Imperial Announces Financial Results

http://www.businesswire.com/news/home/20091029006398/en

EVANSVILLE, Ind.--(Business Wire)--
Imperial Petroleum, Inc. (OTCBB:IPMN) announced the financial results of its
year ending July 31, 2009. The Company reported net income of approximately
$10.8 million or $0.64/share on annual revenues of about $1.1 million.

Jeffrey T. Wilson, President of Imperial, said, "The sale of assets to retire
our debt resulted in an overall gain for the year of about $13 million and
resulted in a net gain of about $10.8 million. Now that we have retired our
debt, we can focus on new acquisition opportunities for the Company using our
remaining oil and gas assets as a basis to re-establish our growth plans for the
coming fiscal year."

Imperial is an oil and natural gas exploration and production company
headquartered in Evansville, Indiana.

This press release may contain "forward-looking statements" as that term is
defined in the Private Securities Litigation Reform Act of 1995. Such statements
are based on management's current expectations and are subject to a number of
factors and uncertainties which could cause actual results to differ materially
from those described herein. Although the Company believes that the expectations
in such statements are reasonable, there can be no assurance that such
expectations will prove to be correct.

Imperial Petroleum, Inc.
Historical Financial Data

2009 2008 2007
Operating Revenue 1,069,361 1,855,381 1,143,194
Income (loss) from continuing opns (2,199,020 ) (668,891 ) (1,655,802 )
Net Income (loss) 10,785,443 (2,588,859 ) (3,243,996 )
Net Income (loss) per share 0.636 (0.16 ) (0.28 )
Total Assets 3,138,809 6,273,704 6,101,286
Stockholder's Equity 892,560 (9,882,882 ) (7,354,022 )
Cash Dividends Paid per Common Share 0 0 0
Number of Outstanding Shares (weighted) 16,694,441 16,289,523 11,487,701

Imperial Petroleum, Inc.
Jeffrey T. Wilson, 812-867-1433
email: jtwilsonx1@aol.com

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