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BUSINESSWIRE Imperial Petroleum Announces Termination of Apollo Acquisition

EVANSVILLE, Ind., Aug 17, 2007 (BUSINESS WIRE) -- Imperial Petroleum, Inc. ("Imperial" or "the Company")(OTCBB:IPMN), announced today that it has terminated the acquisition of certain oil ad gas assets from Apollo Resources International,
Inc. and subsidiaries.

Jeffrey T. Wilson, President of Imperial, said, "Apollo was not able to provide clear title to the assets that were the subject of the purchase agreement and has not been able to overcome the legal issues from its creditors in order to close the sale, so we have decided to move on."

Imperial, through its subsidiaries and affiliates, is active in crude oil and natural gas production and the biofuels business. 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.

SOURCE: Imperial Petroleum, Inc.
Imperial Petroleum, Inc.
Jeffrey T. Wilson, 812-867-1433
President
email: [e-mail]


Copyright Business Wire 2007