique influence on decisions about the production and sale of Iraqi oil.
Although the two allies control Iraq's oil fields, they lack the legal authority to sell its crude.
Iraq still can only export oil under the UN oil-for-food program, which comes up for renewal next month. The Americans and British have asked the UN Security Council to lift sanctions against Iraq and let it resume exporting normally.
France, this time, is on the outside and hoping to get in. Total had negotiated with Saddam's government to develop the enormous Majnoon oil field in southern Iraq, but given France's opposition to the U.S.-led attack, Total's prospects there look bleak.
Russia, too, is worried that the Americans and British will nullify Saddam's prewar agreements with Russian firms.
Mikael Gulbenkian sees parallels today with the diplomatic squabbling over Iraq's oil in the 1920s.
Gulbenkian, 49, is the only member of his family still active in the oil business. His ancestors traded along the remnants of the old Silk Road to China, and for at least two centuries they enjoyed commercial privileges in Ottoman-ruled Iraq.
Despite the present upheaval in Iraq, Gulbenkian sounds almost nostalgic about going there to do business.