Profile: Imperial Petroleum Inc (IPMN.PK)
10 Dec 2013
Imperial Petroleum, Inc. (Imperial), incorporated on January 16, 1981, is a diversified energy, and mineral mining company. The Company is engaged in the production and exploration of crude oil and natural gas in Louisiana and Texas and includes the development of a biofuel subsidiary. As of July 31, 2010, the Company operated 18 oil and gas wells in Louisiana. In addition, the Company owns an overriding royalty interest in Kentucky, as well as the rights to several inactive gas wells as part of its New Albany Shale play. During the fiscal year ended July 31, 2010 (fiscal 2010), net daily production from the Company’s oil and gas properties was approximately four barrels of oil per day and 34 million cubic feet per day. The Company is the operator and owner of the Duke Gold Mine in Utah.
The Company, through its wholly owned subsidiary, Ridgepointe Mining Company is attempting to obtain capital, continue testing, defining and developing mineral reserves on mining claims it owns or operates in the southwestern and western United States. As of July 31, 2010, the Company had not begun mining activities. The Company’s wholly owned subsidiaries include Ridgepointe Mining Company, Premier Operating Company, I. B. Energy, Inc., LaTex Resources International, Inc., The Rig Company, Hoosier Biodiesel Company and e-Biofuels, LLC. The Company operates two wholly owned subsidiaries active in the biodiesel and biofuels business, e-Biofuels, LLC and Hoosier Biodiesel Company. On May 24, 2010, the Company acquired e-biofuels, LLC, a biodiesel producer located in Middletown, Indiana with a nameplate capacity of 15 million gallons per year. It uses white grease (chicken fat) as its feedstock for the production of its product. Biodiesel sales for the period from May 24, 2010 through July 31, 2010 were approximately 1.8 million gallons.
Coquille Bay Field
The Company’s Coquille Bay field is located in Plaquemines Parish, Louisiana in approximately four to six feet of water. Its 17 wells have produced oil and natural gas at depths ranging from 8,000 feet to 11,000 feet. The field is capable of producing at approximately 70 to 80 barrels of oil per day and 450 thousand cubic feet per day.
The Company owned the UFO Mine and Rumico Millsite located in Yavapai County, Arizona. It consists of 400 acres of unpatented mining claims. As of July 31, 2010, the resource discovered was copper.
The Company’s Duke Mine located in San Juan County, Utah. The property consists of 2,240 acres of unpatented mining claims in the Dry Valley Gold Claim area. As of July 31, 2010, it was evaluating opportunities for the development of the mine.
Imperial Petroleum Inc
SUITE 801, 329 MAIN STREET
EVANSVILLE IN 47708