Imperial Closes Purchase of Oil and Gas Assets
January 16, 2004 12:27:00 PM ET
Imperial Petroleum, Inc. ("Imperial" or the "Company")IPTM announced today that it has completed the purchase of the oil and gas assets of Warrior Resources, Inc. (formerly Comanche Energy, Inc.) and Hillside Oil & Gas LLC in a total transaction valued at approximately $11.96 million. As a result of the acquisition Imperial will become the operator of some 146 wells in the states of Louisiana, Mississippi, New Mexico and Texas and an additional 230 royalty properties in various states producing an estimated 280 barrels of oil per day and 1.6 million cubic feet of gas per day. Net proven reserves to the Company's interest as estimated by third party engineers are 1.3 million barrels of oil and 29.5 billion cubic feet of natural gas resulting in a discounted present worth at 10% of approximately $49.3 million.
Jeffrey T. Wilson, President of Imperial said "We are excited to have completed these previously announced acquisitions with the new $18.65 million credit facility. Jefferies & Company assisted us in arranging the financing and acted as an advisor on the acquisitions. Our new financing will allow us the flexibility to develop the inventory of behind pipe and undeveloped reserves associated with these properties and to continue our growth plan through additional acquisitions."
Imperial, through its subsidiaries and affiliates, is active in crude oil and natural gas production and gold mining. Imperial is headquartered in Evansville, IN.
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.
Contact Information: Imperial Petroleum, Inc., Evansville Jeffrey T. Wilson, 812-867-1433
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